社零数据点评：1-2月国内社零同比增长4.0%，体育娱乐用品景气延续

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [1][17]. Core Viewpoints - The textile and apparel industry has shown a weak recovery in the domestic consumption market, with a consumer confidence index of 87.5 in January, indicating a slight improvement [4][8]. - The retail sales of textiles and apparel increased by 3.3% year-on-year in January-February 2025, marking a return to positive growth [5][6]. - The report highlights the ongoing strong performance of sports and entertainment products, with a year-on-year growth of 25.0% in the same period [5][8]. Summary by Sections Retail Sales Performance - In January-February 2025, the total retail sales in China reached 8.37 trillion yuan, growing by 4.0% year-on-year, which is below market expectations of 4.5% [4]. - Online retail channels outperformed the overall retail market, with a 5.0% year-on-year growth in physical goods online sales [4]. Textile Manufacturing Sector - The textile manufacturing sector faces uncertainties regarding tariffs and inventory adjustments from major brands like Nike, but companies with strong customer ties and overseas production capabilities are expected to gain market share [6]. - Recommended companies include Huali Group and Weixing Co., which are expected to benefit from new customer orders and brand share growth [6]. Brand Apparel Sector - The report suggests focusing on high-demand outdoor sports apparel brands, recommending Anta Sports and 361 Degrees, which have strong retail performance and brand influence [8]. - The demand for home textiles and children's clothing is expected to benefit from government subsidies, with recommendations for leading companies like Mercury Home Textiles and Semir Apparel [8]. Gold and Jewelry Sector - The gold and jewelry retail sales grew by 5.4% year-on-year in January-February 2025, indicating a weak recovery in the market [8]. - The report suggests monitoring companies like Chaohongji and Lao Fengxiang, which are expected to perform well in the current market conditions [8].