纺织服饰周观点：《提振消费专项行动方案》多维度加码消费政策，看好服装消费温和回暖

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights the acceleration of fertility subsidy policies since 2023, which are expected to boost children's clothing consumption [11][15] - The "Consumption Promotion Special Action Plan" was released, aiming to enhance consumer spending through various measures, including increased income and support for service consumption [16][18] - The textile and apparel sector is experiencing a recovery, with a focus on brand apparel and textile manufacturing, supported by favorable policies and market conditions [4][21] Summary by Sections 1. Fertility Subsidy Policy - The report outlines various fertility-related policies implemented at national and local levels, indicating a trend towards increased financial support for families [11][15] - Specific examples include one-time subsidies for childbirth and monthly allowances for child-rearing in regions like Ningxia and Hohhot [11][15] 2. Consumption Promotion Plan - The plan consists of eight chapters focusing on income growth, consumer capacity support, and improving the consumption environment [16] - It emphasizes the importance of enhancing consumer confidence and spending, particularly in the textile and apparel sectors [16][18] 3. Market Review - The textile and apparel sector outperformed the Shanghai and Shenzhen 300 Index, with a weekly increase of 3.17% compared to 1.59% for the index [21] - Key stocks in the sector showed varied performance, with notable gains in companies like Meirya and Annail [21] 4. Raw Material Prices and Industry Tracking - Cotton prices are reported at 14,919 RMB per ton, with a weekly increase of 0.24%, while nylon POY prices decreased by 1.06% to 14,025 RMB per ton [27][28] - The report tracks export data, indicating a 17.4% year-on-year increase in yarn and product exports from China [32][36] 5. Domestic and Overseas Apparel Consumption - Domestic retail sales showed a 3.7% year-on-year increase, while apparel sales experienced a slight decline of 0.3% [38] - The report also highlights the growth in U.S. apparel wholesale sales, which increased by 8% year-on-year [40][42]