纺服、零售周报：生育补贴政策催化，关注母婴链投资机会（2025.3.10-3.16)-2025-03-17

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Look Forward" investment rating [1]. Core Insights - The implementation of fertility subsidy policies is expected to stimulate demand in the maternal and infant market, presenting investment opportunities in children's clothing and personal care sectors [4]. - The textile and apparel sector is entering a recovery phase driven by policy incentives and improved consumer confidence, with a better macroeconomic environment compared to 2024 [5]. - The report suggests that the market's concerns regarding tariff impacts on manufacturing are overestimated, as companies have adapted to previous tariff changes [5]. Summary by Sections Market Review - The Shanghai Composite Index increased by 1.39%, while the textile and apparel sector rose by 3.95%, outperforming the index by 2.55 percentage points [6][15]. - The beauty and personal care sector saw the highest increase at 8.18%, indicating strong market performance [6][15]. Industry Data Tracking - Retail data shows a total retail sales figure of 45,171 billion yuan in December, with a year-on-year growth of 3.7% [21]. - The Cotlook A index for cotton rose by 4.4% to 13,922, while the China cotton price index increased by 0.5% to 14,904 [26]. Company Dynamics - 361 Degrees reported a 19.6% year-on-year revenue increase to 10.07 billion yuan, with a net profit increase of 19.5% to 1.15 billion yuan [3]. - Yuyuan Group's FY24 revenue grew by 3.7% to 8.18 billion USD, with a net profit increase of 42.8% to 390 million USD [3]. - Huali Group's revenue increased by 19.35% to 24 billion yuan, with a net profit growth of 20% to 3.84 billion yuan [3]. Investment Recommendations - The report recommends focusing on high-quality companies in the textile and apparel sector, such as Anta Sports and 361 Degrees, as well as companies with strong dividend yields and favorable policy impacts [11].