Tai Ping Yang·2025-04-14 10:23Investment Rating - The report indicates a positive outlook for the textile and apparel industry, highlighting potential recovery opportunities due to evolving tariff policies and domestic demand [5][9]. Core Insights - The manufacturing sector is expected to see a valuation recovery as the peak of risk aversion related to tariff policies has passed, with major brands maintaining order volumes and shipment schedules [5][9]. - The brand sector is poised for a valuation recovery driven by improved consumer sentiment and policy support, particularly in discretionary spending categories like apparel [5][9]. Industry Data Tracking - The Cotlook A index and China cotton price index decreased by 1.3% and 4.2% respectively, while wool prices fell by 4.3% [27]. - In March 2025, Vietnam's textile and apparel exports increased by 14.77% year-on-year, with footwear exports rising by 15.77% [31][33]. - Retail sales in China showed a year-on-year growth of 4% in the first two months of 2025, with notable increases in categories such as clothing and home appliances [24][25]. Company Dynamics - Anta Sports reported a double-digit revenue growth in Q1 2025, with a significant increase in sales from its various brands [3]. - Huali Group's revenue for 2024 reached 24 billion yuan, reflecting a 19.35% year-on-year increase, driven by both returning and new customers [3]. - Taiping Bird's Q1 2025 revenue declined by 7% year-on-year, but the company is expected to benefit from strategic adjustments and improved gross margins [3]. Market Performance - The textile and apparel sector experienced a decline of 5.72% this week, underperforming compared to the Shanghai Composite Index [6][14]. - The report highlights the performance of individual stocks, with notable gains from companies like Wan Shili and Tai Mu Shi, while companies like Kai Run and Mu Gao Di faced significant declines [21][22].