纺织服装行业周报：重磅发布中期投资策略，关注纺服新成长方向-20250615

Core Insights - The report emphasizes the acceleration of domestic demand recovery as a key investment theme for 2025, highlighting emerging growth directions in the textile and apparel industry [10][11] - The textile and apparel sector outperformed the market recently, with the SW textile and apparel index rising by 0.1% from June 9 to June 13, 2025, surpassing the SW All A index by 0.5 percentage points [4][10] - The report identifies specific companies and sectors within the textile and apparel industry that are expected to benefit from the recovery, including outdoor sports brands and home textiles [10][11] Industry Performance - The textile and apparel sector showed a mixed performance, with the SW apparel and home textiles index declining by 1.0% and the SW textile manufacturing index down by 1.4%, both underperforming the SW All A index [4][10] - Recent industry data indicates that from January to April 2025, the total retail sales of clothing, shoes, hats, and knitted textiles reached 493.9 billion yuan, reflecting a year-on-year growth of 3.1% [21][24] - In terms of exports, from January to May 2025, China exported textiles and apparel worth 116.67 billion USD, a year-on-year increase of 1.0%, with textile yarns, fabrics, and products accounting for 58.48 billion USD, up 2.5% [27][28] Company Recommendations - The report recommends several companies for investment, including Anta Sports, Bosideng, and 361 for outdoor sports, as well as home textile brands like Luolai Life and Mercury Home Textiles [10][11] - Notable mentions include Nobon Co., which is highlighted for its growth potential in the personal care and home cleaning sectors, and Zhejiang Natural, which is recommended for its outdoor equipment manufacturing [10][11] - The report suggests that large OEMs like Huayi and Shenzhou have already established independent dual-circulation production layouts, making them less susceptible to tariff impacts and positioning them for growth [9][10] Market Dynamics - The report notes that the recent recovery in textile exports is primarily due to the resumption of previously paused orders rather than a significant increase in new orders, indicating a structural rather than a broad-based recovery [9][10] - The report highlights the importance of domestic consumption recovery as a critical driver for the textile and apparel sector in 2025, with various local governments implementing measures to stimulate consumer spending [10][11] - The report also discusses the impact of international trade dynamics, particularly the ongoing challenges posed by unilateral tariffs from the U.S. and the recent legal rulings affecting these tariffs [8][9]