纺织服装7月投资策略暨中报业绩前瞻：618运动户外细分龙头排名上升，二季度业绩稳中向好

Market Review - The textile and apparel sector experienced a decline in stock prices since June, influenced by economic fundamentals and external factors such as Middle East conflicts, leading to a drop of 3.1% in A-shares, 3.2% in Hong Kong stocks, and 5.7% in Taiwan stocks [1] - Notable performers in A-shares included Kai Run Co. (+4.0%), Seven Wolves (+3.5%), and Desso Fashion (+2.9%), while in Hong Kong, Tianhong Textile (+12.0%) and Bosideng (+6.4%) led the gains [1] Brand Channel Insights - Retail sales growth for apparel in May showed improvement, with a year-on-year increase of 4.0%, driven by e-commerce promotions [2] - The outdoor and home textile segments saw double-digit growth in May, while personal care products experienced a noticeable slowdown [2] - Leading brands in the outdoor segment included Berghaus (+267%), Kailas (+230%), and Decathlon (+110%) [2] Manufacturing and Export Trends - In May, Vietnam's textile and footwear exports grew by 21.7% and 7.5% year-on-year, respectively, while China's textile and apparel exports showed a decline of 2.0% and a slight increase of 2.5% for garments [3] - The PMI for Indonesia, Vietnam, and China increased, indicating a positive trend, while India's PMI declined [3] - Companies like Yuanyuan and Rihong reported a slowdown in growth due to currency exchange rates and high base effects from the previous year [3] Tmall 618 Sales Insights - The Tmall 618 sales event saw Uniqlo maintaining its top position in the apparel category, with UR and ZARA rising to the top three [4] - In the outdoor segment, Nike, FILA, and Adidas remained the top three brands, with Lululemon and Asics making significant gains [4] - The home textile brand Atour Planet rose to first place in the home textile category [4] Q2 Earnings Forecast - A-shares are expected to show improvement in Q2 compared to Q1 for companies like Hailan and Fuanna, while others like Semir and Bi Yin are anticipated to maintain their Q1 trends [5] - The overall performance of sports apparel in Hong Kong is expected to continue the growth trend seen in Q1, with high-end brands maintaining strong growth [5] Investment Recommendations - The report suggests focusing on companies with improving trends and good valuation during the mid-year reporting period, particularly in the sports and outdoor apparel segments [9] - Key recommendations include Anta Sports, Li Ning, and Xtep International for their growth potential and valuation attractiveness [9]