Q2服装零售稳增，户外赛道高景气

Investment Rating - The textile and apparel industry is rated as "Recommended" [1] Core Views - The report highlights a slowdown in clothing sales growth in June, with retail sales totaling 12.75 billion yuan, a year-on-year increase of 1.9%, and a month-on-month decrease of 2.1 percentage points [4][7] - The overall retail sales for the first half of the year reached 74.26 billion yuan, reflecting a year-on-year growth of 3.1%, indicating a steady recovery [4][15] - The report notes that the slowdown in June was primarily due to the early start of the 618 shopping festival in May, which affected consumer demand [4][7] - Domestic sports apparel leaders reported a decline in Q2 revenue growth compared to Q1, with brands like Anta Sports and Li Ning showing low single-digit growth [8] - The outdoor consumption segment continues to show high growth, with Anta's other brands experiencing a revenue growth of 50%-55% in Q2 [8] Summary by Sections 1. Weekly Views - The report discusses the impact of the 618 shopping festival on June sales and the overall retail performance in the textile and apparel sector [4][7] 2. Key Industry Data Review (a) Stock Market Review - The Shanghai Composite Index increased by 0.69%, while the textile and apparel sector saw a modest increase of 0.24% [10] (b) Terminal Retail Performance - Retail sales for clothing and textiles in June totaled 12.75 billion yuan, with a year-on-year growth of 1.9% [15] (c) Upstream Textile Exports - Textile yarn, fabric, and related products exported amounted to 12.048 billion USD in June, showing a year-on-year decrease of 1.9% [18] (d) Upstream Raw Materials - Cotton prices have risen, with the Chinese cotton price index at 15,508 yuan per ton, an increase of 242 yuan from the previous week [27][29] 3. Investment Recommendations - The report suggests focusing on quality stocks with expected stable growth, including brands like Hailan Home and Bosideng in the apparel sector, and Anta Sports and Li Ning in the sportswear segment [9] 4. Recent Company Announcements - Companies like Meibang Apparel and Ru Yi Group are expected to report significant declines in net profits for the first half of 2025, highlighting challenges in the industry [49][50][53] 5. Industry News - The report mentions the launch of a new ion liquid method for producing regenerated cellulose fibers, marking a significant advancement in textile manufacturing [54]