年内降息预期再提利好出口链；FILA加码中网看好垂类赛道发展

Investment Rating - The report suggests a positive outlook for the export chain due to anticipated interest rate cuts by the Federal Reserve, with a recommendation to actively monitor this sector [1][12][13]. Core Insights - The expectation of further interest rate cuts in the U.S. is likely to boost overseas demand, benefiting the manufacturing sector, particularly leading apparel manufacturers who maintain pricing power due to limited capacity [1][12]. - FILA's strategic partnership with the China Open and its multi-brand strategy highlight its resilience against market risks, with continued investment in elite sports expected to enhance brand recognition and market share [2][18]. - Retail data indicates a recovery in clothing sales, with a 3.1% year-on-year increase in August, driven by seasonal promotions and improved consumer demand [3][20]. Summary by Sections Industry Investment Rating - The report indicates a favorable investment environment for the apparel and cosmetics sectors, with specific recommendations for leading companies within these industries [4][33]. Core Insights - The Federal Reserve's anticipated interest rate cuts are expected to positively impact the export chain, with a high probability of two additional cuts this year [1][12]. - FILA's renewal of its sponsorship with the China Open and its appointment of a top tennis player as a brand ambassador are expected to strengthen its market position [2][17]. - August retail data shows a 3.1% increase in clothing sales, indicating a recovery in consumer spending [3][20]. Industry Data Tracking - August saw a 5.1% year-on-year increase in cosmetics retail sales, reflecting a positive trend in consumer spending [27][30]. - The report notes stable raw material prices, with cotton prices showing slight declines, which may impact production costs [22][23]. Investment Recommendations - The report recommends focusing on leading companies in the apparel sector, such as Shenzhou International and Anta, which are expected to benefit from market recovery and strategic initiatives [4][33]. - In the beauty sector, brands with strong recognition and quality, such as Mao Ge Ping, are highlighted for their potential growth [4][34]. Market Review - The report reviews market performance, noting a decline in the textile manufacturing sector, while highlighting individual stock performances within the apparel and beauty industries [5][35].