纺织服装行业周报：本周延江股价创阶段性新高，持续推荐无纺布产业链-20251130

Investment Rating - The textile and apparel industry is rated as "Neutral" [2] Core Views - The textile and apparel sector underperformed the market, with the SW textile and apparel index rising by 2.8% from November 24 to November 28, lagging behind the SW All A index by 0.2 percentage points [3][4] - Retail sales for clothing, shoes, and textiles reached 1,205.3 billion yuan from January to October, showing a year-on-year growth of 3.5% [3][21] - Textile and apparel exports in October amounted to 22.26 billion USD, down 12.6% year-on-year, with specific declines in textile yarns and fabrics by 9.0% and clothing by 16.0% [3][25] - Cotton prices increased slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices showed significant increases, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Summary by Sections Industry Performance - The textile and apparel sector's performance was weaker than the market, with the SW textile and apparel index increasing by 2.8%, while the SW apparel and home textiles index rose by 3.0%, and the SW textile manufacturing index increased by 2.7% [3][4] Recent Industry Data - Retail sales for clothing, shoes, and textiles totaled 1,205.3 billion yuan from January to October, reflecting a 3.5% year-on-year increase [3][21] - In October, textile and apparel exports were 22.26 billion USD, a decline of 12.6% year-on-year, with textile yarns and fabrics down 9.0% and clothing down 16.0% [3][25] - Cotton prices rose slightly, with the national cotton price B index at 14,858 yuan/ton, up 0.8% [3][32] - Australian wool prices increased, with the index at 978 cents/kg, up 32.0% year-on-year [3][34] Sector Insights - The report highlights the strong performance of specific companies within the non-woven fabric industry, recommending continued investment in the entire non-woven fabric supply chain [3][8] - The report notes that the outdoor sports segment is expected to see growth, with companies like Bosideng and Anta being highlighted for their potential [3][9] - The report emphasizes the importance of new consumer trends and the potential for recovery in domestic demand in 2026 [3][10]