10月社零数据点评：门店开业，4季度以来周大福同店销售加速

Investment Rating - The report maintains a "Market Perform" rating for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown marginal improvement in retail sales growth, with a year-on-year increase of 2.9% in October 2025, and a cumulative growth of 3.5% from January to October 2025 [9][56] - The report highlights the performance of specific companies, such as Chow Tai Fook, which reported a slight decline in revenue but stable net profit, and the growth of its pricing jewelry segment [18][19] - The report emphasizes the importance of product innovation and channel optimization in driving sales growth, particularly in the jewelry sector [3][4] Summary by Sections Company Performance - Chow Tai Fook's revenue for FY2026 H1 was HKD 38.99 billion, a slight decrease of 1.1% year-on-year, while net profit remained stable at HKD 2.53 billion, a marginal increase of 0.2% [18] - The company's pricing jewelry revenue grew by 9.3% to HKD 11.39 billion, with the retail value contribution from pricing jewelry in mainland China increasing from 27.4% to 31.8% [3][19] Channel Optimization - Chow Tai Fook closed 611 underperforming stores, ending with a total of 5,663 stores, while new stores showed improved productivity with average monthly sales exceeding HKD 1.3 million, a 72% increase year-on-year [4][19] - Same-store sales in mainland China grew by 2.6% year-on-year, with a significant increase of 29% from October 1 to November 18, 2025 [4][19] Market Trends - The textile and apparel sector saw a decline of 1.6% in the SW textile and apparel index, lagging behind the broader market [20] - The report notes that the PE-TTM for SW textile manufacturing is 23.98, indicating a high valuation relative to historical levels [25] Industry Dynamics - The report discusses the impact of the recent tax policy changes on the gold and jewelry sector, which are expected to enhance trading advantages for investment gold enterprises [9][56] - Retail sales in the gold and jewelry sector grew by 37.6% year-on-year in October 2025, driven by rising gold prices [9][56]