纺织服装行业周报FY26Q1迅销业绩超预期，新西兰羊毛复拍开门红-20260111

Investment Rating - The textile and apparel industry is rated as "Positive" [1] Core Insights - The textile and apparel sector underperformed the market during the week of January 5 to January 9, with the SW textile and apparel index rising by 2.7%, lagging behind the SW All A index by 2.5 percentage points [1][3] - Recent industry data shows that from January to November, the retail sales of clothing, shoes, hats, and textiles totaled 1.3597 trillion yuan, reflecting a year-on-year growth of 3.5% [2] - The export value of China's textile and apparel in November was $23.87 billion, down 5.2% year-on-year, with textile yarns, fabrics, and products seeing a slight increase of 1.0% [2][27] - Cotton prices have seen an increase, with the national cotton price B index reported at 15,720 yuan per ton, up 1.4% [2][31] - The New Zealand wool market has shown positive trends, with prices continuing to rise, indicating a favorable outlook for Australian wool prices [9] Summary by Sections Textile Sector - The regulatory focus on smokeless tobacco products is beneficial for companies developing non-woven fabrics for tobacco use, with significant potential for commercial development [8] - The New Zealand wool market has resumed auctions, with all wool types seeing price increases, suggesting a positive trend for the upcoming Australian wool auctions [9] Apparel Sector - Fast Retailing's FY26Q1 performance exceeded expectations, with sales reaching 1.03 trillion yen, a year-on-year increase of 14.8%, and net profit of 147.4 billion yen, up 11.7% [10][11] - The demand for winter clothing is expected to rise due to colder weather and the upcoming Chinese New Year, which may enhance sales for apparel brands [11] - The apparel sector is anticipated to see improved sales performance in January and February, with a focus on brands that have strong product offerings and operational capabilities [11] Market Dynamics - The domestic retail market is projected to gradually recover, with new consumption trends emerging in high-performance outdoor apparel and discount retail [2] - The global tariff situation is stabilizing, which is not expected to affect the core manufacturing competitiveness of the industry [2] - The Australian wool price cycle is expected to continue its upward trend, with companies like New Australia Holdings positioned to benefit from this [9]