12月美国消费高基数下显示韧性，航空出行人数同比微降0.1%

Investment Rating - The industry investment rating is "增持" (Buy), indicating a positive outlook compared to the benchmark index [45]. Core Insights - In December 2025, U.S. apparel consumption showed resilience despite a high base from the previous year, with a slight year-on-year decline of 0.1% in air travel passengers [4][5]. - Fast Retailing reported FY26Q1 results that exceeded expectations, with revenue of 1,027.7 billion JPY, a year-on-year increase of 14.8%, and a net profit of 147.4 billion JPY, up 11.7% [4][5]. - The report highlights three main investment lines in the domestic market: focusing on quality leaders with low valuations, light luxury brands benefiting from structural growth, and low-valuation high-dividend companies [5]. Summary by Sections Industry Data Tracking - In November 2025, China's retail sales of clothing increased by 4.5%, while textile exports decreased by 5.2% [18][21]. - The U.S. retail data for December 2025 showed a same-store sales growth of 3.1%, with apparel and accessories stores also growing by 3.1% [5][21]. Key Announcements and News - Fast Retailing's performance in FY26Q1 was driven by strong sales across all regions, with notable growth in North America and Europe [4][5]. - The report mentions that Nike executives have recently purchased shares, signaling confidence in the company's recovery [38][39]. Recommended Stocks and Valuation Forecasts - Recommended stocks include Anta Sports, Li Ning, and Xtep International, all rated as "增持" (Buy) with projected PE ratios decreasing over the next few years [16][18]. - The textile and apparel sector's current PE ratio is 20.80, which is below the historical average of 24.59 [17].