纺织服装行业周报20260125-20260130：推荐纺服上游涨价预期行情-20260202

Investment Rating - The industry rating is "Recommended" [5] Core Insights - Anta announced on January 26, 2026, the acquisition of 29.06% of Puma SE for a total of €1.506 billion (approximately ¥12.278 billion), becoming its largest shareholder. This transaction is a key step in Anta's globalization strategy, aiming to integrate its operational capabilities with Puma's global platform, which has an annual revenue exceeding €8.8 billion (2024). The deal requires multiple approvals by December 31, 2026, including antitrust and Anta's shareholder meeting [2][14] - Adidas achieved a record high revenue of €24.811 billion in 2025, with an operating profit of €2.056 billion, exceeding market expectations of €2.04 billion. The operating profit margin increased by 2.6 percentage points to 8.3%, and the gross profit margin rose to a high of 51.6% for the year [2][14] - VF Corporation reported a revenue of $2.82 billion in Q3 of fiscal 2026, excluding the impact of the sold Dickies brand, representing a year-on-year growth of 4% (2% growth at constant currency). In the Americas, revenue growth reached 6% after excluding Dickies [3][14] Summary by Sections Investment Recommendations - Manufacturing: Strong expectations for upstream price increases, with wool prices rising since Q3 2025 and domestic cotton prices also starting to increase. Recommended stocks include Baolong Oriental, New Australia, and Fuchun Dyeing & Weaving, with beneficiaries being Taihua New Materials. For growth-oriented midstream, recommended stocks are Jian Sheng Group and Kairun Co [3][15] - Brand: Recent signs of recovery in high-end consumption, with potential inflation in 2026 benefiting the consumer sector. Recommended brands with profit elasticity include Jinhong Group, Ge Li Si, Luolai Life, and Stable Medical [3][15] - Procter & Gamble's industrial chain: Recommended stocks include Jieya Co (benefiting from brand-owned capacity transfer), with beneficiaries being Yanjing Co [3][15] Market Review - The SW textile and apparel sector rose by 0.64%, outperforming the Shanghai Composite Index by 1.08% and the ChiNext Index by 0.73%. The top-performing sectors were footwear, home textiles, and textile machinery, while the worst performers were maternal and child products and high-end women's wear. The top five stocks by increase were Harsen Co, Zhongwang Fabric, Hongda High-Tech, Mingxin Xuteng, and Aokang International, while the top five by decrease were Shuhua Sports, Sanfu Outdoor, Langzi Co, Nanshan Zhishang, and Mengjie Co [16] Industry Data Tracking - Wool prices increased by 2.49% this week, with a year-to-date increase of 41.94%. As of January 22, 2026, the Australian wool market's eastern market composite index was 1689 AUD cents/kg, equivalent to ¥82,085.40/ton. This price increase began in July 2025 and has accelerated since then, with the index rising for 12 consecutive weeks [4][35] - The cotton price index in China rose by 3.84% year-to-date, with the 3128B index at ¥16,183/ton as of January 30, 2026 [30][32] - In 2025, textile and apparel exports totaled $267.79 billion, a year-on-year decrease of 2.26%. December exports were $25.992 billion, down 7.4% year-on-year but up 13.65% month-on-month [52]