纺服&零售周报：春节消费活力释放，台企制造商收入增速回暖

Investment Rating - The report gives a "Positive" investment rating for the textile and apparel industry, indicating optimism for growth in the sector [1]. Core Insights - The report highlights that the consumption vitality during the Spring Festival is expected to lead to good growth, with short-term optimism for brands and retail companies ahead of the first quarter report. Long-term prospects remain positive for leading companies in the high-demand sports sector and quality brands with enhanced operational capabilities [1][2]. - The Spring Festival consumption data shows double-digit growth in many regions, with significant increases compared to 2019 levels, indicating a strong retail performance [6][10]. - The report notes that the search interest for New Year goods in 2024 is significantly higher than in the previous year, approaching 95% of the levels seen in 2019 [10]. Summary by Sections Market Overview - The Shanghai Composite Index rose by 4.97% during the week of February 5-8, 2024, with the textile and apparel sector increasing by 0.66%, underperforming compared to the overall index [10][11]. - The report tracks the performance of various sectors, with the textile and apparel sector ranking 29th among 31 sectors during the week [10][11]. Consumption Data - The report indicates that the retail and catering sectors experienced significant growth during the Spring Festival, with some regions reporting increases of over 36% compared to the previous year [10][18]. - Key cities like Beijing and Shanghai saw double-digit growth in monitored retail and catering enterprises, with Beijing reporting a 36.8% increase [7][10]. Brand and Manufacturing Insights - The report identifies high-demand brands such as Anta Sports, Li Ning, and others as key players in the market, with expectations for continued growth in the sports industry [2]. - Manufacturing companies are expected to benefit from the recovery of overseas brand inventories, leading to increased orders for upstream manufacturers [2]. Raw Material Price Tracking - The report notes a narrowing price gap between domestic and international cotton, with the Cotlook A Index and China Cotton Price Index showing slight increases [18]. - The report also tracks various raw material prices, indicating stability in polyester and other synthetic fibers [18][26]. Company Performance - The report highlights revenue growth for Taiwanese manufacturers in January, with companies like Feng Tai and Yu Yuan reporting increases of 17% and 13%, respectively [2][18]. - It also mentions the performance of key companies in the beauty and jewelry sectors, with brands like L'Oreal and Hermès showing strong sales growth [2][10].