纺织服饰行业周报：运动鞋服市场加速回暖，国际品牌去库接近尾声

Investment Rating - The textile and apparel industry is rated as "Overweight" for the first time [1] Core Views - The demand for sports apparel and equipment is catalyzed by warming temperatures, with significant sales growth in categories such as running shoes (up 54% YoY), sports hoodies (up 62% YoY), and jackets (up over 70% YoY) [1][7] - Domestic sports brands are steadily increasing their market share, while international brands are losing ground. The industry is expected to continue its rapid growth, supported by the national fitness strategy [1][7] - Major domestic brands like Anta Sports, Li Ning, Xtep International, and 361 Degrees have reported strong revenue growth, with Anta achieving a record revenue of 62.661 billion yuan, up 16.37% YoY [1][7] - International brands are nearing the end of inventory destocking, which is expected to lead to a recovery in textile manufacturing orders [1][7] Industry Dynamics - The Shanghai Composite Index rose by 0.86% during the period, while the textile and apparel sector increased by 2.61%, outperforming the index by 1.75 percentage points [9][12] - All three sub-sectors (textile manufacturing, accessories, and apparel/home textiles) showed positive growth, with textile manufacturing leading at 2.92% [9][12] Industry Data Tracking - Retail sales of consumer goods totaled 81,307 billion yuan in January-February, growing by 5.5% YoY, with clothing, shoes, and textiles increasing by 1.9% [19] - Exports of textiles and apparel reached 45.09 billion USD in January-February, up 14.3% YoY, with textile exports at 21.71 billion USD (up 15.5%) and apparel exports at 23.38 billion USD (up 13.1%) [29] - The domestic cotton price index B was reported at 17,125 yuan/ton, while the international cotton price index M was at 100.46 cents/pound as of April 3 [27] Investment Recommendations - The textile and apparel industry is expected to enter a recovery phase, with recommendations to focus on domestic sports brands benefiting from sports events and social trends, such as Anta Sports, Li Ning, Xtep International, and 361 Degrees [8] - Attention is also recommended for textile manufacturing leaders with improved inventory situations and quick response capabilities, including Shenzhou International, Baoding Oriental, Huali Group, and New Australia [8]