国泰海通｜纺服：618大促运动户外亮眼，5月服装社零加速

Core Viewpoint - The article highlights the strong performance of the outdoor sports sector during the 618 shopping festival and the accelerating growth of domestic apparel retail sales in May 2025, while noting a weakening overall consumption environment in the U.S. [1][3] Group 1: 618 Shopping Festival Insights - The outdoor sports sector showed high vitality during the 618 shopping festival, with significant sales growth in sports and outdoor apparel, with transaction values exceeding 50% for various categories [2] - Top-selling brands on Tmall included Uniqlo, UR, and ZARA, while on Kuaishou, leading brands were Anta, Fila, and Xtep [2] Group 2: Domestic Retail Performance - In May 2025, China's total retail sales of consumer goods increased by 6.40% year-on-year, with apparel retail sales growing by 3.50%, reflecting a 2 percentage point increase from April [3] - The growth in apparel sales is attributed to the timing of the 618 shopping festival, which likely boosted consumer spending [3] Group 3: U.S. Consumption Trends - In May 2025, U.S. retail sales decreased by 0.9% month-on-month but apparel retail sales showed resilience, with a 0.8% month-on-month increase and a 3.7% year-on-year increase [3] - The inventory turnover ratio for U.S. apparel retailers remained stable at 2.25 months, indicating a balanced inventory situation [3] Group 4: Investment Recommendations - The company recommends focusing on high-quality manufacturing targets with strong pricing power, differentiated product development, robust financial reserves, and high shareholder returns [1] - Three investment themes are suggested: the ongoing trend of fitness and outdoor activities, companies expanding stores or improving management for higher customer spending, and the home textile sector benefiting from real estate stabilization and subsidy policies [1]