Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][19]. Core Viewpoints - In June 2025, the domestic retail sales (社零) grew by 4.8% year-on-year, which was below market expectations, indicating a slowdown in the growth of major discretionary consumer goods [3][5]. - The overall retail sales for the first half of 2025 reached 24.55 trillion yuan, with a year-on-year growth of 5.0% [3]. - The report highlights that the textile and apparel sector's retail sales in June 2025 showed a year-on-year increase of 1.9%, but this was a decline of 2.1 percentage points compared to the previous month [5][6]. Summary by Sections Market Performance - In June 2025, the total retail sales amounted to 4.23 trillion yuan, with a month-on-month decline of 1.6 percentage points [3]. - The retail sales growth for the first half of 2025 was 5.1%, with online channels performing slightly better than the overall retail market [4]. Consumer Confidence - The consumer confidence index in May 2025 was reported at 88.0, reflecting a slight increase of 0.2 [3]. Brand Apparel Sector - The report notes that the demand in the brand apparel sector remains stable, with a cumulative year-on-year growth of 3.1% for the first half of 2025 [6]. - Companies like Anta Sports and 361 Degrees are recommended for investment, with 361 Degrees reporting a 10% year-on-year increase in offline retail sales [6]. Textile Manufacturing Sector - The export value of textile yarns and fabrics increased by 1.8%, while apparel exports saw a slight decline of 0.2% in the first half of 2025 [7]. - The report suggests focusing on companies with high certainty in mid-year performance, such as Zhejiang Natural and others [7]. Gold and Jewelry Sector - The gold and jewelry retail sales grew by 6.1% in June 2025, indicating stable demand [7]. - Companies like Lao Pu Gold and Chao Hong Ji are recommended for investment, with expectations of revenue recovery in the second quarter [7].

Investment Rating - The industry is rated as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [3]. Core Insights - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, with a year-on-year growth of 4.8%. The resilience of commodity retail remains strong despite a slight decline in growth due to the timing of promotional events [1][4]. - The online retail sales of physical goods in June grew by 4.7% year-on-year, with a combined growth of 6.4% for May and June. The overall online retail growth continues to outpace the total retail sales [1][4]. - Key categories such as food and daily necessities showed robust growth, with year-on-year increases of 8.7% and 7.8% respectively. In contrast, the growth rate for mobile communication devices has slowed down [2][4]. Summary by Category - **Overall Retail Performance**: June's total retail sales of consumer goods were 42,287 billion yuan, with a year-on-year increase of 4.8%. The growth rate for commodity retail was 5.3%, while restaurant revenue grew by only 0.9% [1][4]. - **Online Retail**: The online retail sales of physical goods reached 11,313 billion yuan in June, with a year-on-year growth of 4.7%. The proportion of online retail in total retail sales was 24.9% [1][19]. - **Category Performance**: - Essential goods such as grain, oil, and food saw a year-on-year growth of 8.7% - Home appliances and audio-visual equipment grew by 32.4% - Cultural and office supplies (including computers) increased by 24.4% - Communication equipment grew by 13.9%, but at a slower pace [2][31][45].

Investment Rating - The industry investment rating is "Positive" (maintained) [4][47] Core Viewpoints - In May, the total retail sales of consumer goods reached 41,326 billion yuan, with a year-on-year growth of 6.4%. Excluding automobiles, the total retail sales amounted to 37,316 billion yuan, growing by 7.0% year-on-year [5][6] - The growth in essential consumption remains stable, with significant year-on-year increases in categories such as grain and oil food (+14.6%), tobacco and alcohol (+11.2%), and daily necessities (+8.0%) [17][22] - In the optional consumption category, jewelry (+21.8%) and communication equipment (+33.0%) showed rapid growth in retail sales [22][32] - The home appliance sector experienced notable growth due to promotional events, with furniture sales increasing by 25.6% and home appliances by 53.0% year-on-year [34][35] Summary by Category Overall Data - Total retail sales in May were 41,326 billion yuan, with a year-on-year increase of 6.4%. Urban and rural retail sales were 36,057 billion yuan and 5,269 billion yuan, respectively, with year-on-year growth of 6.5% and 5.4% [5][6] Essential Consumption - Essential consumption categories showed robust growth: grain and oil food (+14.6%), tobacco and alcohol (+11.2%), and daily necessities (+8.0%) [17][22] Optional Consumption - In optional consumption, jewelry (+21.8%) and communication equipment (+33.0%) saw significant retail sales growth [22][32] Other Consumer Categories - Driven by the "618" promotion and national subsidies, retail sales in the home appliance category grew significantly, with furniture sales up 25.6% and home appliances up 53.0% year-on-year [34][35]

Investment Rating - The industry maintains a rating of "Increase" [5] Core Viewpoints - The retail sector shows a stable recovery in 2025, with some sub-sectors improving marginally, supported by policy stimuli, indicating positive future expectations [4][31] - In April 2025, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, aligning with expectations [1][8] - The consumer price index (CPI) in April 2025 was -0.1% year-on-year, indicating deflationary pressures [2][11] Summary by Sections Retail Sales Performance - In April 2025, retail sales excluding automobiles reached 33,548 billion yuan, with a year-on-year increase of 5.6% [1][8] - The total retail sales from January to April 2025 amounted to 161,845 billion yuan, reflecting a year-on-year growth of 4.7% [1][8] Category Analysis - Essential categories showed positive growth in April 2025, with food and oil products increasing by 14.0% and 2.9% respectively [2][13] - Optional categories saw varied performance, with home appliances growing by 38.8% and cultural office supplies by 33.5% [2][13] Regional and Channel Insights - Urban retail sales in April 2025 were 32,376 billion yuan, up 5.2% year-on-year, while rural retail sales were 4,798 billion yuan, up 4.7% [3][25] - Online retail sales for physical goods reached 39,265 billion yuan from January to April 2025, representing a year-on-year increase of 5.8% and accounting for 24.3% of total retail sales [3][25] Investment Recommendations - The report suggests potential investment opportunities in hospitality and tourism sectors, highlighting companies such as Huazhu Group and Xiangyuan Cultural Tourism [4][31] - The ongoing adjustment in retail strategies is expected to benefit companies like Yonghui Supermarket and Chongqing Department Store [4][31]

Investment Rating - The report maintains an investment rating of "Synchronize with the market" for the textile and apparel industry [2][26]. Core Viewpoints - The textile and apparel sector shows steady demand with a low single-digit growth in retail sales, while sports and entertainment products continue to grow rapidly [7]. - In April 2025, the retail sales of gold and silver jewelry increased by 25.3%, indicating strong consumer interest [6][7]. - The report highlights the performance of online channels, which outperformed overall retail sales, with a 5.8% year-on-year growth in physical goods online retail [5]. Summary by Sections Market Performance - In April 2025, the total retail sales in China reached 3.72 trillion yuan, growing by 5.1% year-on-year, which was below market expectations [4]. - The consumer confidence index in March 2025 was 87.5, reflecting a 0.9% decline month-on-month [4]. Channel Performance - Online channels showed a year-on-year growth of 5.8% in physical goods retail, while offline channels like department stores and brand specialty stores performed weakly [5]. Category Performance - In April 2025, the retail sales of textiles and apparel grew by 2.2% year-on-year, while sports and entertainment products saw a growth of 23.3% [6]. - The report notes that during the "May Day" holiday, clothing retail sales showed a slight increase, with sportswear and children's clothing performing particularly well [7]. Investment Recommendations - The report recommends focusing on sports brands such as Anta Sports and 361 Degrees, as well as home textile companies benefiting from government subsidies like Luolai Life and Mercury Home Textile [7]. - For textile manufacturing, companies like Shenzhou International and Yuyuan Group are suggested due to their low valuations and growth potential [9].

相关报告： 【 山 证 纺 织 服 装 】 On Running 披 露 2025Q1 季度业绩，亚太区增速领先-【山 证纺服】行业周报 2025.5.19 【山证纺织服装】周大福公布 FY2025Q4 经营数据，中国大陆同店降幅继续收窄- 【山证纺服】行业周报 2025.4.28 分析师： 2025 年 5 月 20 日 行业研究/行业快报 纺织服装行业近一年市场表现 资料来源：最闻，山西证券研究所 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 纺织服装 社零数据点评 同步大市-A(维持) 4 月国内社零同比增长 5.1%，限上金银珠宝品类增长超过 25% 事件描述： 5 月 19 日，国家统计局公布 2025 年 4 月社零数据。 事件点评： 4 月国内社零同比增长 5.1%，表现低于市场一致预期。2025 年 4 月，国内实现社零 总额 3.72 万亿元，同比增长 5.1%，环比下滑 0.8pct，表现低于市场一致预期（根据 Wind， 2025 年 4 月社零当月同比 ...