Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Short - fiber and bottle - chip industries are expected to see a relaxation in tariff expectations, but there are still uncertainties, and they are in a low - level oscillation [1] Group 3: Summary by Related Catalogs Fundamental Tracking Short - fiber - The prices of short - fiber futures contracts 2511, 2512, and 2601 decreased by 92, 70, and 70 respectively compared to the previous day. PF11 - 12 decreased by 22, PF12 - 01 remained unchanged, and the PF main contract basis increased by 65. The main contract's open interest decreased by 2246, the trading volume decreased by 23204, the East China spot price decreased by 5, and the production - sales ratio decreased by 34% to 32% [1] Bottle - chip - The prices of bottle - chip futures contracts 2511, 2512, and 2601 decreased by 62, 80, and 78 respectively compared to the previous day. PR11 - 12 increased by 18, PR12 - 01 decreased by 2, and the PR main contract basis increased by 30. The main contract's open interest increased by 11245, the trading volume increased by 29431, the East China spot price decreased by 50, and the South China spot price decreased by 55 [1] Spot News Short - fiber - The decline in the short - fiber futures market was less than expected. In the spot market, the quotation in Fujian area was lowered by 50, most prices in Jiangsu and Zhejiang were stable, and a few higher prices were lowered by 50. Traders' sales were mostly stable, and transactions were smooth. As of 3:00 p.m., the average production - sales ratio of direct - spinning polyester staple fiber factories was 59% [1] Bottle - chip - The upstream raw material futures prices fell slightly. Some polyester bottle - chip factories lowered their quotes by 20 - 100 yuan. The trading atmosphere in the polyester bottle - chip market was fair. Orders from October to December were mostly traded at 5640 - 5750 yuan/ton ex - factory, with a slightly lower price around 5610 yuan/ton ex - factory, and prices varied slightly by brand [2] Trend Intensity - The trend intensity of short - fiber and bottle - chip is - 1, indicating a bearish view on the day - session main contract futures price fluctuations on the report day [2]

Investment Rating - The report indicates a positive outlook for the textile and apparel industry, with a focus on potential recovery in manufacturing and consumer demand during the upcoming 618 shopping festival [3]. Core Insights - Tariff expectations have eased, with indications from U.S. Treasury Secretary that there is no intention to decouple from China in textiles and related goods, leading to a significant reduction in tariff-related anxiety [3]. - The manufacturing sector is expected to stabilize, with leading manufacturers showing strong resilience and potential for market share growth, particularly companies like Zhejiang Ziran, Kairun, and Huali Group [3]. - The upcoming 618 shopping festival is anticipated to boost domestic consumption, particularly benefiting beauty and personal care brands, as well as discretionary consumer goods [3]. Industry Data Tracking Retail Data - In March, the total retail sales of consumer goods grew by 5.9% year-on-year, with clothing and cosmetics showing growth rates of 3.6% and 1.1%, respectively [17][18]. Raw Material Prices - The Cotlook A index for cotton increased by 0.9% to 13,899, while the Chinese cotton price index decreased by 0.4% to 14,122 [19]. - Polyester filament prices saw increases, with POY, FDY, and DTY rising by 4.0%, 3.1%, and 2.4% respectively [19]. Export Data - Vietnam's textile and apparel exports rose by 14.77% year-on-year in March, with footwear exports increasing by 15.77% [25]. Investment Recommendations - Focus on companies in high-growth sectors with strong fundamentals, such as Anta Sports and 361°, and those with business adjustments leading to high elasticity, like Hailan Home and Semir Apparel [6]. - Retail sector companies like Steady Medical and Dekang Oral are highlighted for their potential dual benefits from consumption boosts and valuation adjustments [6].

2025 年 05 月 12 日 行业周报 看好/维持 纺织服装 纺织服装 纺服&零售周报:制造端有望企稳回升，关注 618 大促催化(2025. 5.5-5.11) ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 纺织服装 沪深300 相关研究报告 <<纺服&零售周报：美护品牌 Q1 表现 亮眼，个护景气度向上(2025.4. 28- 5.4)>>--2025-05-06 <<稳健医疗 24 年报及 25Q1 财报点 评：消费品业务加速成长，核心品类 增速亮眼>>--2025-04-29 <<健盛集团 24 年财报点评：业绩符 合预期，期待无缝利润弹性释放>>-- 2025-04-28 证券分析师：郭彬 电话： E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 报告摘要 本周核心观点：1）关税预期缓和：根据商务部新闻发布，5 月 10 日 上午中美经贸高层会谈在瑞士日内瓦开始举行，中共中央政治局委员、国 务院副总理何立峰作为中美经贸中方牵头人。5 ...

每日观点 简评：虽然国际输入性因素对部分行业价格产生一定下拉影响，但我国经济基础稳、韧性强，各项宏观 政策协同发力，高质量发展扎实推进，部分领域如食品制造业等消费品行业以及高技术产业相关行业价 格呈现积极变化。整体来看，4月物价低位运行，近期降准降息等一揽子金融政策出台，有望为后续价 格合理回升提供支撑，CPI有望保持温和，PPI在外部影响下或仍将承压。 【博时市场点评5月12日】关税预期缓和，两市放量上涨 今日A股三大指数上涨，创业板涨幅超2%，两市成交较前一交易日放量至1.34万亿。据央视消息，中美 在日内瓦举行的经贸高层会谈达成重要共识，并取得实质性进展。双方一致同意建立中美经贸磋商机 制，双方将尽快敲定相关细节，并将于今日发布会谈达成的联合声明。受此影响，今日市场风险偏好有 所提升，此次瑞士接触，是推动问题解决的重要一步，后续双边互征的关税可能有所下降，但问题的最 终解决仍需耐心和战略定力。4月的出口数据好于预期，同比增长8.1%，其中对美出口大幅下跌21%， 对东南亚出口提升，表现出明显的"抢转口"特征。4月CPI同比下跌0.1%，PPI同比下跌2.7%，后续CPI 有望保持温和，PPI或在外部影响 ...

Group 1 - The trade negotiations between China and the United States are ongoing, with China asserting that it will not accept any vague attitudes or preconditions from the U.S. [1] - China emphasizes the mutual benefits of trade but insists on not being coerced into accepting unequal terms imposed by the U.S. [1] Group 2 - The A-share market has shown strong performance, with the ChiNext index rising by 2%, indicating a focus on technology and small-cap stocks [3] - The continuation of the market rally depends on trading volume; sustained volume is necessary for the market to rise further [3] - Key resistance levels are identified at the 60-day and half-year moving averages, with a target of 3326 points [3] Group 3 - A significant trading volume of 1.36 trillion yuan was recorded, an increase of 170 billion yuan from the previous day, with nearly 5000 stocks rising [5] - The positive market conditions are attributed to the appreciation of the yuan and easing tariff expectations, leading to a favorable outlook for May [5] - The market is expected to remain strong, with a focus on maintaining upward trends in stock prices [5] Group 4 - The A-share market opened positively in May, with the Shanghai Composite Index rising over 1% and returning to the 3300-point level, with nearly 5000 stocks in the green [7] - The market sentiment is optimistic, with expectations of more favorable conditions ahead, as previous negative factors have been addressed [7] - A gradual upward trend is preferred over rapid increases, as there are still significant resistance levels to overcome [7]

Market Performance - The Hong Kong stock market continues to rise following a strong performance on May 2, with multiple ETFs tracking the Hong Kong market showing significant gains [1] - Several ETFs, including the Silverhua New Economy ETF and the GF China Concept Internet ETF, saw increases of over 3% [1] ETF Performance - The New Economy ETF increased by 4.25% year-to-date, while the China Concept Internet ETF rose by 3.82% [2] - The Hong Kong Consumption ETF recorded a year-to-date increase of 19.56%, indicating strong performance in the consumption sector [2] Economic Indicators - Market sentiment is expected to improve due to easing tariff expectations and the release of annual and quarterly earnings reports [6] - The manufacturing PMI for April was below expectations, but the impact on Hong Kong stocks is limited due to low dependency on export chains [6] Profitability and Growth - The overall profitability of Hong Kong stocks is projected to rise in 2024, with net profit growth expected to be 9.8% for the full year [6][8] - The return on equity (ROE) for Hong Kong stocks is anticipated to slightly increase to 7.0% in 2024, driven by improved asset turnover [7] Sector Analysis - The information technology, financial, and healthcare sectors are expected to show the most significant profitability improvements in 2024 [7][8] - Consumer staples and certain discretionary sectors are experiencing a marginal decline in profit growth, particularly in food retail and household goods [7]