Investment Rating - The report maintains a "Buy" rating for companies such as Bosideng, Yanjiang, and Tabo, indicating a positive outlook for their performance in the textile and apparel industry [4][12][26]. Core Views - The textile and apparel sector has shown weaker performance compared to the overall market, with the SW textile and apparel index growing by 0.4%, lagging behind the SW All A index by 3.1 percentage points [4][5]. - There is a strong focus on the non-woven fabric industry chain, with significant investment opportunities identified, particularly in the Nike supply chain [11][21]. - The report highlights the resilience of the sportswear segment, with varying performance among brands, and emphasizes the importance of high-dividend assets in the current market environment [12][22]. Summary by Sections Industry Performance - The textile and apparel sector underperformed the market from October 20 to October 24, with the SW textile and apparel index increasing by 0.4% [4][5]. - Retail sales in the clothing, shoes, and textiles category totaled 1,061.3 billion yuan from January to September, reflecting a year-on-year growth of 3.1% [4][41]. Company Insights - **Bosideng**: The company is recommended due to favorable conditions for winter clothing sales driven by recent temperature drops and an extended sales window due to the later Chinese New Year [12][13][14]. - **Yanjiang**: The company reported a 23% year-on-year increase in revenue for the first three quarters of 2025, with a significant rise in net profit [18][21]. - **Tabo**: The company maintained a high dividend payout ratio of 102% despite a 6% decline in revenue, indicating a focus on shareholder returns [22][24]. Market Trends - The report notes a trend of increasing orders in the non-woven fabric sector, with companies like Yanjiang and Jeya showing substantial growth in revenue and net profit [11][21]. - The sportswear market is experiencing a divergence in performance among brands, with high-value brands outperforming others [12][22]. Economic Indicators - Cotton prices have seen slight increases, with the national cotton price B index reported at 14,753 yuan per ton, up 0.5% [4][47]. - The report indicates a decline in textile and apparel exports, with a total of 244.2 billion USD in September, down 1.0% year-on-year [4][40].