Investment Rating - The textile and apparel sector is currently rated as underperforming compared to the overall market, with the SW textile and apparel index declining by 2.6% from December 8 to December 12, 2025, underperforming the SW All A index by 2.8 percentage points [4]. Core Insights - The report highlights a mixed performance in the textile and apparel sector, with a notable decline in exports and retail sales, but potential recovery in specific segments such as sports manufacturing and winter apparel due to seasonal demand [10][12]. - The report emphasizes the impact of a recent cold wave on winter apparel demand, particularly for brands like Bosideng, and suggests that the upcoming long holiday season may further boost sales [12][13]. - The report identifies opportunities in the sports manufacturing supply chain, particularly related to Nike's recovery, and recommends companies like Shenzhou International and Huayi Group for investment [10][12]. Industry Data Summary - Retail sales for clothing, shoes, and textiles in China reached 1,205.3 billion yuan from January to October 2025, showing a year-on-year growth of 3.5% [20]. - In November 2025, China's textile and apparel exports amounted to 23.87 billion USD, a year-on-year decline of 5.1%, with specific declines in apparel exports by 10.9% [26]. - Cotton prices in China increased slightly, with the national cotton price B index reported at 14,995 yuan per ton, up 0.5% [28]. - The Australian wool price index showed significant growth, with a year-on-year increase of 40.5%, indicating a bullish trend in the wool market [34].

纺织服饰 行 业 研 究 2025 年 12 月 14 日 朱本伦 A0230125090001 zhubl@swsresearch.com 寒潮催化下看好波司登，Nike 修复看好运动制造 中性 ——纺织服装行业周报 20251214 相关研究 《Nike 调整架构以贴近市场，看好运动产 业链机会——纺织服装行业周报 20251207》 2025/12/07 《 本周重磅发布策略报告，挖掘新消费、 看好全球制造——纺织服装行业周报 20251123》 2025/11/23 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 本期投资提示： 点 评 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 / 行 业 ⚫ 本周纺织 ...