The Price Index Is Soaring, And The Factor Of Garment Retail Terminal Has Reached An All-Time High.

　 Production is more stable and price. Rise Difficult to suppress

On the export side, in June 2011, the export situation was relatively stable and consistent with the cyclical law. The export price of cotton yarn is down, and it is expected to pick up in the second half, but the total may not be as good as last year. The export of clothing and accessories has reached a historical high point. The growth trend of garments and accessories exports is about 2 months behind cotton yarn. At the same time, new Exit The order PMI has dropped steadily, and the data in July was 50.40, which has declined for fourth consecutive months. In terms of production capacity, cotton production, yarn production and cloth output increased in June. Due to the obvious seasonal regularity, the growth rate of output will increase in the second half year. In June, the output of clothing was 2 billion 324 million, which rose steadily in the long run. The fixed assets investment in textile industry increased by 32.80% year-on-year, and clothing and footwear grew at 42.30%.

In terms of price, in the production process, in June, the PPI of the textile industry was 13.33, and the PPI of shoes and hats was 3.80. The consumption chain, clothing and clothing CPI reached 2.30 of the historical level. Since the end of 2010, it has not only started to rise sharply, but also achieved 0 values above all. The terminal retail prices of clothing, shoes and hats and textiles have been rising all the way, and this year there has been a marked rise. In June, the textile RPI index was 1.70, while the clothing and footwear RPI index reached a historic 6.40, indicating that the current terminal price rising factor has reached an all-time high.

　　 market trend

In July, the textile and garment industry grew by 2.83%, the CITIC textile industry index rose by 3.96%, and the CITIC apparel industry index rose by 2.55%, far exceeding the market. At the end of 7, the valuation of textile and garment industry was 28.5 times, and it belonged to medium level in 23 industries. In the long run, it did not exceed the historical average. Most of the larger stocks are stimulated by two reasons: first, the performance of the newspaper is expected to increase; second, equity incentive policy brings market confidence.

　 Investment strategy this month

Industrial data in the first half of this year showed that the textile and garment industry remained stable throughout the world, and domestic and foreign demand and industry supply were in line with expectations. However, the price index of production and consumption sides rose rapidly, which had a certain degree of inhibition on the expansion of the industry. Maintain a "neutral" rating of the industry as a whole.

In the sub sectors, the home textile, outdoor, business men's wear and fashion leisure are still promising for a long time. We recommend Luo Lai home textiles, fuanna, Pathfinder, seven wolves, and nine herd kings. Companies that have increased their medium-term performance have experienced a large increase, some of them have reached historical highs, such as home textile and business men's clothing companies, prompting investors to pay attention to the corresponding risks at this price. For investors holding shares of these companies, it is recommended that they be appropriately reduced after the official issuance of interim results; for prudent investors, it is recommended to wait and see.