GF Securities: Textile And Clothing &Nbsp; Internal Cotton Prices Rose Against The Market.
investment strategy
maintain
"Buy" rating
Textile sub sector: the weak peripheral economy has led to a sharp fall in international cotton prices, while China's open purchase and storage has tamped down the bottom price of the inner cotton. The price of cotton in the upstream market has been higher than the reserve price. The driving force of the future cotton price will continue to depend on the prosperity of the downstream textile industry.
The difference will increase cotton imports and new cotton will be listed in October, so cotton prices will hardly rise in the short term.
In addition to the market effect, we think that the greater significance of purchasing and storage is to stabilize the price expectation of enterprises in the cotton spinning industry chain, and help cotton enterprises to eliminate wait-and-see mentality and purchase orders.
Continue to be optimistic about leading enterprises, Lu Tai A and Huafu color spinning.
Clothing sub industry: at present, the market sentiment is pessimistic, most industries are facing downside risks, while the brand clothing has no worries. The certainty of the growth of performance makes its defensive prominence, and the valuation switch can weaken the risk of overvaluation which the market is worried about. Therefore, we continue to watch the seven wolves, the wedding birds and the birds.
Joeone
The Pathfinder, home textile company and the pformation of Da Yang.
Stock price performance
This week, the Shanghai Composite Index fell 1.98%, and the textile and garment sector ran 0.06 percentage points, with the textile and clothing sub sectors falling by 1.59% and 2.22% respectively.
This week, men's clothing companies such as nine herd kings, seven wolves, etc. performed better, and there was a relative return; the dream home textiles and the Luo Lai home textiles had a larger adjustment, while the lowest valuation of fuanna rose 1.17% against the market this week; the higher export Rebecca, the silver cashmere industry and Lu Tai A continued to fall this week.
Raw material price
On Friday, the 328 cotton price index was 19995 yuan / ton, which has exceeded the purchasing and storage price for four consecutive trading days. There was no paction for 11 consecutive days.
The domestic market has gradually entered the peak season of consumption. The purchase and storage of the state made cotton enterprises dare to increase purchases under the purchase and storage price, so lint prices rose 1.30% this week.
Affected by the peripheral weak market, Cotlook A index fell 6.54%, zhengcotton main contract 1205 fell 4.82%.
State purchasing and storage policy is the only reason why the international cotton price has dropped sharply and the price of cotton has increased.
We maintain the previous view that cotton prices have bottomed out, and that the short term (new cotton market) has increased considerably.
Risk warning
Cotton price
Skyrocketing
The collapse triggered a wait-and-see sentiment in the lower reaches, and the demand for price rises was more than expected.
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