Textile And Clothing Sales Rebounded &Nbsp; Exports Continued To Fall.

This week, the National Bureau of statistics and the General Administration of Customs released the economic performance data in November, of which clothing prices rose by 3.5% over the same period last year. Fall back 0.2 percentage points, the sales volume of clothing shoes and hats and needle textiles increased by 22.5% over the same period, the growth rate increased by 3 percentage points compared with that in October, and the growth rate of China's textile and garment exports continued to slow to 21.18% in 1-11.

We believe that the inflection point of clothing price increases has been established. In the coming months, CPI will continue to decline. Raise price It mainly started in the second half of last year, and will be affected by high base in the coming months; clothing with above quota in November. Shoes and Hats The retail sales of needle and textile products rebounded year on year. Last October, the "double knot" factor led to early consumption, which resulted in a lower base last November. Export growth continued to fall in line with our expectations.

It remains to be seen whether the domestic sales rebound will continue. For example, if the late temperature stays low, part of the demand for winter clothing will be compensated for the warmer winter ahead, we still need to pay close attention to the changes in terminal sales.

In the medium and long term, based on the comparison of the market share of the leading companies in different industries and the judgement of the life cycle of the industry, we believe that brand clothing and subdivision industries are still far away from the ceiling, and there is still much room for development and investment value.

Industry news trends: (1) with 5 years of scientific research results to return to the textile industry, hemp fabric has become an exclusive magic weapon; (2) the International Cotton Advisory Committee: the global cotton planting area decreased by 8% in 2012/13; (3) the new direction of China's spinning and weaving enterprises: the brand of OEM; (4) the expected depreciation of the RMB's frequency decline is conducive to the export of textile and garment industry; (5) the investment of bird of choice is better than that of the road, and the new products of the children's clothing are improved; (6) the Chinese textile industry may face a new green environmental tax.

Listed companies dynamic: (1) ST de cotton: announcement of asset replacement and related transactions announcement; (2) Xinmin Technology: Board of directors deliberated on the issue of non-public offering of shares; (3) search for special: investment and construction company's new headquarters project; (4) Luo Lai home textile: Change the implementation location of direct chain marketing network construction project; (5) seven wolves: equity pledge announcement.

Summary of industry data: raw materials: grade 328 cotton spot: 19057 yuan / ton (0.27%); American cotton Cotlook A:98.7 cents / pound (0.56%); viscose staple fiber: 15800 yuan / ton (1.61%); polyester staple fiber: 11350 yuan / ton (5.09%).