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Short Term Caution &Nbsp In Garment Industry; Long Term Brand Clothing Continues For A Long Time.

2011/12/19 9:43:00 9

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Since the beginning of December, the market has continued to show a downward trend, and the textile and garment industry has dropped by 8.78%, of which the textile manufacturing sub industry has dropped by 10.21%, and the apparel home textile sub industry has dropped 7.52%. The Shanghai Composite Index and Shanghai and Shenzhen 300 fell by 4.5% and 4.92% respectively during the same period. The overall textile and apparel industry's overall relative Shanghai and Shenzhen 300 excess returns were -3.86%, and the trend was lagging behind the market.

From the valuation point of view, the valuation level of textile and apparel industry is 20 times.

Spin

The valuation of manufacturing and clothing textiles is 19 times and 21 times, which are significantly lower than the historical average, but the relative A share premium rate is still at a high level.

From the relevant economic data released recently in the textile and garment industry in November, the total export volume of textile and clothing was increased by 21.18%, which continued to slow down. The clothing CPI increased by 3.5% compared with the previous month.

Retail enterprises

The retail sales in the clothing market increased by 10.26%, a new low in the year, and the consumption growth rate continued to slow down. On the one hand, due to the high crowding out effect of high clothing prices on consumption intention, on the other hand, warm winter also reduced the demand for clothing in season.

Due to the large increase in the previous period, some stocks are highly valued, and in the short term, we suggest that the overall market will weaken.

Investment

We should keep a cautious attitude and pay attention to risks. In the medium and long term, we will continue to look at brand clothing companies with better growth, higher gross profit margin and better performance, and pay attention to investment opportunities in business men's clothing, home textiles and outdoor products.