Textile And Apparel Investment Strategy Industry Faces Adjustment To Wait For Inflection Point

< p > < strong > industry core view: < /strong > /p >

< p > > a href= "http://www.91se91.com/news/index_c.asp" > textile > /a > manufacturing sub industries will continue to face greater pressure in 2013. There will be little opportunity for short-term industry integrity, and there may be a market trend in some theme stocks.

The excessive stock of terminal products is the main problem of a href= "http://www.91se91.com/news/index_f.asp" > clothing < /a > Home Textile sub industry. Short term brand clothing companies will be in a period of adjustment. In the long run, with the promotion of consumption and the promotion of new urbanization, brand clothing will have broad market space and wait for the turning point.

To give the textile and garment industry "synchronous big city" rating.

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< p > < strong > investment point: < /strong > /p >

< p > the overall performance is lagging behind in the market, and the valuation has gradually shifted down: from the beginning of this year, the textile and garment sector has dropped by 15.76%, and the trend has been significantly behind the market. The textile manufacturing trend is stronger than that of the clothing home textiles. The theme stocks and growth stocks are outstanding, while the industry valuation has gradually shifted down, but lower than the historical average, and the relative premium rate of Shanghai and Shenzhen 300 has declined.

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< p > the signs of a rebound in domestic sales show that inventory and orders will affect market expectations: the growth of domestic apparel sales has picked up, but there is a repetition; the space for price increase has narrowed and the volume increase has not replaced the price rise; the inventory pressure is bigger, and the future development is obviously concerned; in 2013, the order of spring and summer will slow down, which will affect the expected performance in the first half of the year.

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The export situation is grim and the multiple pressures remain: exports have improved slightly, growth is still low; policies have stimulated cotton prices to rise, domestic and foreign spreads have been increasing; external demand is still waiting for P to rebound; RMB appreciation will promote pformation and upgrading of export oriented textile and garment enterprises.

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< p > 2012, three quarterly performance decline, year-round performance continued to differentiate: the first three quarters of the decline in performance, clothing textiles slightly better than textile manufacturing; good operation, growth and sustainable performance of the company maintained a good growth rate; 2012 performance is expected to slow down, the company's performance continued to divide.

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< p > < a href= "http://www.91se91.com/news/index_cj.asp >" investment strategy < /a >: industry adjustment, waiting for the turning point.

At present, the industry is in a period of adjustment, and the investment strategy is waiting for the turning point to emerge. It can grasp three main lines: first, pay attention to companies with sustainable growth and good performance expectations, such as card Nu Di Road, Pathfinder, search and special stock, and two are the leading industry leaders with better management and relatively stable growth performance, such as the seven wolves and AOKANG International; three, the quality companies that are going to improve in the industry will have certain valuation repair opportunities.

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< p > risk warning: there has been no fundamental improvement in the export and domestic sales situation; the stock of terminal has increased substantially; the price of raw materials has fluctuated substantially; rental and labor costs continue to rise.

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