Textile And Apparel Industry Is Relatively Safe In Valuation.

< p > for the second half of the year, less than a href= "http://www.91se91.com/news/index_c.asp" > textile and apparel > /a > industry trend, Cheng Yuan, head of the textile and Garment Group, light industry papermaking group and Turisthotellet group, believes that as expected this year's macro-economic downturn, brand clothing as a flexible consumer goods, it is expected that terminal consumption will be more significantly inhibited.

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< p > inventory and accounts receivable of listed companies are in the worst state in recent years. From informal research, inventory problems at dealer level are also serious.

In the current weak demand, higher inventory and tighter funds, it is expected that the overall growth of the brand apparel industry in the second half of the year is not optimistic, and the industry will have no chance of trend.

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< p > but from the valuation point of view, Cheng Yuan believes that the valuation level is at the lowest level in the historical industry. The degree of downvaluation of the valuation center is far greater than that of the average growth rate of the industry in the next 3-5 years.

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< p > from the comparison with < a href= "http://www.91se91.com/news/index_c.asp" > international market < /a >, the valuation of China's brand a href= http://www.91se91.com/news/index_c.asp > clothing > /a > has been far higher than that of other major economies in the world in the past few years, and suddenly slipped to the international average level or even below the international average level. However, whether from the industry growth rate or the growth rate of the listed companies, the domestic market is obviously better than the international market.

Therefore, although the industry demand is low, the valuation is safer and the downward space is not large.

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< p > in the condition of low consumption but low overall industry valuation, we think that we should look for sub sectors and locate companies with special characteristics and still have higher growth.

Currently optimistic about outdoor products industry, the second half of the main target for the Pathfinder.

We believe that China's per capita GDP is climbing from 5000 to US $10 thousand, and the consumption structure is at an upward stage of leisure consumption.

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< p > we judged that the mass outdoors could expand rapidly at this stage. The industry is still growing for the next five years, and the domestic outdoor goods market capacity can reach 14 billion 500 million from 400-500 billion, corresponding to an annual increase of 30%.

The two or three line will be the largest incremental market.

As outdoor development matures, market space will expand further after diversification of demand.

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