Fashion Waves, Inner Strength Build The Beauty Of Expansion.

Industry empirical research: short-term pressure, long-term value is obvious.

Clothing consumption is closely related to the growth rate of GDP in a country, showing cyclical behavior. In the crisis, clothing consumption in different sub sectors is not the same. Women's clothing is more cyclical than men's clothing. In the international and domestic economic crisis, the growth rate of domestic clothing consumption will decline in the next 09 years, but the domestic consumption rate is at a turning point, and the long-term value of the industry is obvious.

At the same time, China's economic situation is far less than that of Europe and America. China's clothing consumption shows dual nature of basic consumption and optional consumption.

Micro empirical research: subdivision consumption and corporate differentiation in crisis.

Through the study of international luxury luxury goods companies and middle and low level representative companies, it shows that the economic crisis will lead to the differentiation of apparel companies with stable growth characteristics.

The fine industry has relatively different anti cyclical abilities, and women's clothing and children's clothing companies are less affected. The right companies in operation management ability and strategy can get sustained development and get a rare opportunity to seize market share.

The company selection based on the atlas is based on internal strength and expansion as a means.

We are more concerned about the rare chance of long-term layout opportunities provided by a rare crisis, and a strong company will get a good chance to attack similar competitors.

The overall view of our investment logic is that the company with strong internal strength may take the industry crisis as a real strong brand and take the lead in the long run.

That is, internal work is the basis and expansion is the means.

The company that will find the right combination point of internal strength training and expansion will be the first choice.

Investment strategy: other industries choose the leading companies. The scale of the crisis is important and the leading companies are more competitive.

In addition, capital strength is also an important resource for developing in a weak market, and is concerned about the stimulating opportunities of national policies to industry investment.

09 years strongly recommended include: Mei Bang dress, Weixing stock and China pencil.

If the valuation is lowered, it will be a good opportunity to intervene. China's pencil strengthens its brand system is the direction of development. Integrating expectations and gold trend become an important factor in its investment.

If the valuation adjustment can be chosen by machine, Weixing stock is more secure; in addition, it also pays close attention to the opportunity of the birds, seven wolves, Dayang creation, Rebecca and Lu Tai according to the valuation situation.

Editor in charge: Yang Jing