In The Second Half Of The Year, There Is Little Probability Of Obvious Recovery In Clothing Retail Demand.

< p > industry view this week.

Jingdong's 618 orders increased by 100% over the same period last year, while the orders from mobile terminals accounted for 1/4. On the one hand, it shows that the price war of e-commerce promotion is still continuing, and on the other hand, the trend of mobile Internet is more prominent.

In the context of the rapid development of mobile Internet, traditional brand clothing companies are expected to break through the short board of the PC end online shopping mode based on the mobile O2O mode, and turn the crisis into a favorable channel to meet the full channel retail era under the integration of online and offline businesses.

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< p > we believe that there is little probability of a significant recovery in retail demand in the second half of 2014, and the fundamentals still remain at the bottom. But the downside risk of terminal consumption will be reduced, so as to maintain the industry's "synchronous big city -A" rating.

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< p > < < a href= > http://www.91se91.com/news/index_c.asp > > /a > choice. < a href= > http://www.91se91.com/news/index_c.asp > > brand clothing > /a > plate suggests combining basic and thematic hot spots. Following the principle of selecting bottom-up stocks, recommends pformation of enterprise mode and sub industry leading healthier sub sectors: Pathfinder (with Internet platform thinking), Semir dress (comprehensive layout of children's clothing industry), Luo Lai home textile (channel inventory clearance end) and fuanna (to build multi brand and everyone's "little IKEA" mode).

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< p > textile manufacturing sector recommends Lu Tai A, a mild recovery in overseas markets and a decrease in raw material prices will help export leading enterprises to pick up and stabilize gross margins.

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< p > announcement of important industry companies.

< a href= "http://www.91se91.com/news/index_c.asp" > A shares < /a > listed companies: seven wolves (jointly invested with controlling shareholders to set up financial companies); YOUNGOR (subsidiaries subscribe to CITIC new shares); Kaiser shares (acquisition of coolie interactive 100% stake).

Overseas listed companies: Zhou Dafu (annual profit increased by 32%); H&M (two quarter profit increased 25%, Chinese online shop on the line); Samsonite ($85 million acquisition of outdoor goods manufacturer GregoryMountainProducts); Lanting Pavilion gathering potential (two foreign executives leaving, share price plummeting).

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< p > key company tracking and next week's research.

Next week's Hangzhou mid term strategy meeting, we invited executives from Semir clothing, Mason culture and AOKANG international to welcome investors to communicate.

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< p > important data in the industry.

In May, 192 thousand tons of cotton imported, 14.6% less than the ring ratio; 1-5 months, the average profit margin of home textile enterprises above Designated Size reached 4.8%; Jingdong 618 mobile terminal cut 1/4 orders.

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< p > raw material data: Cotton: 328 spot spot weekly average price 17368 yuan / ton (-0.05%); CotlookA:91.45 cents / pound (+1.1%); chemical fiber: viscose staple fiber 12030 yuan / ton (-0.08%), viscose filament 34750 yuan / ton (+0%), spandex 40D48500 yuan / ton (-0.61%), spandex 20D60000 yuan / ton (+0%), polyester DTY11550.00 yuan / ton (+2.67%), yuan yuan / ton (())

< p > risk hint: 1) terminal retail continues to slow down and corporate Q2 profits are not as good as expected; 2) companies need to adjust their pformation time to verify.

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