Clothing Channel Differentiation Will Exacerbate Children'S Clothing Market.

< p > in the overall economic downturn environment, the second half of the year, the apparel home textile industry will continue the weak recovery pattern in the first half of the year; the channel of the electricity supplier's contribution to the brand clothing "a href=" http://www.91se91.com/news/index_c.asp "home textile company < /a" will be increasingly outstanding; the home textile and leisure section companies have taken the lead in the bottom, and the performance in the second half of the year is expected to improve every quarter. Besides, the children's clothing industry entering the fast growing period is expected to usher in the best development stage in history.

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< p > 2014 in the first half of the year: weak industry recovery, Q1 net profit decrease narrowed the growth of residents' income and the price rise of clothing was weak.

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< p > < strong > > a href= "http://www.91se91.com/news/index_c.asp" > channel differentiation < /a > will continue to worsen: the contribution of electric providers is increasingly prominent. < /strong > /p >

< p > 2014 in the first half of the year, entities a href= "http://www.91se91.com/news/index_c.asp" > channel < /a > "price rise and drop", online shopping is still growing at a high rate, and online continues to eat under the line.

We believe that the channel differentiation will continue to intensify in the second half of the year. Online channels have become the battleground of brand businesses. The contribution to the performance of garment companies will become increasingly prominent: 1) online capacity will continue to grow at a high level, benefiting from the widening of age, location and consumption volume of clothing online shoppers; 2) the promotion of consumer purchasing power and brand awareness to promote the development of online apparel retailing branding; 3) for apparel companies, online and offline collaborative development means more business efficiency.

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< p > < strong > performance differentiation will continue: leisure home textile takes the lead in recovery, < /strong > /p >

In the first half of this year, sub sectors and clothing companies were divided into distinct business situations, and the pace of recovery was different. P

Part of the company's revenue and profit growth rate improved first and stock level was relatively healthy. 2014 autumn and winter ordering index also improved significantly.

Some companies of home textiles and leisure sector have taken the lead in the first half of the year.

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< p > < strong > life cycle differentiation: Children's clothing or the last blue ocean < /strong > /p >

< p > compared with most of the clothing categories, the brand children's clothing has just entered the initial stage of growth.

The implementation of the "two child" policy in 2014 and the high-end consumption of children in the "two generation" crowd will promote the expansion of children's clothing market capacity and the upgrading of industrial consumption. The children's clothing industry is expected to usher in the best development stage in history.

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< p > < strong > Investment Strategy: close to the three main lines of "recovery, electricity supplier and growth" < /strong > /p >

In the second half of the year P, the apparel textile industry will continue its weak recovery pattern in the first half of 2014.

Basic index and order meeting data show that some companies have taken the lead in recovery, and performance in the second half is expected to improve quarterly.

Maintain the industry's "overweight" rating.

It is recommended that the layout 1, ahead of the industry's overall recovery pace, and performance is expected to improve quarterly quality companies; 2, the development of e-commerce business smoothly, with online and offline business synergy development advantages; 3, at the same time positive attention is expected to benefit from the rapid growth of children's clothing industry brought about by investment opportunities.

Recommended Semir clothing, Luo Lai home textiles, Fu Anna and Mei Bang clothing.

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