Textile And Apparel Weekly: Retail Sales Have Improved Slightly, Clothing Sales Hit A New High.

1, maintain the industry's prudent recommendation. In August, the retail sales of 50 key large retail enterprises increased by 1.4% over the same period last year. This is the first time that retail sales have been growing positively in the past three months, of which clothing sales grew at an annual high, retail sales grew 8.8%, the growth rate increased by 4.7 percentage points from last month, 4.1 percentage points higher than the same period last year, and a slight improvement in terminal retail data. At the present time, we suggest that we should look for the following three main lines: (1) the growth rate of the interim report is relatively high, and the target for the whole year and the next 1-2 years is not going down obviously: Hai Lan's home (performance is in the high growth period, the Menswear national brand, the 14 year growth rate 50%+, the 15 year growth rate 35%+), the Semir dress (high performance certainty, the integration of children's industry), and Fiyta (the independent brand promotes the steady growth of the performance).

(2) the bottom, the performance is still good target: Fuan (the current 5 billion market value, 1 billion of the account of the rich funds, net profit in 2013 315 million, 2014 is expected to increase by 15%, the current stock price corresponds to PE13.8 times), YOUNGOR (benefited from the Ningbo bank equity method calculation, 24 years in the first half of the net profit increased 90.5%; 2014 net profit is about 2 billion 400 million, the current share price corresponding to the dividend rate of 7% in the upper and lower), Lutai A (annual EPS1.2 up and down, the company's current 9 block up and down the stock price corresponding to PE7.5 times, if not buy back, we estimate the dividend return rate is above 5%). Pathfinder (market expectations are at the bottom, rapid growth of online business is likely to drive the company's overall performance to exceed expectations). (3) in the plate below 2 billion market value, especially the 1 billion subscript, this year's performance is also better. In addition, we follow the following views on sports apparel and men's wear in the near future: (1) the current industry demand environment is really bad, but even for the most difficult industry (sports apparel industry has strong NIKE, ADIDAS), after going to inventory, clearing invalid shops, paying attention to product cost performance and terminal retail management, although the channel is still integrated, Terminal retail And report income has recovered growth, but the growth rate has dropped to a reasonable extent. (2) the same is true for men's clothing industry, but the pace of adjustment of the seven wolves and nine Mu Wang of A shares is later than that of China. Each of them has invested heavily in terminal retail and supply chain management. We can not rule out the possibility of 2015SS ordering. The price of the seven wolves has risen in the early days (of course not necessarily the fundamental reason). We have invited investors to pay attention to the investment opportunities of the nine kings and the real estate companies.

2, plate last week performance review. Last week, the Shanghai Composite Index rose slightly, with a cumulative increase of 0.24%; the spinning and weaving sector won 3.26% of the total sales, with textile manufacturing up 3.58% and apparel home textiles up 2.94%. As for stocks, the top three companies, Feng Zhu textile, Tai Ya shares and Busen shares (Hong Wah agriculture intends to borrow shell Busen shares), led the first three companies to be good news birds, boat shares and deep textile A. Hong Kong stocks, led by Prada, XinDa group (Q2 same store sales growth 11.9%), Mu Shi international; the leading three companies were nine Hing Holdings. Belle International (footwear business same store sales fell 2.8%), Giordano international.

3, important announcement and dynamic tracking of the company. Key research - Aviation shares: the main business continued structural upgrading, tapping potential and enhancing efficiency. PEAK Sports: 2014 H1 shareholders should account for an increase of 34.6% of the current profits; XinDa: the second quarter of the same store sales increased by 11.9%; corporate bonds (phase second) began to pay interest; stock holdings: shares continued to suspend; Jialin Jie: stock continued to suspend; Wei Qiao Textile: H1 net profit decreased by 21.1%; ang Li Fang: H1 shareholders should account for an increase of 0.51% over the same period last year; Li Feng: H1 shareholders should account for an increase of 45% over the same period last year; Sasa International: according to the share award scheme to buy 1466000 shares of stock; Belle International Q2 footwear sales in the same store decreased by 2.8%; Yuyuan group: H1 profit fell by 47.8% in the same period; cashmere industry: continued suspension; China Taifeng bedding: H1 should account for a 84.6% decline in profits; Baosheng International: H1 owners should account for 1 million 800 thousand US dollars in losses.

4, important data in the industry. Raw materials: (1) 328 spot spot weekly average price 16916 yuan / ton (-0.23%); Cotlook A:74.20 cents / pound (-1.12%); average difference between inside and outside cotton price difference is 2074 yuan / ton (-22%); long staple cotton (137 level) 28450 yuan / ton (-0.18%); import long staple cotton (US PIMA2 grade): 31065.5 yuan / ton (+ 0.51%); USD to RMB exchange rate: 6.1346 (-0.07%). (2) chemical fiber: viscose short: 12045 yuan / ton (+0.96%); spandex 40D46000 yuan / ton (-0.86%). Cotton yarn: 32 pure cotton combed yarn 23960 yuan / ton (-0.17%). (3) gold: upper gold place Au100g247.69 yuan /g (-2.06%), London spot $1251.75 / ounce (-1.64%). Industry: in August, 50 retail sales increased by 1.4%, clothing increased by 4.1%, cosmetics increased by 3.9%, and gold and silver decreased by 8.4%.