2016 Annual Strategic Report Of Textile And Garment Industry: Main Industry Pressure, Pformation Emerging

2015

The rise of clothing sector ranks first, and the departure from the fundamentals of the plate (stable performance and pressure) is mainly due to the strong expectations of the market for the pformation of the textile products.

After sorting out the system of plate targets, we believe that this style and market will continue for 2016 years. Investors are advised to pay attention to the target of pformation to emerging industries: Maison, LAN Zi, and Wordsworth.

And Societe Generale technology, whose cost of benefits has declined.

Consumer downturn, market deviations

2015Q3's clothing terminal consumption basically continued the downturn in 2014 and slowed down, but it showed signs of stabilization.

As a whole, we have ordered the A sub fabric in the past.

- Leisure - Footwear -

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Outdoor judgement is being verified.

And Du Pont analysis shows that the improvement is mainly concentrated in men's wear and footwear direction.

Although the overall performance of the sector showed a weak recovery trend, but the pressure is still expected to be larger, and it is difficult to see the growth of the main business performance in the future.

By the end of December 7th, the cumulative income of the textile garment plate was 82.11%, and the increase was in the forefront in December 7th.

We believe that the divergence between plate performance and fundamentals is due to pformation and related expectations.

Transformation and trend, focus on emerging

Of the 80 companies that we have been sorting out, there are already 8 announcements in diversification, fixed up / reorganization and ESOP.

Moreover, in the second half of the year, the number of households increased by more than 50% in the first half of the year.

We can see that the trend of pformation is expected to intensify.

The direction of pformation is mainly in the direction of Internet + sports, culture and entertainment, health, fashion and new energy. These are also the new directions of national policy encouragement and advocacy.

From the perspective of pformation, we believe that the three major directions in the future deserve our attention.

First, the sports industry, with the liberalization of administrative control, will usher in the golden ten years of development.

Among them, the target of sports industry is mainly from the "noble bird" and "Pathfinder".

It is the rise of social networking business in the era of Internet 3. We believe that social networking providers have the advantages of low cost and precise demand matching, effectively solving many pain points of traditional electricity providers, and developing new models based on social entertainment.

We should pay attention to the shares of Hua Si and LAN Zi.

The three is the coming of the era of "her" economy, especially the "beauty plus" + female child consumption, which will be in the outbreak stage.

We believe that medical beauty will be the next draught of the "she" economy, and the current target is scarce. Only in July, we would like to invest in South Korea's famous plastic hospital.

Children's consumption benefits from consumption promotion and child bonus, among which Semir clothing, Maison culture and blonde Rabbi deserve attention.