Textile And Garment Industry: Anti Monopoly Opinion Draft Of Platform Economy Released + RCEP Landing

Core ideas

Market review: the CSI 300 index fell by 0.59%, the gem index fell by 0.96%, and the textile and clothing industry index increased by 0.16%, which was better than the CSI 300 and gem indexes. Among them, the textile manufacturing sector rose 0.2%, and the brand clothing sector rose 0.14%. In terms of individual stocks, we have covered langzi shares, Pathfinder and anzheng fashion, etc., which have gained positive returns.

Overseas news: (1) Shiseido's sales fell by 16.4% in the third quarter, which continued to be depressed, and its forecast was lowered in the whole year. (2) Wholesale supply cautious, Adidas in China last quarter again backward. (3) VF Group acquired supreme for us $2.1 billion.

Important information of the industry and the company: (1) Maru Mei Co., Ltd.: the company released the incentive plan for restricted stock in 2020, and the number of restricted shares to be granted in the incentive plan was 1022600, accounting for 0.26% of the total equity of the company when the draft incentive plan was announced. (2) Mercury home textile: 178 million shares, accounting for 66.78% of the company's total share capital, will be listed and circulated on November 20, 2020. (3) Zhou Dasheng: the company released a briefing on the new self operated stores in October. The newly added exclusive stores in Taiyuan impression city, with an area of 30 square meters, and a total investment of 2.95 million yuan (. 4) 11 / 06 - 11 / 13: investment and financing situation of consumer industry: A. Taka original, a new and cutting-edge national fashion brand, has completed Angel round financing of RMB 10 million; B. Maia active has completed nearly RMB 100 million round of financing; C. high end designer sports brand particle particle has enthusiastically completed RMB 100 million level c-round financing.

The combination of fashion, fashion and sports of Henderson, Henderson, and Poseidon. This week's combination performance: Anta Sports 0%, Li Ning - 6%, pelaia - 2%, Dishu fashion 2% and bosden - 17%.

Investment proposal and investment target

The curtain of double 11 in 2020 will come to an end. Judging from the battle reports of various platforms, the mainstream platforms such as tmall, Jingdong and Suning e-buy can maintain a high growth rate of more than 25% compared with the caliber Gmv. In various categories of clothing, many domestic leading brands continue to occupy the top 10 of the list. This year's double 11 has extended the promotion front, which has brought positive effects for the industry to concentrate on digesting the preliminary inventory. On November 10, the State Administration of Market Supervision issued the anti-monopoly guide on the field of platform economy (Draft for comments), which aims to prevent and stop monopoly behavior in the field of Internet platform economy. The original cross platform restriction policy will be relaxed to some extent, which is conducive to the diversified innovation and attempt of leading companies in the industry in e-commerce business mode and brand positioning. The landing of RCEP on weekends is conducive to the business development of textile and garment export companies. Looking forward to the fourth quarter and next year, we continue to be optimistic about the excess earnings opportunities of brand leading companies under the logic of plate recovery. On the one hand, from the perspective of prosperity, due to the earlier cooling this year, coupled with the late Spring Festival, the sales period of winter clothing has been extended as a whole. Under the low base at the same period of last year, from the fourth quarter of this year to the first half of next year, the overall sales growth rate of brand clothing is expected to further increase, and the certainty of continuous improvement is strong; considering the valuation switch in the fourth quarter, the valuation of most of the leading segments in 2021 has returned to the bottom of the history, and the attractiveness is further enhanced. In terms of investment, our first choice is still high prosperity sports apparel, cosmetics, e-commerce and other deterministic tracks. Among them, sportswear continues to recommend Shenzhou International (02313, buy), Li Ning (02331, buy), Anta sports (02020, buy), pay attention to taobo (06110, increase), cosmetics sector is optimistic about pelaia (603605, buy) and Maru Mei (603983, increase) in the medium and long term, It is suggested to pay attention to Shanghai Jiahua (600315, increase) which may have greater upward flexibility after adjustment. We suggest that we should pay attention to the textile and clothing accessories leader with stable undervalue or significant improvement in terminal recovery. We suggest that we pay attention to Desu fashion (603587, buy), Hailan house (600398, buy), fuana (002327, buy), rolai life (002293, increase) and taipingniao (603877, increase). The leading e-commerce companies focus on Antarctic e-commerce (002127, increase in Holdings). Cold winter's most beneficial target continued to recommend bosden (03998, buy). In the short term, we should pay proper attention to the positive effect of RCEP signing on export leaders.