纺服&零售行业周报：政策提振消费，关注港股消费估值修复机会（2025.3.3-3.9）

Investment Rating - The report maintains a positive outlook on the textile and apparel industry, indicating a "Buy" rating due to expected consumption recovery driven by policy support [1]. Core Insights - The textile and apparel sector is entering a recovery phase supported by policy stimulus and improved consumer confidence, with a better macro environment compared to 2024. Concerns regarding tariff impacts on manufacturing are deemed overstated, as companies have adapted to previous tariff changes [4][9]. - Following the "924" policy, there is a noticeable increase in market preference for small and medium-sized companies, indicating a shift in risk appetite [4]. - The Hong Kong stock market is expected to experience a valuation recovery in consumer stocks due to policy support and style rotation, with recommendations to focus on companies like Anta Sports, 361°, and Yue Yuen Industrial [4][9]. - The report anticipates a transition from a single-direction market to more frequent rotations between brand and manufacturing sectors in 2025, with resilient performance expected from quality manufacturers and selective recovery in brand companies [4]. Market Review - The Shanghai Composite Index, Shenzhen Component Index, and Hang Seng Index saw increases of +1.56%, +2.19%, and +5.62% respectively. The textile and apparel sector increased by +1.42%, underperforming the Shanghai Composite by 0.14 percentage points [5][15]. - The report highlights that the textile and apparel sector ranked 15th among 31 primary industries in terms of weekly performance [5][15]. Industry Data Tracking Retail Data - In December, the total retail sales amounted to 45,171 billion yuan, with a year-on-year growth of 3.7%. The growth rate for essential consumer goods was significantly higher than that for discretionary items like clothing and cosmetics [21][23]. Raw Material Prices - The Cotlook A Index for cotton decreased by 2.8% to 13,331, while the China Cotton Price Index fell by 0.7% to 14,835. Wool prices increased by 1.2% to 765 cents/kg [27][31]. Export Data - Vietnam's textile and apparel exports grew by 12.6% year-on-year in January and February, while shoe exports increased by 10.1% [34].