纺织服饰周观点：《提振消费专项行动方案》多维度加码消费政策，看好服装消费温和回暖-20250319

Core Insights - The report maintains a "Recommended" rating for the textile and apparel industry, indicating a positive outlook for 2025 [1]. - The implementation of various consumer stimulus policies, including increased birth subsidies, is expected to boost consumption in the textile and apparel sector [3][15]. - The textile manufacturing segment is actively expanding into new materials and technologies, which may enhance growth prospects [3][17]. Group 1: Policy Impact - The acceleration of birth subsidy policies since 2023 is expected to benefit children's clothing consumption, with specific companies like Semir Apparel and Jin Hong Group recommended for investment [3][10]. - The "Consumption Promotion Action Plan" released on March 16, 2025, aims to enhance consumer spending through various measures, including increasing birth subsidies and improving service consumption [15][17]. - The report highlights that low-tier cities may see new commercial opportunities due to urban consumption facility improvements, suggesting investment in companies like Hailan Home [3][17]. Group 2: Market Performance - The textile and apparel sector outperformed the Shanghai and Shenzhen 300 Index, with a weekly increase of 3.17% compared to 1.59% for the index, indicating strong market momentum [20][21]. - The report notes that the textile manufacturing and brand apparel segments achieved respective weekly gains of 2.39% and 3.79% [20]. - Key stocks that performed well include Meierya and Annail, while companies like Nanshan Zhishang faced declines [20][21]. Group 3: Raw Material Trends - Cotton prices are stable, with a current spot price of 14,919 RMB per ton, reflecting a week-on-week increase of 0.24% [27]. - The report indicates that the price of wool is on the rise, with the Australian Eastern Wool Index at 785 USD, up 2.61% week-on-week [28]. - Other raw materials, such as nylon POY and polyester POY, have shown slight declines in prices, indicating mixed trends in the raw material market [27][28]. Group 4: Export and Consumption Data - In December 2024, China's textile and apparel exports reached 13.135 billion USD, marking a year-on-year increase of 17.4% [34]. - The report highlights that U.S. apparel wholesale sales in January 2025 were 13.839 billion USD, reflecting an 8% month-on-month increase [40]. - The retail sales index for the EU in January 2025 was reported at 101.60, with a month-on-month increase of 1.9% [44].