Core view
Market review: throughout the week, the CSI 300 index fell 0.67%, the gem index fell 4%, and the textile and garment industry index fell 0.24%, which was stronger than the CSI 300 and the gem index. Among them, the textile manufacturing sector rose 0.39%, and the brand clothing sector fell 0.75%. In terms of individual stocks, Luolai Lifestyle Technology Co.Ltd(002293) , Proya Cosmetics Co.Ltd(603605) and Zhejiang Weixing Industrial Development Co.Ltd(002003) we covered achieved positive returns.
Overseas highlights: (1) Nike's sales in China fell sharply by 24% in the second quarter. (2) the high-end plant beauty brand chantaille shantika was acquired by Nivea's parent company Beiersdorf. (3) Louis Vuitton appointed the director of fashion communication.
Important information about the industry and the company: (1) Anta Sports: Mr. Ding Shizhong, the shareholder of the company, has transferred a total of 84.5 million shares to hemin Holdings Co., Ltd. without consideration, accounting for about 3.13% of the total issued shares. (2) taobo: in the third quarter of fiscal year 2021 / 22, the total sales amount of the group's retail and wholesale business recorded a low decline of 20-30% year-on-year. (3) Zhejiang Semir Garment Co.Ltd(002563) : Qiu Guanghe, the controlling shareholder of the company, transferred 5371200 shares of the company's shares to Xu Bo by block trading on December 23, accounting for 0.1994% of the total share capital of the company; Transfer 2.6856 million shares of the company held by Shao feichun, accounting for 0.0997% of the total share capital of the company. The total number of shares traded was 8.0568 million, accounting for about 0.3% of the total share capital. (4) From December 11 to December 17, investment and financing in the consumer industry: a. millarock group, a tide brand incubation platform, completed a round of financing of nearly US $10 million; B. Chantecaille shantika, a high-end plant beauty brand, was acquired by Beiersdorf, Nivea's parent company. C. Louis Vuitton appointed the director of fashion communication.
Suggested plate combinations this week: Li Ning, Anta sports, Huali Industrial Group Company Limited(300979) , Zhejiang Weixing Industrial Development Co.Ltd(002003) , Bosideng. Last week's portfolio performance: Li Ning - 3%, Anta Sports 0%, Huali Industrial Group Company Limited(300979) 0%, Zhejiang Weixing Industrial Development Co.Ltd(002003) 5% and Bosideng - 1%.
Investment proposal and investment object
This week, with the sharp adjustment of the leading stock price of the popular track dragging down the decline of the index, the textile and garment sector outperformed the size index. Among them, textile manufacturing continued a relatively stronger trend. The valuation of the leading sub categories showed a rising trend under the trend that the competitive advantage was more and more recognized by the secondary market. In terms of brand, Nike disclosed the latest financial report this week. Sales in Greater China decreased by 20%, which was weaker than the leaders of local sports brands such as Li Ning and Anta. It was partly affected by the tight supply chain in Southeast Asia. At the same time, it also partially verified the pattern change of strong and weak inside and outside the sportswear track. Under the basic tone of policy supporting the economy, we believe that the pessimistic expectation on the fundamentals of optional consumption is expected to be gradually repaired with the bottom of the economy, and the structural opportunities of the sector in the future are still considerable. For export manufacturing leaders, under the guidance of external demand, the deterministic growth of performance is expected to usher in the improvement of valuation. On the other hand, under the general low valuation of brand enterprises, the subsequent improvement of fundamentals is also expected to bring more allocation opportunities. In terms of sub industries, we still prefer high prosperity sportswear and big beauty (cosmetics and medical beauty) in the medium and long term. In the sportswear sector, Li Ning (02331, buy), Anta sports (02020, buy), Huali Industrial Group Company Limited(300979) (300979, buy) and Shenzhou International (02313, buy) are recommended to pay attention to Tebu International (01368, buy), The beauty sector is optimistic about Proya Cosmetics Co.Ltd(603605) (603605, buy), Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (300957, overweight), it is recommended to pay attention to Shanghai Jahwa United Co.Ltd(600315) (600315, overweight), Guangdong Marubi Biotechnology Co.Ltd(603983) (603983, overweight), Bloomage Biotechnology Corporation Limited(688363) (688363, Unrated) and Imeik Technology Development Co.Ltd(300896) (300896, Unrated). The traditional clothing sector recommends Zhejiang Weixing Industrial Development Co.Ltd(002003) (002003, buy), Bosideng (03998, buy), Zhejiang Natural Outdoor Goods Inc(605080) (605080, buy), Luolai Lifestyle Technology Co.Ltd(002293) (002293, overweight), Zhejiang Semir Garment Co.Ltd(002563) (002563, buy), etc. It is recommended to pay attention to Baoxiniao Holding Co.Ltd(002154) (002154, not rated), Biem.L.Fdlkk Garment Co.Ltd(002832) (002832, not rated), Zhejiang Sunrise Garment Group Co.Ltd(605138) (605138, not rated). In the short term, it is expected that the performance of the secondary market will still be more active for the manufacturing leaders with the competitiveness of global subdivided industries in the sector.
Risk tip: the recurrence of global epidemic, the pressure of economic slowdown on China's retail terminals, trade friction, cotton price and RMB exchange rate fluctuation, etc.
