This week’s special topic: multiple factors drive the rapid growth of children’s wear track, and the share of leading cities is expected to improve: (1) policy support – the transformation of parenting concept drives the rapid growth of children’s wear high-quality track. Policy support, the deepening of the concept of “eugenics and good education” and the transformation of the consumption concept of the new generation of parents have driven the “quantity” and “price” of the children’s clothing industry to rise together, and the market scale has grown rapidly. (2) The leading advantage of children’s wear is stable, and the industry concentration is expected to continue to be optimized. The market concentration of children’s wear industry has increased year by year, and the head brand advantage has been continuously consolidated. We believe that in the future, leading enterprises are expected to continue to consolidate their advantages and increase market share by virtue of brand reputation, cost performance and product R & D and innovation.
Investment strategy in 2022: seek “progress” in “change” and take the lead in subdividing leaders. Furniture: focus on domestic market channel reform opportunities. Among them, it is recommended to pay attention to Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) for customized furniture; For finished furniture, it is recommended to pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818) , etc. Papermaking, packaging and printing: subdivide and optimize the track pattern, and the strong will always be strong. It is recommended to pay attention to Shandong Sun Paper Co.Ltd(002078) , Shanying International Holdings Co.Ltd(600567) , Xianhe Co.Ltd(603733) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Chongqing Baiya Sanitary Products Co.Ltd(003006) , Hangzhou Haoyue Personal Care Co.Ltd(605009) , etc. Entertainment and jewelry sector: consumption upgrading continues and prosperity rises. It is recommended to pay attention to Shanghai M&G Stationery Inc(603899) and Chow Tai Seng Jewellery Company Limited(002867) . Retail of home building materials: professional home building materials stores are still dominant, and digital and high-frequency consumption empowerment have become the mainstream. It is recommended to pay attention to Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) leading in digital transformation. Textile and clothing: the national trend continues, and there are good opportunities for sports shoes and children’s wear. It is suggested to pay attention to Anta sports, Huali Industrial Group Company Limited(300979) , Zhejiang Semir Garment Co.Ltd(002563) , Winner Medical Co.Ltd(300888) , Bosideng, etc.
Market review this week: this week, the Shanghai Composite Index rose 0.6%, the light industry manufacturing industry rose 4.31%, outperforming the market, and the textile and garment industry rose 2.81%, outperforming the market. Among them, the paper sector rose 1.34%, the packaging and printing sector rose 5.54%, the home sector rose 5.32%, the entertainment light industry sector rose 3.41%, and other light industry sectors rose 4.71%. The top three gainers of light manufacturing industry this week were Shanghai Shunho New Materials Technology Co.Ltd(002565) (21.82%), Beijing Shengtong Printing Co.Ltd(002599) (21.24%) and Guizhou Yongji Printing Co.Ltd(603058) (19.24%); The top three declines were Chuangyuan culture (- 12.99%), Guangdong Songfa Ceramics Co.Ltd(603268) (- 9.22%) and Shaanxi Jinye Science Technology And Education Group Co.Ltd(000812) (- 8.58%). The top three gainers in the textile and garment industry are winner fashion (25.95%), Shangying Global Co.Ltd(600146) (14.65%), Beijing Sanfo Outdoor Products Co.Ltd(002780) (14.25%); The top three declines were Xinjiang La Chapelle Fashion Co.Ltd(603157) (- 9.36%), Zhejiang Weixing Industrial Development Co.Ltd(002003) (- 6.36%) and starting shares (- 6.25%).
One week’s key data tracking: the inner disc price of dissolved pulp this week was 6700 yuan / ton, unchanged from last week. The quotation of all pulp seeds was flat compared with that of last week. The average price of carton paper / corrugated paper increased from – 100 / – 62 yuan / ton to 4935 / 4000 yuan / ton last week, and the prices of other kinds of paper were stable. The number of commercial housing transactions in 30 large and medium-sized cities this week was 35278, down 12% from last week; The transaction area of commercial housing in 30 large and medium-sized cities was 3.8 million square meters, down 13% from last week. China’s cotton price index this week: 328 was 22107 yuan / ton, up 148 yuan / ton from last week; Cotlook: a index: 1% tariff was 19729 yuan / ton, up 621 yuan / ton compared with last week; The price difference between Chinese and foreign cotton was 2378 yuan / ton, down 473 yuan / ton compared with last week; The closing price of cotton futures on the Zheng stock exchange this week was 21850 yuan / ton, up 410 yuan / ton from last week; The closing price of cotton futures on the New York Stock Exchange was 112.65 cents / pound, up 3.50 cents / pound from last week.
Risk warning: the price of raw materials fluctuates greatly; Risk of terminal demand slump; Exchange rate fluctuation risk.
