This week’s special topic: the women’s clothing industry has developed steadily, and the penetration rate of medium and high-end women’s clothing has increased: (1) the market scale of women’s clothing has increased steadily, and the penetration rate of medium and high-end women’s clothing has increased significantly. Women’s clothing market has long occupied half of the clothing market. The market scale before the epidemic exceeded trillion, and the growth rate has slowed down since 2012. The medium and high-end women’s wear market has benefited from the upgrading of consumption, the increase in the number of high net worth people and the channel expansion and penetration brought by urbanization. (2) The concentration of women’s wear industry is low, and medium and high-end women’s wear head enterprises have good opportunities for development. Due to women’s strong personalized and aesthetic needs for clothing, the industry concentration is low. Medium and high-end women’s wear head enterprises improve their operation quality through multi brand operation strategy and fine management of members. With the gradual weakening of the impact of the epidemic, there are good opportunities for development.
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 suggested 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) ; It is suggested to pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818) etc. in the finished furniture sector. Papermaking, packaging and printing: subdivide the track pattern and optimize the strong. It is suggested 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: the consumption upgrading continues and the prosperity rises. It is suggested to pay attention to Shanghai M&G Stationery Inc(603899) and Chow Tai Seng Jewellery Company Limited(002867) etc. 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 suggested to pay attention to Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) , which are leading in digital transformation. Textile and clothing: the trend of national fashion 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.
This week’s market review: this week, the Shanghai Composite Index rose 2.19%, and the light manufacturing industry rose 0.33%, slightly underperforming the market. The textile and garment industry fell 0.34%, underperforming the market. Among them, the paper sector fell 0.09%, the packaging and printing sector fell 0.54%, the home sector rose 1.89%, the entertainment light industry sector fell 0.97%, and other light industry sectors rose 0.92%; The textile manufacturing sector fell 0.98%, while the clothing and home textile sector rose 0.01%. The top three gainers in the light industry manufacturing industry this week were Kangqi shares (26.02%), Guizhou Yongji Printing Co.Ltd(603058) (20.31%), Hemei group (11.44%), and the top three gainers were Jiangsu Shuangxing Color Plastic New Materials Co.Ltd(002585) (- 17.76%), Weihua shares (- 9.26%) and Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) (- 7.63%). This week, the top three increases of textile and garment industry are Jiangsu Sanfame Polyester Material Co.Ltd(600370) (10.47%), Shenzhen Ellassay Fashion Co.Ltd(603808) (8.9%), Dazzle Fashion Co.Ltd(603587) (7.3%), and the top three decreases are Shanghai Sanmao Enterprise (Group) Co.Ltd(600689) (- 17.39%), Shanghai Dragon Corporation(600630) (- 10.83%), Jiangsu Jujie Microfiber Technology Group Co.Ltd(300819) (- 10.78%).
One week key data tracking: the price of dissolved pulp this week is 8200 yuan / ton, up 4% from last week. Whiteboard / white card paper increased by 20 / 100 yuan / ton to 4885 / 6400 yuan / ton compared with last week, corrugated paper decreased by 24 yuan / ton to 3888 yuan / ton compared with last week, and the prices of other kinds of paper were flat. The number of commercial housing transactions in 30 large and medium-sized cities this week was 20830, up 16% from last week; This week, the transaction area of commercial housing in 30 large and medium-sized cities was 2.24 million square meters, up 20% from last week. Spot cotton: this week, China’s cotton price index: 328 was 22868 yuan / ton, up 100 yuan / ton from last week; Cotlook: a index: 1% tariff was 23783 yuan / ton, up 825 yuan / ton from last week. Cotton futures: the closing price of cotton futures on Zheng stock exchange this week was 21740 yuan / ton, down 50 yuan / ton from last week; The closing price of cotton futures on the New York Stock Exchange was 134.84 cents / pound, down 1.06 cents / pound from last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
