Investment suggestion: the upstream and downstream performance is differentiated, and pay attention to high-quality manufacturing enterprises. Since this year, the epidemic has been repeated. Under the demand structure of external heat and internal cooling, the differentiation between upstream and downstream performance has intensified. Under the background of the continuous rise of raw material prices, upstream manufacturing enterprises continue to raise prices, superimposing the driving effect of RMB devaluation on exports, and textile manufacturing enterprises are expected to continue to benefit. At the same time, the number of confirmed cases in Shanghai has decreased significantly, and it was announced that the resumption of business and the resumption of the city will be promoted in stages from May 16. Commercial outlets such as shopping malls, department stores, supermarket stores, convenience stores and pharmacies will gradually and orderly resume offline business, delimit access channels, do a good job in limiting the flow of personnel, and implement the services of “online ordering, offline delivery” and “offline shopping”. The end of the epidemic ushers in the dawn and is optimistic about the recovery of consumption after the epidemic, It is suggested to pay attention to the leader of medium and high-end accessories Zhejiang Weixing Industrial Development Co.Ltd(002003) ( Zhejiang Weixing Industrial Development Co.Ltd(002003) . SZ), the leader of high-quality sports shoes Huali Industrial Group Company Limited(300979) ( Huali Industrial Group Company Limited(300979) . SZ), the leader of golf clothing Biem.L.Fdlkk Garment Co.Ltd(002832) ( Biem.L.Fdlkk Garment Co.Ltd(002832) . SZ), Luolai Lifestyle Technology Co.Ltd(002293) ( Luolai Lifestyle Technology Co.Ltd(002293) . SZ), Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) ( Shenzhen Fuanna Bedding And Furnishing Co.Ltd(002327) . SZ).
Market review: from April 16 to May 16, 2022, the Shanghai Composite Index fell by 4.28%, the Shanghai and Shenzhen 300 fell by 5.54%, and the textile and clothing (Shenwan) index fell by 0.80%, ranking seventh among the 31 primary industries of Shenwan. Among the secondary industries, the textile manufacturing (Shenwan) index rose 0.07%, the clothing and home textile (Shenwan) index rose 0.23%, and the jewelry (Shenwan) index fell 6.00%.
Industry data tracking: 1) clothing and home textiles: in April 2022, the total retail sales of social consumer goods was 2.95 trillion yuan, a year-on-year decrease of 11.10%, of which the retail sales of clothing, shoes and hats was 79.1 billion yuan, a year-on-year decrease of 22.80%; In terms of export, in April, the export amount of clothing in that month was US $11.332 billion, a year-on-year increase of 1.89%; The export amount of textiles in the month was US $12.259 billion, a year-on-year increase of 0.86%. 2) Textile manufacturing: as of May 16, 2022, China’s cotton price 328 index was 22269 yuan / ton, a month on month decrease of 285 yuan and a year-on-year increase of 6345 yuan; The cotlooka price index was 163.95 cents / pound, an increase of 4.05 cents month on month and 75.95 cents year-on-year.
Risk tip: the price of raw materials fluctuates, the industry competition intensifies, and the end consumption is less than expected.
