This week’s special topic: the sports shoes market is booming, and the core barriers of manufacturing leaders are deep: (1) the sports shoes market is booming, and the downstream demand is strong, which is good for the upstream manufacturing end. Benefiting from the enhancement of sports industry support policies and health awareness of major countries in the world, the global sports shoe market has grown rapidly. In 2018, the global sports shoes market reached US $146.5 billion, and the CAGR reached 11.5% from 2013 to 2018. (2) The supply chain of sports shoes is highly centralized, and the leader builds core barriers with R & D ability and customer relationship. Because the manufacturing of sports shoes has the characteristics of various processes and difficult automation, the trend of professional division of labor in the industrial chain is obvious. Nike, Adidas and other leading brands adopt the core supplier strategy to accelerate the flow of orders to high-quality suppliers. (3) Southeast Asia benefits from the advantages of cost and foreign trade environment to undertake the transfer of textile manufacturing industry. The cost of water, electricity, rent and manpower in Southeast Asia is low, the basic tax rate under the preferential policies for foreign investment is relatively low, and the foreign trade business environment is friendly.
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 fell 1.63%, the light industry manufacturing industry fell 2.21%, slightly underperforming the market, and the textile and garment industry fell 0.4%, slightly outperforming the market. Among them, the paper sector fell 2.33%, the packaging and printing sector rose 0.7%, the home sector fell 3.58%, the entertainment light industry sector fell 0.98%, and other light industry sectors fell 0.42%; The textile manufacturing sector rose 0.03%, while the clothing and home textile sector fell 0.79%. The top three gainers of light manufacturing industry this week were Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) (56.28%), Yaoji Poker (29.58%) and Xi’An Global Printing Co.Ltd(002799) (16.01%); The top three declines were Hemei group (- 12.84%), Zhibang shares (- 11.68%) and the great wall of culture (- 11.27%). The top three increases in the textile and garment industry this week were Annil Co.Ltd(002875) (16.91%), Comefly Outdoor Co.Ltd(603908) (16.75%) and Tebu International (14.16%); The top three declines were Guangdong Bobaolon Co.Ltd(002776) (- 14.66%), Shanghai Challenge Textile Co.Ltd(002486) (- 9.48%) and Toread Holdings Group Co.Ltd(300005) (- 7.64%).
Key data tracking in one week: the price of dissolved pulp in this week was 6750 yuan / ton, up 1% from last week. The price of whiteboard / white cardboard / corrugated paper is 4935 / 6050 / 3975 yuan / ton compared with – 25 / – 50 / – 25 yuan / ton last week, and the price of other paper types is stable. The number of commercial housing transactions in 30 large and medium-sized cities this week was 22918, down 38% from last week; This week, the transaction area of commercial housing in 30 large and medium-sized cities was 2.56 million square meters, down 36% from last week. This week, China’s cotton price index: 328 was 22460 yuan / ton, up 127 yuan / ton from last week; Cotbook: a index: 1% tariff was 20481 yuan / ton, up 611 yuan / ton compared with last week.
Risk warning: the price of raw materials fluctuates greatly; Risk of terminal demand slump; Exchange rate fluctuation risk.
