The Clothing Industry Still Has No Obvious Warming Trend.

2015 is an extraordinary year.

Even more miserable, traditional clothing stores are closing more and more shops. The impact of electricity providers and profits are getting lower and lower. Despite this, there is no need to be too pessimistic about the textile and garment industry. Industry differentiation is the general trend.

In the two quarter, the overall retail environment improved slightly compared with the first quarter. However, there is still no obvious warming trend. It is estimated that the retail terminal and export will remain flat last year.

On the export side, according to the General Administration of customs statistics, the total export volume of textile and clothing in 2015 from 1 to May has declined 3.6% year-on-year, of which clothing exports have declined 5.1% compared with the same period last year, and textile exports have dropped 1.4% over the same period. The overall manufacturing fundamentals are relatively general, but leading enterprises are expected to focus on tight encirclement. As cotton prices stabilize, it is expected that the performance of cotton spinning leading companies in the two quarter will be warmer.

Domestic demand, from 1 to June, 50 key large areas in the country.

The retail sales of clothing commodities increased by 3% compared with the same period last year, and the retail sales of cosmetics increased by 4.2% over the same period last year.

We believe that the overall retail environment of clothing still does not have the conditions for significant warming. There are two main reasons. On the one hand, the consumption structure is changing. Holiday consumption is significantly shifting from commodity consumption to entertainment, tourism and other service consumption. On the one hand, consumers are becoming more rational, and the ratio of sex to price has become one of the criteria for selecting important products.

Although the fundamentals of the industry are more general, the leading industry in the neutron industry performs well, and the differentiation of industry performance is significant, especially in men's wear, casual wear and home textile industry.

Men's clothing industry, most of the high-end men's clothing is still being adjusted, but the decline narrowed. The men's clothing at sea level is still the fastest growing white horse in the industry. Besides, YOUNGOR and the birds are also better.

One of the leading companies in the casual wear industry, Semir clothing and leisure wear business has been adjusted. It is expected that this year will achieve a resumption of extension growth.

The investment is large and the loss is expected to be reported.

The home textile industry continues to pick up, leading the industry in pition to smart home and large home.

The overall fundamentals of the textile manufacturing industry are relatively general, but the industry's leading performance is expected to gradually improve.

The outdoor industry in other industries shows a small positive growth overall, and there is a possibility of improvement in the future. The high-end women's clothing industry is still adjusting and has not yet bottomed out.

We believe that in the concussion market where the market continues to bottom, corporate performance will be more differentiated.

The white horse logo with good fundamentals and reasonable valuation will be more favored by the market. Besides, we can also pay attention to the leading companies in some fine molecular industries.