In February, the growth rate of yarn, cloth and clothing output all rebounded, especially in the 1-2 month of garment production.

But under the pressure of export and domestic consumption pressure, the rapid growth of output once larger inventory will lead to a new round of decline in operating rate and the process of stock removal.

In the future, the growth rate of domestic retail sales is less than 15% per month.

At present, China and its competitors are still uncertain about the exchange rate trend of the major consumer markets, and the influence of monetary factors on exports cannot be ruled out.

Domestic cotton prices continue to rise and weaken the international competitiveness of the textile industry.

Maintain the industry's "neutral" rating.

In the context of high plate valuation and entity pressure, valuation security is still the primary criterion of investment. The target value of stable growth expectations will be highlighted, and export companies may have opportunities to rebound and rebate rate increase in the short term.

Lu Tai A (8.28,0.18,2.22%) valuation is the lowest in the industry, and there is a possibility of increasing the value of export rebates and tax rebates to maintain the "overweight" rating.