< p > industry performance: this week the industry went out of the bottom, and the textile and clothing industry index rose 1.9%, but it still lost 1% of the Shanghai and Shenzhen 300 index. < a target= "_blank" href= "http://m.pmae.cn/" > textile > /a > index increased by 1.61%, < a target= "_blank" href= "http://m.pmae.cn/" > clothing > _blank > index increased by 2.18%. We believe that the reason for the better trend of the clothing sector is that the recent annual reports have been gradually disclosed, and the bad factors related to the downturn in the industry and the sluggish consumption have also been fully realized, so that the plate will no longer have the power to fall. < /p >
From the valuation point of view, the 13 year valuation multiplier of clothing has dropped to 12-15 times, which is a historical low. This week's clothing has slightly rebounded on the textile premium. Therefore, we also believe that the valuation of the clothing sector continues to decline, but the domestic sales are still not strong. We believe that the fundamentals of the two quarter clothing sector are still light. The textile sector has benefited from the overseas market warming, and the export growth rate has been higher than the 12 years. The overall prosperity is even higher. But overall, we have a neutral attitude towards the industry fundamentals. But because of the earlier fall, there is room for a certain valuation in the short term to repair the P. < /p >
< p > the performance of key companies showed a larger differentiation. The top three were Georges white, 100 round pants industry and Pathfinder, which rose by 11.7%, 9.7%, and 7.8% respectively. The top three were Shandong Ruyi, Meng Jie home textiles, and Xin er. Clothing enterprises overall performance is better. We believe that the Pathfinder and search in the 2013Q1 season still maintained a relatively high growth rate, which is the main driving force behind its valuation rebound. < /p >
< p > < strong > industry key events < /strong > < /p >
In the first quarter of 2013, the retail sales of 100 major large retail enterprises increased by 7.6% in the first quarter of this year. The growth rate slowed down by 1.2 percentage points on the basis of a 19.7 percentage point slowdown in the same period last year, the lowest growth rate since 2005. The retail sales of clothing increased by 10.7% over the same period last year, and the growth rate slowed down 4.5 percentage points over the same period last year. The growth rate of retail sales in the first quarter of 2005 was 7.6%. 2, US cotton prices have fallen since the beginning of this month, falling from 95.5 cents / ounce to 91.75 cents / ounce in early April, and the difference between domestic and foreign cotton prices continues to widen. The price of domestic cotton for 13 years should be slightly increased on the basis of 12 years, which will keep the price of cotton within 20 thousand / tonne. However, due to the shortage of cotton stocks in the past 12 years, demand has not recovered rapidly, and cotton prices have not been rising. According to the prediction of the US Department of agriculture in March, in the 13 year, the cotton planting area in the United States was 10 million acres, a sharp decrease of 19% over the same period last year. Therefore, this will reduce the supply of US cotton. Therefore, we believe that in the past 13 years, the rise of US cotton and the narrowing of the price difference between inside and outside cotton are a great probability event. < /p >