< p > textile and garment industry is the cradle of cross-border companies.

(1) the industry is bottoming up and the valuation is generally low: the slowdown in the economy, the increasing rationality of consumers and the impact of anti-corruption make the price of the textile brand less powerful, and the retail terminal has not been much improved. The industry sector has been adjusted more, and the valuation of the textile industry has been greatly suppressed. (2) many private-owned companies, small and medium-sized market capitals, and shell resources are relatively rich in the traditional business. The proportion of private enterprises in the industry is 67%, and the market capitalization is less than 5 billion of the companies. (3) the capital in the industry is more abundant: in the 2008-2011 years, the industry experienced a IPO peak period and raised more funds, and the industry began to adjust in 2012. There are four reasons:

(4) dividend policy of state-owned enterprise reform: a strategic pformation has become a consensus for improving the efficiency of state-owned enterprises. However, < a href= "http:// m.pmae.cn/news/index_c.asp" > spinning service industry < /a > high homogenization and fierce competition will directly benefit from efficiency improvement.

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＜p＞　　根據(jù)跨界轉(zhuǎn)型進(jìn)展情況將＜a href="http://?m.pmae.cn/news/index_c.asp"＞投資＜/a＞標(biāo)的分為三類，其中前三類占公司總量的40%:(1)已公告重大資產(chǎn)重組公司6家，對(duì)外投資公司12家:海瀾之家(借“凱諾科技”殼上市，已成為平價(jià)男裝龍頭)、探路者(收購(gòu)戶外論壇“綠野網(wǎng)”致力打造戶外生態(tài)系統(tǒng))，美盛文化(增資游戲公司締順科技、投資兒童舞臺(tái)劇公司星夢(mèng)工坊、收購(gòu)影視公司上海純真年代，致力打造全文化產(chǎn)業(yè)鏈)，嘉麟杰(收購(gòu)手游公司皿鎏軟件)、九牧王(收購(gòu)“浪肯”品牌以補(bǔ)充高端男裝業(yè)務(wù))、搜于特(擬收購(gòu)3-6個(gè)電商服飾品牌)、鹿港科技(收購(gòu)世紀(jì)長(zhǎng)龍影視公司)、凱撒股份(收購(gòu)手游公司酷?；?dòng))、際華集團(tuán)(投資建設(shè)重慶、長(zhǎng)春目的地中心項(xiàng)目，向商業(yè)服務(wù)業(yè)轉(zhuǎn)型)、兩面針(向控股股東定增1億股)、德棉股份(向?qū)嶋H控制人控制的第五季國(guó)際投資控股有限公司定增

65 million shares) (2) a total of 5 companies have been suspended: Thailand shares (intends to pform cultural media company), suoft (to buy Tang Shi Limited domestic pipe pile business), 100 round pants industry, Changshan shares, Busen shares.

(3) a total of 5 companies have been resumed to suspend foreign investment or major asset restructuring: Semir apparel (dedicated to build the children's industrial chain), Rand's shares, Zhejiang's finery (to purchase animation and game assets), three Lane Lane (to buy Beijing digital sky Polytron Technologies Inc) and Shandong Ruyi, we believe that these companies may still have cross-border pformation in the future.

(4) we think that companies that may pboundary in the future may focus on companies with lower PB and more cash in cash, such as seven wolves and nine herdmen.

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< p > we think that < a href= "http:// m.pmae.cn/news/index_c.asp" > pboundary pformation < /a > will become the hot topic of the market in the next six months to a year.

From the perspective of investment logic, there are two ways of thinking in the second half of the year: (1) lengthwise extension, integration of resources, and creation of subdivision industrial chains: at present, the industrial resources in the textile and garment industry are scattered, the market tends to be fragmented, and there are more opportunities.

Such as Pathfinder, the acquisition of "green field network", to create "multi brand + outdoor tourism service platform + outdoor vertical business" outdoor ecosystem new system; for example, Maison culture, through the integration of its subsidiary company, Shun Shun technology, children stage drama company star dream workshop, film and television company Shanghai pure age, form "IP R & D + animation, games, film production + peripheral derivatives" of the whole cultural industry chain.

(2) cross border cross-border mergers and acquisitions to find opportunities for business expansion: at present, the overall performance of the main textile and apparel industry is relatively dull, and many companies are also expanding outward looking for opportunities.

For example, Jia Linjie bought the hand Swim company's software, Lukang technology acquisition of film and television company century long.

From the perspective of investment themes, the investment hotspots in the textile industry in the second half of the year are expected to shift from "last year to the first half of this year" to the education industry.

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