< p > in the first half of 2014, the overall situation of textile and apparel industry is slightly lower than expected. Manufacturing recovery is slowing down, while consumer prices are still looking for the bottom. Chemical fiber prices have not rebounded but declined slightly. We believe that the major downturn in the macroeconomic downturn and industry is the main reason for the low efficiency of the industry: 1-5 months, the export of textile products increased by 3.6%.

< /p >

The retail sales of 100 key shopping malls increased by 6.4 percentage points in 1-3 months, compared with the same period last year, slowing down 6.4 percentage points. In May, the sales volume and sales volume increased by 5.4% and -2% respectively, compared with the same period last year, 0.7 and 6.5 percentage points lower than the same period last year. The total amount of textile and clothing companies above the quota increased by 9.7% percentage points in 1-5 months compared with that in the same period last year. The income and net profit of the first quarter of the listed companies decreased by 1.4 and 1.4 respectively, while the growth rate of the same year income in the same year and the net profit dropped. The low demand made the viscose staple fiber and 40D spandex lower in price in the first half of the year respectively. < p > growth rate decreased by 10.2 percentage points compared with the same period in 13 years; 2014

< /p >

< p > we think that the industry may still linger at the bottom in the second half of the year: the slow recovery of manufacturing industry is difficult due to the lack of domestic sales; the economic slowdown and the pformation of the enterprise development mode will make the consumption of spinning and clothing still lingering at the bottom; in the first half of the year, the rebound of chemical fiber is not fruitless, and the possibility of rebound in the second half of the year will be reduced.

< /p >

Since 2011, the development mode of < a href= "http:// m.pmae.cn/news/index_c.asp" > extension /a /a > superposition and superposition of marketing has been completed for more than 20 years in the past, and the comprehensive and meticulous management mode is coming.

The pformation of operation is very difficult: the original business mode restricts the pformation: from the inside of the enterprise, the development mode of extension based mainly has been implemented successfully for nearly 20 years, and the pformation is very difficult. From the outside, the pformation will inevitably change the mature pattern of the franchisee and the < a href= "http:// m.pmae.cn/news/index_c.asp" > the /a pattern, and the new pattern will take time; the new mode needs a long time to grope: the so-called new mode under the line is that the efficient and quick response to the market changes under the strong backstage support needs a long time to cultivate and build; the electricity supplier has a major impact: the electricity supplier has made the original channel value decline, making the market pparent, forcing the original leading brand to change rapidly, thus increasing the difficulty of the pformation. For spinning and clothing consuming enterprises, the pformation from channel and marketing to products is the essence of enterprises.

< /p >

< p > Investment Strategy: continue to focus on manufacturing leading enterprises. The market has responded to a certain degree of decline in the performance of textile and clothing consumption. We should pay attention to the strategy of early adjustment and focus on product quality brand enterprises: the printing and dyeing industry has a relatively obvious integration effect. We should pay attention to Lu Tai and so on. After a sharp fall, the consumer enterprises may rebound in the future. At present, we can not see signs of obvious recovery in the industry, so we still need to observe whether the expected market recovery is expected to happen in the end of 15.

< /p >

< p > 2 quarter, the textile and clothing chemical fiber plate performed poorly, less than 2.2% of the Shenzhen composite index, and the clothing, textile and chemical fiber plates fell by 1.66%, 2.5% and 3% respectively.

From the half year situation, the textile and clothing plate is located in the middle reaches, down 1.21%, 5.9 percentage points higher than the Shanghai and Shenzhen 300, including the textile and plate rising by 0.26% and 0.1%, and the garment plate falling by 2.67%.

The increase is mainly in the textile and chemical fiber plate concept stocks.

< /p >