Here world Clothing and shoes The weave of the net introduces clothing and textiles: brand dress adjustment continues.

Premier Li Keqiang chaired the executive meeting of the State Council, focusing on promoting consumption in the 6 major areas, including upgrading tourism and leisure consumption, building self driving and RV camps, promoting the development of leisure sports industry. In this sector, we are the first to explore Pathfinder. The three largest outdoor brand in China is DE, which focuses on self driving high-end outdoor leisure brands. At the same time, the company relies on the green field network for outdoor industrial chain integration. From the industry point of view, at the present time, we suggest that we pay close attention to the risk of overstock and merger and reorganization, and suggest that the companies that have the performance guarantee and the marginal safety margin of valuation will be recommended in the four quarter. In the third quarter, we will focus on the recommendation of the home textile industry in the second quarter (the data of the order Fair will be better, the performance will pick up quarterly), the Pathfinder (outdoor industry transformation, the theme of leisure sports), Semir clothing (the end of the channel cleaning up, the extension to the children's industrial chain), the Maison culture (the layout of the cultural industry, the theme of Disney).

Three quarterly summary of industry: 1-9 months Spin Clothing industry listed companies operating income fell by 3.24%, total profit fell by 0.06%, net profit growth of 1.83%, revenue continued to decline, the cost rate remained stable during the period, the overall gross profit margin slightly increased compared with last year, net profit has stabilized. The gross profit margin of textile manufacturing industry in the third quarter increased by 3.6pct to 17.71% over the same period. Under the influence of cotton price downward, revenue declined to a certain extent, but gross profit and net interest rates both stabilized and rebounded.

Industry portfolio. The combined growth rate of the previous period was 8.84%, and the combination outperformed the industry index by 3.66 percentage points. This week's composition remains unchanged: Pathfinder (25%), Maison culture (20%), lore home textiles (20%), Semir dress (15%), Jialin Jie (10%), Jiaxin silk (10%).

Review of industry performance. The top five companies were the German cotton shares, the Pathfinder, the leading stock, the Busen shares and the Meyer. The top five companies were Jia Linjie, 100 round pants, Huafang textile, China silver industry and *ST Xia.

Announcement of important companies. A shares listed companies: Semir clothing (1-9 month revenue increased by 8.82%, net profit increased by 21.67%); Lu Tai A (1-9 month revenue decreased by 1.40%, net profit increased 5.03%) overseas listed companies: BELLE (the first half net profit increased 7.6%); Est eLauder Estee Lauder bought luxury skin care brand RodinOlioLusso.

Important information in the industry. Premier Li Keqiang chaired a executive meeting of the State Council, focusing on promoting consumption in the 6 fields. In 1-9, China's clothing exports amounted to 138 billion 800 million US dollars; the home textile industry continued to warm up, and the traditional channel was obviously affected by the electricity supplier.

Raw material data: cotton 328 spot week average price 14763.6 yuan / ton (-0.41%); CotlookA:69.87 cents / pound (-1.03%); chemical fiber: viscose staple fiber 11980 yuan / ton (-0.25%), viscose filament 35200 yuan / ton (+0.00%), spandex 40D45800 yuan / ton (-0.17%), spandex 20D57000 yuan / ton (-0.14%) wind risk hint: 1) terminal retail continues to slow down; 2) the company needs to adjust the transformation time.