The global textile market is growing and creating huge scope for sewing threads. Due to the growing disposable incomes, people are willing to spend more on apparel and other textiles. In addition to rapid urbanization, the rising number of supermarkets and retail stores is also driving sales for apparel. Therefore, the demand for apparel and other textiles used to manufacture upholstery, transportation, bedding, personal protective equipment, footwear, and clothing accessories will grow, leading to a greater need for sewing threads as the most essential components in the final textile product. In recent times, manufacturers are focusing on environmentally friendly apparel comprising natural fibers and sewed with natural threads.

业绩展望：（1）公司预期2021 年业绩将小幅增长：由于新冠疫情反复，公司预计多国延长封锁期限将对2021H1业绩造成负面影响，但对2021H2 业绩增长保持信心。（2）公司持续聚焦女性、篮球、电商业务：公司于2018年开始注重全年龄段女性业务和扩张北美篮球业务，并以联名合作方式，拓展产品系列，创造品牌热度。公司将增大电商业务的前后端投资，改善用户体验和产品供应以促进流量提升。

2 月上下半月，A 股/港股与境外股均呈现先涨后跌的态势，而纺服板块中，A 股和台股表现相对好于大盘，港股和美股与大盘表现一致，重点关注公司中前期涨幅较小的企业在月末有所反弹。

纺织服装行业和化妆品行业行情估值与业绩回顾：2020年A股纺织服装行业行情较弱、涨幅排名倒数第4；港股纺织服装龙头表现出色，估值抬升；A股化妆品行业涨幅靓丽，估值多处于高位。业绩方面20Q1为低谷，品牌服饰行业收入端二季度以来逐步修复、前三季度同比下降16%、但利润压力仍较大；纺织制造行业收入和利润均承压，前三季度收入同比降18%，四季度随着订单回暖或迎来改善；化妆品行业景气依旧、自疫情影响中恢复较快，前三季度收入同比增11%。