市场情绪很一般，而我们对 17 年投资主线的判断并没有变化。【观点】 在当前时点上，一个重点是结合对个股安全边际的判断沿行业趋势上做布局——这方面月度组合建议配置跨境通与歌力思；二来是寻找确定性的催化机会，注重风险收益比——这方面月度组合建议配置新野纺织与乔治白。

Coveralls account for more than 27% of the overall protective clothing market. Stringent government regulations and the growing awareness of the safety risks in hazardous work environments are encouraging employers to purchase coveralls. Depending on the degree of hazard, employers select disposable coveralls or durable coveralls. Disposable coveralls are less expensive and are suitable for industries with low to medium degree of hazard.

During the 1990s the youth market were interested in other jeans styles; they turned to other fabric and styles like cargo pants, khakis, and branded sportswear. Jeans made a huge comeback on the ramp; Famous designers, including Chanel, Dior, Chloe, and Versace added new designs and styles to their collection. During 1980s jeans became a high fashion clothing. The famous fashion designers like Gucci started producing jeans. During this period, jean had lost its appeal as a worker fabric to fashionable clothing apparel.

Employees in various industries are exposed to several hazards that can cause injury or death. Various types of PPE are used to protect the employees from workplace hazards and subsequently, reduce employer's liability along with the associated financial loss. OSHA estimates the return on investment for $1 spent by an employer on PPE to be $4 in the form of reduced financial loss related to workplace injuries and improved work productivity.

对比日本，行业在消费总量、集中度上均有较大提升空间，同时消费结构变化及龙头公司崛起路径提供借鉴；中国目前行业发展相当于日本80年代水平，分析日本发展历史经验，个性化、性价比两类品牌有望凸显，同时供应链变革势在必行。长周期来看，国内品牌服饰行业弱复苏、底部向上态势基本形成；短周期来看，天气造成扰动影响销售、终端零售数据好转初现利好销售增速提振。行业进入 “产品为王”时代，结合日本经验，行业变革中关注产品力建设（个性化、性价比两种方向）、渠道变革（新零售）、竞争格局重塑 （退出与进入者、国际并购 ）、行业整合机会（供应链、电商代运营）等。

本周各类纸张、纸浆、溶解浆、黏胶短纤价格均较为稳定：瓦楞纸出厂价稳定在 4338 元/吨，牛卡纸出厂价稳定在 4788 元/吨，灰底白板纸稳定在 4392元/吨，白卡纸稳定在 5801 元/吨；溶解浆价格稳定在 7930 元/吨。

市值偏高的壳资源仍是最近下跌重灾区，但超跌小市值个股（市值介于30-40 亿）本周表现已相对较强。