2017 年纺织制造子板块将迎来新投资机会，主要看点在于棉价和汇率。在国内外需求整体平淡的大环境下，棉价与人民币汇率将成为 2017 年影响国内纺织制造出口企业盈利的核心变量。随着国内棉花库存的逐年下降，17 年在需求相对平稳以及国内棉花总产量继续减少的情况下，预计国内棉价有望呈现重心逐步上移的趋势，内外棉价差的收窄与棉价的稳步抬升有利于纺织制造企业盈利的持续改善。美元强势周期下，后续人民币兑美元汇率仍面临较大的贬值压力，人民币的贬值对纺织制造出口企业都将形成确定性利好。

板块回顾：（1）截至 11 月 11 日，纺织服装板块相对申万 A 指收益为-0.8%，处于所有申万一级行业的中下游，其中服装家纺表现相对稍好。（2）线下传统零售仍未回暖，线上零售增速逐渐放缓。（3）纺织服装出口依旧疲软，棉价已企稳回升，内外棉价差自 7 月中旬后持续扩大。

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.

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。