新疆棉花目标价格“一年一定”改为“三年一定”， 17-19 年目标价格水平确定为 18600 元/吨，与 2016 年持平。本次目标价延长三年一定、锁定在 16 年水平，有利于提振新疆棉农种棉积极性、制定较长时间段的棉花生产计划、进行农田基础建设，进而稳定棉花种植面积和产量。预计 17 年全国棉花播种面积及产量将继续下降，其中新疆棉花播种面积企稳，获益单产提高全年产量有望继续提升。

2017 年 1-2 月服装类零售额同比下降 1.3%，但降幅相比上年同期收窄了 4.2 个百分点。服装零售略低于预期，显示服饰行业的 整体复苏还未得进一步的确认，目前看以中高端品牌为主的结构性弱复苏特征较为明显。考虑到这一代年轻群体更独立自主的消费观念（对海外品牌不再盲目，对本土品牌不再偏见），本土品牌在设计水平、品牌调性、产品性价比等方面“质”的提升，有机会获得越来越多年轻客群的认可，最终将体现在消费者的回归与销量的逐渐攀升。

自 1999 年我国棉花开始转为市场定价后，棉花价格在供需、政策、金融炒作等因素的主导下经历了大起大落。根据中国棉花328 指数走势，可以把我国棉花价格划分为平稳运行、暴涨暴跌、高位震荡、低位震荡和触底反弹五个阶段。其中供需不平衡是导致棉花价格波动的根本原因，2009 年以前供需基本平衡，棉价也维持基本稳定状态，2009 年以后受到棉花产量波动及下游需求开始不振的影响，棉花价格波动范围开始放大，并在政策、资本的推波助澜下，最后呈现过山车式的波动起伏。

17 年以来行业指数累计涨跌排名靠后（跑输沪深 300），服装家纺表现好于纺织制造；17 年 3 月上半月行业指数涨跌排名靠后（跑赢沪深300），纺织制造表现好于服装家纺；17 年 3 月上半月纺织服装类 A 股上涨居多，品牌类维格娜丝/希努尔/歌力思涨幅靠前，制造类浔兴股份/汉麻产业涨幅靠前。H 股品牌类 17 年 3 月上半月下跌居多（拉夏贝尔/宝姿/卡撒天娇领涨，达芙妮/思捷环球/亨得利领跌），制造类上涨居多（申洲/互太/魏桥/裕元/九兴领涨，仅天虹上涨）。

一周主要回顾与展望：1）2017 年 1-2 月，社会消费品零售总额 5.8 万亿元，同比名义增长9.5%。其中，限额以上单位消费品零售额 2.47 万亿元，增长 6.8%。服装鞋帽、针纺织品零售额 2565 亿元，同比增长 6.1%。化妆品零售总额 393 亿元，同比增长 10.6%。 2）2017 年1-2月，全国百家重点大型零售企业零售额同比增长 2.2%，其中服装类零售额同比下降 1.3%。3）2017 年 1-2 月，全国 50 家重点大型零售企业商品零售额同比增长 1.6%。服装类零售额同比下降 1.6%。

Emergence of 3D printing technology will enable the vendors to offer unmatched personalization capacities, which is expected to boost disposable undergarment adoption in the coming years. A key benefit of the technology is that vendors will be able to print and manufacture several units of undergarments at the same time, which saves operational cost and time.Awareness campaigns to educate people about medical conditions such as urinary incontinence by vendors will create and enhance brand image, thereby improving brand recall. For instance, Procter and Gamble (P&G) in collaboration with University of Cincinnati (UC) started the "Live Well" project to create awareness regarding urinary incontinence in terms of innovations for consumers across their lifespan.Environmental pollution has been a major concern for the market, as used disposable undergarments that are made up of plastic, elastics, and superabsorbent polymers take several years to degrade, due to which they pollute the soil and have been severely criticized by stakeholders such as governing and review bodies.Increasing cases of bladder infection, chronic kidney disease, and neurological injuries will spike the consumption of disposable undergarments, owing to frequent urinary leakage. Therefore, there will be a higher adoption rate of products in order to address the leakage issues with comfort, ease, and hygiene.

Asia held the largest market share in terms of volume in the global non-woven fabrics market in the year 2015. Increasing demand for hygiene and personal care products due to an increase in birth rate and aging population is the major driver in this region.The spunlaid technology dominates the non-woven fabric market with a volume share of 48.5%. The ease of production and cost efficiency associated with this technology has encouraged the manufacturers to set up more and more new installations of the production units, especially in the emerging countries.In this report, Technavio covers the present scenario and growth prospects of the global non-woven fabrics market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed profiling of the five major vendors operating in the market.

Protective clothing refers to garments and other equipment that are designed for protecting the wearer from punitive environmental hazards that may cause injuries or death. These products are majorly used due to their performance and efficient characteristics instead of their aesthetic or decorative features.

从历史上看，棉花政策的变化趋势是在保障贸易自由的基础上减弱行政手段对 价格的干预、引导棉花价格市场化形成机制的发展。三年临储稳定棉花供应， 但行政干预使国内外价差迅速拉大、累积天量库存待消化；此后，棉花政策转 为目标价格调整，核心在于引导市场化定价机制回归；为进一步稳定政策预期， 此次目标价改革新政以完善市场化定价、引导棉花种植区域结构调整为目标， 在新疆地区纺织业配套支持政策完善的背景下，新疆棉纺行业的战略地位凸显。