行情回顾：全周沪深300 指数下跌0.59%，创业板指数下跌0.96%，纺织服装行业指数上涨0.16%，表现强于沪深300 和创业板指数，其中纺织制造板块上涨0.2%，品牌服饰板块上涨0.14%。个股方面，我们覆盖的朗姿股份、探路者和安正时尚等获得了正收益。

国庆长假助力消费活力释放，可选消费增速持续复苏。消费线上化趋势延续，头部电商平台双11 继续大幅增长。展望未来，Q4 为传统消费旺季，可选消费复苏有望延续，建议积极关注估值较低的纺织服装龙头森马服饰、波司登、南极电商、罗莱生活、富安娜、健盛集团，继续关注电商推升业绩的国内化妆品公司珀莱雅、上海家化等。

With the growing number of institutes and universities venturing into the research and development of heating fabrics and smart textiles, the technology development and the fabrics development in the recent years have given rise to several new products to the segment. Carbon fiber-based and polymer-based fabrics have shown an exponential increase in production for multiple applications such as military, sports, and healthcare. For instance, wearable heating system with a controllable e-textile-based thermal panel by Istanbul Technical University has given rise to products such as Loomia’s electronic jacket. There have been several such cases whereby the information provided by the research studies of the universities is based on the product development of a company. Moreover, several companies also collaborate with institutions and universities to do the research on their behalf, thereby reducing the R&D costs.

三季度以来，双十一活动时间拉长及“冷冬”效应等催化下服装消费加速回暖。今年疫情下线上的消费热情较高，直播带货等新形式也在线上发挥着重要的作用。双十一预售时间拉长，头部主播深度参与，都对包括服装家纺在内的消费品销售有积极的带动作用。叠加今年全国范围内的降温时间较往年早，春节较往年晚，冬装及冬季床品的销售周期更长，也带动了销售及渠道补库存热情。