A sleeping pillow is a support for the head used while sleeping on a bed. The pillow is a kind of sleep tool. Generally, the sleeping pillow could provide sleep comfort. From the understanding of modern medical research, human spine is a straight line from the front view, but three physiological curves from the side view. In order to protect the normal physiological neck bending protection, sleeping pillow should be used. Sleeping Pillow refers to a support for the head used while sleeping on a bed. It contains cotton pillow, down pillow, memory foam pillow, and others. The sleeping pillow industry is characterized by a large number of competitors, none of which are dominant. As raw materials are easily available and downstream market is wide, so manufacturers of sleeping pillow are distributed around the world. With the rapid development of economy and people's living standards gradually improved, global demand for sleeping pillow is increasing.

社零：受疫情后补偿性消费影响，21全年零售前高后低。2021年社会消费品零售额整体呈增长 趋势；上半年由于基数原因增速处于高位，4月份之后剪刀差逐渐收窄，全年社零增速水平相对 偏向稳定。 预计22年一二季度受基数效应影响有一定压力，下半年将得到缓解。22年零售数据波动将小于 21年，整体行业增长中枢回归到中长期稳态均速水平。全年来看，行业指数收益率良好。从全年行情来看，受益后疫情的消费恢复和4月份新疆棉 事件影响，服装指数在上半年尤其是二季度取得较好的超额收益机会。 ➢相对其他行业：纺织服装板块在全部行业中涨幅位于中游水平。对比历史来看属于行业相对 较好一年。

The functional requirements of sportswear depend on the intensity level of a wearer’s physical activity. For instance, sports such as tennis and soccer require players to wear sportswear with functional benefits such as cooling, sweat absorbing, and quick drying. The increasing participation in various sports is also driving the demand for such high active sportswear.

2021年前三季度，我国产业用纺织品行业已从2020年的高速增长回归常态化运行。受2020年同期高基数影响，2021年1-9月我国产业用纺织品行业规模以上企业的工业增加值持续下滑，降幅为21.0%，但两年平均增速仍达12.3%。

2021年度，国内棉花产量下降，在经济形势好转及国际订单转移的带动下，需求回复，棉花价格涨势明显。后期走势看，由于国内限电及东南亚国家纺织产能恢复，国内棉花价格继续上涨的支撑不足，在当前水平震荡可能性较大。受国际市场产不足需，国际棉花价格保持高位运行可能性较大。但由于德尔塔病毒肆虐冲击国际棉花供应链，影响棉花消费和价格，后期国际棉花市场和价格尚不确定。

Increase in Disposable Income Rising Popularity of Memory Foam Pillow Growing inclination towards Premiumization Decoration Lack of standardization Product Handling High Cost Rising Opportunity in the Hotel Industry High Consumer Awareness and Selfcare Treatment Options Growing Population

儘管 2021年以來部分地區外出禁令延長，放緩經濟復甦腳步，但預期2021年下半年全球防疫體系建置完成，商業模式也已快速轉型，而且樂觀預期疫苗普遍施打將加速各國擺脫疫情陰霾，因此預期本產業產品價量將維持穩定復甦的態勢，支撐 2021年下半年本產業銷售狀況保持成長態勢，預期景氣將持續上揚。

儘管歐洲地區成衣零售狀況不佳，但我國成衣需求市場規模成長力道強勁，再加上預期美國疫苗普遍施打且紓困方案見效，間接有利於強化我國毛紗產品出口至越南和中國的成長力道，惟預期中澳關係惡化將導致羊毛供給量難以被市場消化，屆時羊毛產品價格僅能保持持平態勢。綜合以上，預期在價量微揚的助力之下，2021年下半年本產業產、銷值將呈現微幅成長態勢。