品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长。 投资建议:随政策向实体经济逐步传导，服装消费有望回暖复苏，其中:1)复苏早期，相对需求刚性和性价比定位品牌有 望优先受益，推荐波司登、安踏体育、特步国际、361度、海澜之家、水星家纺。2)复苏中后期，随消费者信心企稳，消 费升级相关品牌可能逐步受益、释放业绩弹性，建议关注李宁。

品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长

品牌服饰:受宏观消费环境低迷影响，24Q3品牌服饰板块(A股)业绩转弱，营收/归母净利润分别同比-8.6%/-59.4%， 净利下滑幅度较大，主因费用投放较多，存货和现金流压力有所增加。结构上运动服饰品牌流水相对稳健，高端女装经营杠 杆相对较重、利润承压明显。随9月底政府一揽子宽松政策出台，10月品牌服饰流水有所改善，我们预计部分品牌恢复至双 位数增长。 投资建议:随政策向实体经济逐步传导，服装消费有望回暖复苏，其中:1)复苏早期，相对需求刚性和性价比定位品牌有 望优先受益，推荐波司登、安踏体育、特步国际、361度、海澜之家、水星家纺。2)复苏中后期，随消费者信心企稳，消 费升级相关品牌可能逐步受益、释放业绩弹性，建议关注李宁、比音勒芬、报喜鸟等。 纺织制造:24Q3纺织制造企业订单延续恢复趋势，板块(A股)营收/归母净利分别同比+8.8%/+7.1%(净利剔除个别异 常值)。产能利用率、棉价和汇率影响不同公司盈利水平，净利表现呈分化，其中鞋服箱包制造龙头净利表现较好，棉纺织 企业业绩承压。

Specialty chemicals, also known as performance chemicals, are chemical substances and formulations produced to serve specific functions and applications. These chemicals are primarily designed to have unique properties and characteristics that meet specific industry requirements. Specialty chemicals are manufactured in smaller volumes, focusing on quality, performance, and customization, unlike commodity chemicals that are produced in large quantities

Snow sports apparel comprises different types of specialized clothing used by participants in snow sports, such as alpine skiing and snowboarding. This clothing ensures comfort and helps withstand the ice and other circumstances that they may encounter during participation.

A pillow is a support of the body at rest for comfort, therapy, or decoration. Pillows that aid in sleeping is a form of bedding that supports the head and neck. Pillows are considered basic bedding essentials. Different types of pillows are available in the market, including cotton pillows, memory foam pillows, and down and feather pillows. Different kinds of pillows products have gained popularity across the globe because of the benefits they provide, both in terms of health and functioning.

Cycling wear refers to products worn by athletes, daily commuters, and cyclists who engage in cycling as a sports activity or for recreation. The different types of cycling wear offered in the market are clothing, footwear, and other gear.

The global K-12 arts and crafts material market includes stationery sold to business-to-business (B2B) and business-to-consumer (B2C) customers. The products considered for this market study include writing instruments, paper, craft construction materials, and related accessories.

A wig is a head covering that resembles natural hair, and it accentuates one's appearance. Wigs are produced from human or synthetic hair. Hair extensions are lengths of artificial hair that are attached to natural hair to create long hairstyles.

服装家纺板块: 24H服装家纺整体收入、归母净利润同:+3.92%、 +12.69%。实现高基数下稳健增长;单Q2边际走弱显著，收入、净利润分别-3.84%、 21.9% 且龙头相对行业整体收入、利润增速无明显超额，集中度无明显提升，