今年以来已有四家跨境电商企业即将通过被 A 股上市公司收购的方式进入二级市场，为行业进一步快速发展拉开了序幕。但由于跨境电商业务发生在海外，国内投资者还会担心如何紧密跟踪公司业务情况，在下篇系列报告中，我们将阐述通过第三方数据对电商网站进行跟踪研究的方法。

电商板块持续高成长性，关注大盘调整带来的投资布局机会；传统纺服板块业绩平稳，期待外延并购+内生副牌打造多品牌集团，建议关注低估白马。推荐：1）高增长电商：跨境通、南极电商、开润股份；2）低估白马：海澜之家；3）多品牌集团：太平鸟、歌力思。

The global smart textiles market for the military reported a revenue of $100.3 million in 2015, and it is expected to post a CAGR of 9.59% during the forecasted period. With rapid advancements in the fields of wearable technology,nanotechnology, and miniaturization of electronics, this market will likely witness an upsurge in the coming years.With growing tensions between neighboring countries and potential threats being posed by various militant groups, countries across the globe are focusing on strengthening their combat readiness. In addition to procuring new and advanced military equipment, the defense ministries are concentrating on soundly equipping their armed forces. Also, countries are trying to be equally powered in terms of soldier modernization, which leaves a scope for the textiles industries to upgrade their suits.Original equipment manufacturers (OEMs) in the Americas and Europe led the smart textiles market for the military in 2015, but, recently, the market has gradually inclined toward the developing nations in Asia-Pacific (APAC) where the cost of labors and raw material is inexpensive.

本周大盘调整下行，全周沪深 300 指数下跌 0.38%，创业板指数下跌0.83%，纺织服装行业下跌 1.22%，表现逊于沪深 300 和创业板指数，其中纺织制造和品牌服饰板块分别下跌 0.93%和 1.51%。个股方面，转型股及部分具备稳健业绩增长的个股涨幅靠前。

中报披露的高峰期即将来临，虽然目前市场周期与价值类股票较为受追捧，但在报表披露的关键时间点，我们认为应该提高对高成长个股的关注。板块内像南极电商、跨境通结合增速与估值来看，均具备明显的配置价值。这两个标的也是我们基于提升产业效率的新模式投资主线下的代表个股，近期我们团队更是将南极电商列入东吴证券八月十大金股之列，提示投资者在半年报披露周期内予以重点关注。在供给侧改革（环保严控是源头）这条投资主线上，印染和棉纺的龙头具备值得长期看好的价值。

本周环保督查力度持续加码。在前期周观点我们反复强调，环保政策执行力度的持续加码，无论对造纸板块基本面的持续改善还是对板块情绪的催化都颇具影响力。

上周上证综指、深证成指、沪深 300 分别涨 0.27%、跌 0.73%和跌 0.38%。纺织服装板块跌 1.11%，其中纺织板块跌 0.46%、服装板块跌 1.48%。 

据国家统计局，2017 年 6 月服装鞋帽、针织品零售额销售 1220.40亿元，同增 7.30%，较去年同期放缓 0.20PCT，1~6 月累计增速 7.30%、增速较去年同期改善 0.30PCT、改善幅度较 1~5 月有所扩大。本轮消费回暖趋势明朗， 我们认为本轮消费回暖为反腐常态化下居民高阶消费需求持续释放贡献，建议关获益消费回暖终端销售已改善的高端女装类公司（歌力思、维格娜丝、朗姿等）及中高端男装公司（九牧王、七匹狼） 。

The report covers the present scenario and growth prospects of the global golf apparel market for 2017-2021. To calculate the market size, the report has considered the revenue generated from the retail sales of golf apparel to individual consumers. The market forecast is based on the projected demand for golf apparel and average unit price estimations during the forecast period. The base year for all the market calculations in the report is 2016.

The global gloves met is growing due to the use of gloves in various activities. The market is driven by an increase in rubber production in Malaysia. The increasing production in industrial segments has also led to the increase in usage of gloves. In addition, extreme weather conditions across the globe have led to the growth of the gloves market.