大众品牌供应链方面：服装上游供应链企业可以按照“工”、 “贸”、“技”三种属性划分。申洲国际属于在“工”&“技” 方面做到极致的供应商，江苏国泰则是在“贸”&“技”方面 对客户形成了深度高效服务。但两家公司的共同点都在于，并 不是其核心能力为其带来相对同行业多高的产品溢价，而是其 保证产品定价与同行业相近的情况下，能够为客户提供更优质 的产品与服务，并不断进取，强化自身的竞争优势，实现稳健 的持续增长。两个公司增长的最大局限都在自身扩产或接单能 力有限。围绕这两个行业标杆去找行业机会

我国纺服板块出口连续三个月回暖。根据海关总署6月8日发 布的数据，2017年5月我国进出口总额为23,462.13亿元，为2017 年以来最大值，当月同比增长18.3%，较上月增速提高2.1pct。1-5 月纺织服装累计出口998.80亿美元，同比增长2.12%，连续三个月 出口呈现稳步回暖趋势。其中，纺织品出口434.85亿美元，同比 增长2.35%，服装及附件出口563.95亿美元，同比增长1.94%。5 月单月纺织服装出口额234.06亿美元，环比增长8.30%，其中纺织 品5月出口环比增长6.03%，服装及附件出口环比增长10.20%。

行业中观及企业微观层面数据显示，自 2016 年下半年以来零售回暖趋势延续，与此同 时，纺织服装企业景气指数与消费者信心指数均出现回暖趋势。从行业Q1情况看，女 装板块由于并购活跃，业绩抢眼，一季度营收与利润分别有60%以上增速；男装板块 费用高企，利润端下滑明显，出现30%左右的下滑增速；休闲服装板块整体业绩稳定， 但内部分化严重，搜于特、跨境通两家企业业绩数据带动板块提升；鞋帽板块营收与 去年持平，利润端略有改善；家纺板块整体表现平淡，归母净利润增速出现小幅下滑

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.

2016 年，纺织服装板块实现营业收入2475亿元，收入增速13%，均创近年新高。2017Q1持续改善，实现营业收入613亿元，收入增速达10%。2016年，纺织服装板块净利率超2亿元，净利润增速 8%。 2017Q1净利润增速有所下降。我们认为纺织服装板块未来有望逐渐复苏

社会消费品网上零售增速趋稳，电商赢利点从流量红利回归产品服务，涌现了一批小而美精品电商。网易严选以改造传统供应链为目标，剔除品牌溢价和经销商加价环节，解决网购过程中时间成本消耗和产品质量甄别的问题。严选定位广而精的高性价比产品策略提示当下打造极致单品趋势，建议关注开润股份；严选为传统代工企业（ODM）带来订单增量，深入供应链改革升级，建议关注国内领先代工企业——健盛集团和鲁泰 A。

我国服装消费逐步步入中速增长阶段，在总量增长有限的背景下结构分化占据主导地位。首先，农村居民品牌化消费将成为支撑服装消费总量增长的重要力量，在互联网拓展品牌影响半径、城镇化影响农村居民消费习惯的背景下，农村居民或将以更快的速度完成城镇居民所经历的消费升级；其次，随着消费主体由政务性消费向商务性消费转变以及品牌定价策略调整引导高端消费从境外回流，国内高端消费回暖趋势显著，此外受制于相对较低的单品牌发展瓶颈，高端品牌往往更倾向于通过多元化扩充市场份额；再次，电商平台竞争格局趋稳、流量获取成本日渐高昂，随着库存去化完成、传统品牌电商销售职责改变为新品推广，体验式消费需求回归带动线上线下全渠道格局重塑。

Manufacturers are focusing on manufacturing head protection hats which fits any user irrespective of gender, size and shape of head circumference. Few vendors,such as Honeywell, offer hard hats that are adjustable to any user with enhanced protection and comfort. It uses patented suspension technology and design, which is suitable for construction applications.The increasing use of mobile-based applications for personal protective equipment (PPE) management at construction sites is expected to contribute to the growth of

the PPE market in construction Industry by monitoring and managing worker's compliance toward safety. It also indicates the repairing and maintenance of PPE according to the requirement. Companies such as Honeywell and 3M offer such services to its customers.Increasing demand for high-visibility clothing from construction industry is also expected to drive the market. It is estimated that high-visibility clothing will grow at a CAGR of around 7.56% by 2020.

“消费升级”+“平价策略”带来中国奢侈品复苏。中国本地奢侈品消费前期反腐+海外游初兴起+海外代购的影响下 2014、15 年连续负增长，2016 年起各大奢侈品牌大中华区的销售情况捷报频传，高端消费呈现复苏迹象。从各家公司最新的定期报告来看，行业处在复苏的初级阶段，部分公司中国区的销售已经由负转正，剩余的部分公司虽然在报表端尚无明显体现，但均表示中国区已展现良好势头，未来增长可期。

上周上证综指、深证成指、沪深 300 分别跌 0.63%、2.36%和涨0.08%。纺织服装板块跌 3.56%，其中纺织板块跌 3.33%、服装板块跌3.71%。网络零售规模增速放缓，渗透率不断提升，逐步成为零售重要渠道之一，同时行业格局趋于稳定、京东发布 17Q1 业绩报告净利超 16 年全年，电商公司逐步盈利、模式成熟，为服装品牌线上业务发展提供有力支撑。