业绩指引: 公司维持此前全年业绩指引。公司上半年业绩表现优异、品牌势能向上，但考虑到北美及欧洲的宏观经济波动和零售需求仍具一定挑战，中国疫后复苏仍具不确定性.公司维持此前指引。预计 FY2023 收入同比高单位数增长 (同定汇率)，EBIT 为 5.9-6.7亿欧元 (FY2022 为 6.41 亿欧元)，战略聚焦在品牌向上、美国市场获胜以及中国强劲复苏。

2023 年618 大促期间全网销售额同增9.8%，综合电商销售额个位数增长，增速高于去年同期，直播电商销售 额双位数增长，增速放缓。据天下网商报道，2023 年淘宝天猫618 用户、商家规模、成交三项指标全面正增 长。据星图数据统计，2023 年618 大促期间全网交易总额为7987 亿元，同比增长9.8%。2023 年618 期间， 综合电商销售额6143 亿元，同比增长5.44%，2022 年增速为0.71%；直播电商销售额1844 亿元，同比增长 27.61%，2022 年增速为124.03%；新零售销售额243 亿元，同比增长8.48%，2022 年增速为25.85%；社区 团购销售额167 亿元，同比增长9.15%。

2023 年“618”电商大促活动落幕，大盘总体不温不火，星图数据统计显示，全网交易总额同比增 14.77%，综合电商、直播电商平台交易总额同比增 5.44%、27.61%。具体平台来看，淘宝天猫整体成交额增速预计接近两位数、京东大促期间增速超其自身预期、抖音电商支付 GMV 大促期间同比增 70%。品类方面，统计综合电商平台及点淘数据，品类规模上仍以美容护肤、运动户外等品类为最大，运动户外品类成交额同比增 3.61%，美妆类（美容护肤+香水彩妆）成交额同比降 0.98%，其中美容护肤、香水彩妆成交额同比-2.28%、+2.91%。

上游纺织制造板块以出口业务为主，2023 年上半年，除少数子行业如毛纺、安防手套行业景气度较高外，其他子行业多受到下游海外品牌客户减少订单或者延迟下单影响，主要由于俄乌战争和海外通胀影响终端消费需求，包括供应链持续波动导致部分海外品牌在途库存增加，业绩预计承压，但二季度业绩预计好于一季度，主要由于海外品牌库存去化顺利，且二季度人民币汇率贬值利好出口。下游服装家纺板块，2023年上半年，得益于国内出行市场恢复，消费需求回暖，业绩预计大幅增长，二季度伴随上年同期基数大幅降低，业绩增速有望较一季度加快。

纺服低估值属性依旧突出，短期回调后港股龙头及A股基本面优异标的具备优势：横向比较来看，纺服板块整体的低估值属性在消费行业中依旧明显，23PE仅14X。个股来看，5月中旬开始由 于零售增速波动，板块行情震荡较为明显，但可以观察到：1）港股龙头当前大部分市值在底部；2）A股中长期成长路径清晰、或年内业绩弹性显著的标的相较最大市值回调幅度相对年内涨幅 并不明显，如比音勒芬、报喜鸟、海澜之家、太平鸟、歌力思、九牧王等，建议关注锦泓集团；考虑当前估值水平，以及8月开始中报披露+9-12月的社零低基数刺激，我们仍看好下半年强基 本面标的的行情表现。

Incontinence refers to any involuntary or accidental leakage of urine or feces and is an inevitable part of aging or disability. According to the International Continence Society (ICS), urinary incontinence involves conditions associated with any involuntary leakage of urine. A few common types of UI include stress urinary incontinence (SUI), urge urinary incontinence (UUI), and mixed urinary incontinence (MUI). Over the years, urinary incontinence has proved to be a challenging problem for carers of elderly individuals and people with chronic health problems. Most individuals with incontinence issues face problems while sleeping at night. Several treatments are available to improve, manage, or cure incontinence issues. Some of these measures include a high-fiber diet, pelvic floor exercises, bladder training, training in good toilet habits, and the use of aids such as incontinence pads.

我国服装行业2022 年受疫情影响有所波动，但2023Q1 已呈现稳健复苏态势，同时出口筑底，展望2023 全年随着消费信心与能力的提升，我们看好服装零售与出口的持续改善。我们建议重点关注三大方向：库存与折扣持续优化，估值进入合理配置区间的体育服饰；海外服企去库存顺利背景下订单逐步修复的出口龙头以及场景活动显著增加受益的高业绩弹性标的。

welder's leather aprons Manufacture of work wear Manufacture of other outerwear made of woven, knitted or crocheted fabric, non-wovens etc. for men, women and children: Coats, suits, ensembles, jackets, trousers, skirts etc. Manufacture of underwear and nightwear made of woven, knitted or crocheted fabric, lace etc. for men, women and children: Shirts, T-shirts, underpants, briefs, pyjamas, nightdresses, dressing gowns, blouses, slips, brassieres, corsets etc. Manufacture of babies' garments, tracksuits, ski suits, swimwear etc.

This data equals output data for the following ISIC Rev. 4 code: 1312 Weaving of Textiles This class includes: Manufacture of broad woven cotton-type, woollen-type, worsted-type or silk-type fabrics, including from mixtures or artificial or synthetic yarns Manufacture of other broad woven fabrics, using flax, ramie, hemp, jute, bast fibres and special yarns Manufacture of woven pile or chenille fabrics, terry towelling, gauze etc. Manufacture of woven fabrics of glass fibres Manufacture of woven fabrics of carbon and aramid threads Manufacture of imitation fur by weaving

This data equals output data for the following ISIC Rev. 4 code: 1393 Manufacture of Carpets and Rugs This class includes: Manufacture of textile floor coverings: Carpets, rugs and mats, tiles Manufacture of needle-loom felt floor coverings This class excludes: Manufacture of mats and matting of plaiting materials, see ISIC Code - 1629 Manufacture of floor coverings of cork, see ISIC Code - 1629 Manufacture of resilient floor coverings, such as vinyl, linoleum, see ISIC Code - 2220 The data is given at producers' prices.