Sports and fitness wear is worn during workouts, sports, or any physical exercise to provide the wearer comfort and style. T-shirts, hoodies, shorts, and tracksuits are typical sport-specific apparel used while playing sports and doing other physical activities such as exercise. Sports and fitness apparel is designed to be lightweight and has thermal properties that allow the wearer to stay warm in cold conditions and vice versa. Modern-day sports apparel is made using advanced fabrics, which remove the wearer's perspiration away from the body to the outer surface of the apparel so that it can evaporate. Sports and fitness apparel is also available in various fashionable designs. The crossover between fashion and exercise has propelled the demand for sports apparel and fitness among women.

《民促法》三审通过，教育行业的资产并购潮即将来临，同时，民促法三审中明确提出义务教育阶段无法登记为营利性学校，因此，在可预见的一段时间内，民办资本涌入及资产证券化大潮或将发生在幼教、学历/非学历职业教育、民办高校、国际教育等领域，这些也是我们资本市场上最为看好的几大领域。

未来一段时间，由于原料价格上涨，下游需求不足，纺企经营压力增大；行业出口形势依然不乐观，全年出口若想与去年持平，四季度各月月均增幅达需达 14.5%，可能性较小，全年出口下降的局面已基本确定。

传统纺织服装行业面临行业增速放缓，产业转型升级势在必行。行业正在经历一系列的变化和革新：海外并购热潮兴起、轻奢品牌增速迅猛、网红经济带来新模式、供应链整合大势所趋。同时，棉价上涨与人民币贬值带来制造业端的利润变化。

人民币对美元贬值，纺服出口企业从在手订单、美元资产和未来订单回流三方面受益。建议增持孚日股份、联发股份、嘉欣丝绸、华斯股份等。受益标的：鲁泰A。

The employment to population ratio in the US was at 68.21% in 2015. The ratio had declined during the global recession of 2008-2011 and the US crisis during 2009, but since the country’s recovery from these crises, the number has improved steadily. In February 2015, a total of 4.65 million people were separated from their jobs (this number includes involuntary layoffs, voluntary quits, discharges, and other separations like retirements). In that same period, approximately 4.92 million people found new jobs. These numbers are indicative of positive economic developments in the country, and will have a favorable impact on the economy at large.

The retail industry can be divided into two broad segments: brick-and-mortar retail and online retail. Brick-and-mortar retail is also known as offline retail or physical storebased retail. Online retail comprises three different sectors: B2B, B2C, and C2C. A wide range of products are sold in the online retail market, and they broadly fall under one of these product categories: consumer electronics and electricals; apparel, footwear, and accessories; music, software, books, and stationery; food and grocery; home care products; home furniture and furnishing; and other products.

走势回顾：16 年以来行业指数累计涨跌排名中后（跑输沪深 300），纺织制造表现好于服装家纺；11月上半月行业指数涨跌排名靠前（跑赢沪深300），服装家纺表现好于纺织制造。11 月上半月A 股公司上涨居多，品牌类星期六/汇洁股份/摩登大道涨幅靠前，制造类嘉麟杰/华斯股份/健盛集团涨幅靠前。H股品牌类11 月上半月下跌居多（宝胜/周生生领涨，思捷环球/千百度领跌），制造类下跌较多（天虹上涨，申洲/互太/魏桥/裕元/九兴下跌）。

上周大盘保持高位震荡，全周小幅收涨 0.68%，轻工制造板块表现强于大盘（家用轻工>包装印刷>造纸）。我们的推荐组合中，宜华生活、邦宝益智、珠江钢琴、中顺洁柔和太阳纸业录得正收益。其中，珠江钢琴、邦宝益智和中顺洁柔表现抢眼进入各子行业涨幅前五名。根据最新数据显示，前 9 月国内家具行业实现累计营业收入达 5,950.7 亿元，累计同比增速为 6.99%。与此同时，近期家具行业上游原材料，特别是 E0 板材价格上涨明显，我们认为，在上游部分原材料产能扩充仍需时间、家具制造企业材料需求还在扩张的前提下，板材价格的波动对于规模以上且具备突出生产技术优势的家具企业的不利影响较为有限。同时，在国家一体化装修政策、消费升级以及全屋定制趋势等因素的催化下，未来行业集中度将持续提升，这对于较早布局全屋定制和切入一体化装修等领域的企业将有明显利好。本周，我们仍重点推荐卫浴行业龙头，高起点切入整装定制卫浴行业的海鸥卫浴。同时推荐客单价和客户数齐增，业绩增长明确的定制家具龙头索菲亚，以及已完成华达利收购，完善 Y+产业生态圈，业绩逐季改善宜华生活。

The global fashion industry can be divided into mass market and luxury fashion. While mass category of products is targeted at the middle- and lower-income class, the luxury category of products is targeted at the upper-income class. The broad categories of income-level classes remain the same across regions and countries. However, the income level in USD terms varies from country to country depending on the country’s economic factors.