全周沪深300 指数上涨3.41%，创业板指数上涨7.58%，纺织服装行业指数下跌0.79%，表现弱于沪深300 和创业板指数，其中纺织制造板块下跌1.7%，品牌服饰板块下跌0.15%。个股方面，我们覆盖的上海家化、朗姿股份、华孚时尚和李宁等取得了正收益。

Football sportswear is clothing, including footwear, worn for sport or physical exercise. Football sport footwear and apparel is worn for football sports, for practical, comfort or safety reasons. Typically football sportswear includes track pants, shorts, shoes and shirts. Increasing participation in school and college sports and growing popularity of football are expected to drive the growth of the football sportswear market. Furthermore, rise in sportswomen is anticipated to favor the growth of the sportswear market.

Recycled textile is obtained through recycling and recovering of old clothing and waste fibrous materials through several treatments. Recyclable textiles are mostly found in municipal waste from sources such as old or discarded clothes, tires, footwear, carpets, furniture, and non-durable goods such as sheets and towels. The use of recycled textiles reduces pressure on virgin resources such as wool & cotton, pollution, and water & energy consumption. The low cost of recycled products in comparison to virgin products is also expected to boost the overall growth of the recycled textile market. However, increase in processing cost combined with low-quality job offerings hampers the recycled textile market growth. Meanwhile, the development in recycling technologies is anticipated to provide growth opportunities for the recycled textile industry.

Cooling fabrics can be made from both natural and synthetic materials. Cooling fabric is an innovative product that provides cooling, warmth, and a skin-like soft texture. Cooling fabrics provide convenience for customers by having a cooling effect as it helps to evaporate sweat and prevents the fabric from sticking to the body. Vital benefits of cooling fabrics include the circulation of moisture and controlled evaporation. These fabrics are distinct from other textiles used for thermoregulation.

3 月和 4 月多家港/A 股公司披露业绩，多数重点公司恢复情况良好，业 绩超预期，2021 年基本面景气度进一步提高。“原地过年”压抑的消费需 求有望释放，看好五一劳动节前效应，助推板块基本面进一步强化。消 费者对国产品牌好感度提升，进一步加强品牌力突出的国货发展机遇。 当前板块绩优公司估值具有较好的配置价值，我们港股重点推荐申洲国 际、安踏体育、李宁，A 股重点推荐开润股份、森马服饰、稳健医疗。

随着国民收入的增长和Z 时代年轻人逐渐成为主力消费群体，市场对于穿着产品的专业和潮流有了更高的追求，同时对于优质国民品牌有更高的接受度，而纺织服装在很大程度上作为由需求驱动的行业，优质品牌产品顺势而变，核心竞争力明显提升。

全周沪深300 指数下跌1.37%，创业板指数持平，纺织服装行业指数上涨0.59%，表现强于沪深300 和创业板指数，其中纺织制造板块上涨1.27%，品牌服饰板块上涨0.12%。个股方面，我们覆盖的罗莱生活、李宁、富安娜和森马服饰等取得了正收益。

全周沪深300 指数下跌2.45%，创业板指数下跌2.42%，纺织服装行业指数上涨0.41%，表现强于沪深300 和创业板指数，其中纺织制造板块上涨0.19%，品牌服饰板块上涨0.56%。个股方面，我们覆盖的水星家纺、波司登、李宁、森马服饰和太平鸟等取得了正收益。

公司公布FY2021H1 半年报（2020 年9 月-2021 年2 月）。（1）收入：FY2021H1 公司实现营收120.29 百亿日元，同比减少0.47%，日本及中国区域业绩恢复增长，其他地区受疫情二次爆发影响，业绩明显下滑；FY2021Q2 公司实现营收58.31 百亿日元，同比减少0.34%。（2）归母净利润：FY2021H1 公司实现归母净利润10. 59 百亿日元，同比增加5.38%，主要系公司加强成本管控，毛利率和销售管理费用率有所改善；FY2021Q2实现归母净利润3.55 百亿日元，同比增加20.08%。（3）毛利率：FY2021H1 为49.92%，同比增2.19pct；FY2021Q2 为47.27%，同比增加2.17 pct。（4）销售及管理费用率：FY2021H1 为43.98%，同比减少1.33pct；FY2021Q2 为27.97%，同比减少1.07 pct。