天时地利人和，国牌崛起契机。新疆棉事件或助力优质国牌承接原先掌握在国际品牌手中的头部营销资源，进而提升国牌在未来消费主力军Z 世代心中的形象。叠加该类人群相比过去几代对国牌认可度更高，此次事件有望成为国牌进一步抢占年轻消费群体心智的契机，进而促进集中度加速提升。其中此次事件中的国际品牌对标的优质国牌有望更为受益，如国产运动品牌安踏、李宁，国产大众休闲品牌森马服饰、海澜之家、太平鸟。

上周（2021/4/19-2021/4/23）上证综指、深证成指、沪深300 分别涨1.39%、涨4.60%、涨3.41%，纺织服装板块跌2.47%，在28 个一级行业板块中位列第27，其中纺织板块跌1.23%、服装板块跌3.09%。个股方面，锦泓集团、常山北明、米格国际控股涨幅居前，中潜股份、美尔雅、美邦服饰跌幅居前。

裕元：全球最大国际品牌运动鞋履制造商。运动鞋履市场增长强劲，行业集中度持续提升。成长启示：研发+数字化+一体化，稳固龙头地位 公司针对主要品牌客户，成立独立的产品研发中心，为客户提供定制化产 品服务，提高服务附加值，确保客户多元化。

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。