2020 年受新冠疫情影响，纺织服装行业收入同比下滑，2021 年国内疫情有效控制，疫情影响改善，21Q1 纺织服装上市公司实现收入619 亿元、同增31%，实现净利49 亿元、同增254%，低基数影响下业绩显著修复。化妆品行业景气度持续较高，2020 年疫情影响下上市公司平均实现双位数增长，21Q1 收入增速提升至40%以上，业绩增速同样提升。

我国服装行业规模大、集中度低，未来发展潜力大。2020 全年服装行业的整体规模达到19675 亿元 ，到2025 年预计达到27275 亿元，复合增速为6.75%。国产服装大牌由于高效供应链、原创设计、全渠道零售加速建设受疫情影响较小，并且在疫情恢复时期业绩向良好发展，文化自信、信息透明也推动品牌核心竞争力提升，国内龙头品牌有望把握疫情恢复良机，快速崛起。

全球运动鞋履规模巨大并持续稳定增长，品牌头部效应明显，带动代工行业的快速成长。龙头国际品牌的核心供应商的壁垒较高，品牌进行严格甄选和定期考核，鞋类头部制造商数量较少、核心供应商合作年限长。

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.