近一月中信纺织服装指数+3.43%，其中纺织制造和品牌服装分别+4.69%和+5.11%，沪深300 指数+1.24%。从估值上看，纺织制造/品牌服装PE 环比分别10.69%/-2.85%，达77/34 倍。从个股表现上看，百隆东方、华孚时尚、太平鸟涨幅居前，ST 步森、日播时尚、三夫户外跌幅居前。

Sports equipment and apparel are sporting goods used while engaging in sport activates. However, consumers are actively wear sports apparel during non-sports hours. This report is an in-depth study of the sports equipment and apparel market consumed across different types of sports activities. The market is analyzed across outdoor activities such as hiking; winter & water sports; team games such as football, volleyball, basketball; racket sports such as tennis, squash, and others.

9 月大盘普跌，10 月呈现反弹。港股纺服指数在龙头公司优质的中期业 绩催化下行情表现较好，A 股纺服板块与大盘趋势接近。重点关注的公 司中行情表现较好的包括 A 股的森马服饰、太平鸟、比音勒芬、开润股 份，港股的波司登、安踏体育、李宁、滔搏、申洲国际，以及海外的耐 克、阿迪达斯、安德玛、富乐客等。

秋冬销售旺季带动行业整体向上。秋冬季服饰销售旺季到来，预计将带动 Q4 服饰行 业整体持续恢复。1）消费需求持续复苏，8 月当月服装类/金银珠宝类/化妆品类社 零同比增加 4.4%/15.3%/19.0%，高于社零总额当月同比增速 0.5%。2）国庆黄金 周消费行业迎来消费暴发，据商务部监测，“十一”假日期间全国零售和餐饮重点 监测企业销售额达到 1.6 万亿元，日均销售额较去年同期增长 4.9%。

双节长假催化服装消费加速回暖。三季度以来，7 月份由于疫情反复和部分地 区洪涝天气原因，社零恢复速度放缓，7 月服装类零售总额同比下降 2.5%。8 月份社零首次转正，其中纺织服装实现 4.2%的同比增速。在双节的带动下，9 月份预计服装延续 8 月份态势，甚至有提速。阿里平台显示，服装各品类在 9 月份均取得高增长，双节期间（10.01-10.08）重点品牌的旗舰店多数实现高增， 环比 9 月份有提速。

数据化改革提效叠加天气利好，全面看好服装龙头20Q4重现17Q4-18H1 板块大行情。17Q4/18H1 服装板块超额受益明显，天气利好+龙头自身改革双重驱动。

国庆中秋假期线下消费复苏，服装销售增长较好，气温偏低持续利好冬装销售。H&M 三季度中国区销售环比改善，线上零售表现亮眼。

Sleepwear wear is an apparel worn at night time to facilitate sound sleep. The report encompasses a detailed study of the sleepwear market. For the purpose of analysis, the report segments the market on the basis of end user, distribution channel, and region. The study highlights key end users of sleepwear, which include men, women, and kids. Furthermore, it provides information about the sale of sleepwear through various distribution channels such as online, supermarket/hypermarket, discount stores, and others (specialty stores and independent street stores). In addition, the report analyzes the market across four major regions, including North America, Europe, Asia-Pacific, and LAMEA.