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.

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. The recycled textile market is segmented into type, end-user industry, and region. Depending on type, it is segmented into recycled cotton, recycled wool, recycled polyester, recycled nylon, and others. On the basis of end-user industry, it is divided into automotive, retail, mining, building & construction, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa).

行情回顾：全周沪深300 指数上涨2.37%，创业板指数上涨2.34%，纺织服装行业指数上涨1.12%，表现弱于沪深300 和创业板指数，其中纺织制造板块上涨0.49%，品牌服饰板块上涨1.58%。个股方面，我们覆盖的太平鸟、华孚时尚和歌力思等获得了正收益。

行情回顾：近一月中信纺织服装指数-0.01%，其中纺织制造和品牌服装分别-3.02%和+2.32%，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，探路者、太平鸟、九牧王涨幅居前，御家汇、爱迪尔、安正时尚跌幅居前。

伴随稳健医疗、豪悦护理、百亚股份三家新股密集上市，叠加前期上市的延江股份，A股形成了涵盖从“原材料”到“加工制造”到“品牌商”的吸收性卫生用品的全产业链条。四家公司组成的板块成长性优异且呈现出逐渐加速的迹象，我们计划通过吸收性卫生用品专题报告，对该行业进行拆分以发掘投资机会。本周，我们推出吸收性卫生用品系列Ⅰ——供应商&制造商。

The costume jewelry market was valued at $ 32.9 billion in 2019, and is estimated to reach $ 59.7 billion by 2027, registering a CAGR of 7.80% from 2019 to 2027. In 2019, the female gender segment accounted for more than half of the share in the total costume jewelry market, and is expected to grow at a CAGR of 7.60% throughout the forecast period. Costume jewelry is fashion accessory used to compliment an outfit. Raw materials used to produce such type of jewelry is made of less precious materials as compared to precious materials such as gold, diamond, and gems. For instance, glass, plastic, semi-precious stones, beads, leather, aluminum, brass, and others are the raw materials used in the making of costume jewelry. Increase in consumer preference for fashionable and affordable jewelry is expected to foster the growth of the market. The adoption of costume jewelry has been significantly high in mature regions such as the U.S., Canada, and Germany, while emerging countries such as China, Brazil, and India are catching up rapidly. Costume jewelry has been gaining traction in emerging market, owing to change in lifestyle, rise in disposable income, and surge in prices of precious metal jewelry. Furthermore, increase in fashion consciousness and surge in adoption of jewelries such as necklaces, rings, and bracelets among female consumers drive the market growth. Moreover, change in packaging styles of jewelry products fuels the costume jewelry market growth. In addition, aggressive advertisements and celebrity endorsement have helped the costume jewelry industry to pave its way toward growth. However, factors hindering the market growth are rise in prices of raw materials used for costume jewelry and limited period popularity of the jewelry.