In various developed regions across the world, the economic growth acceleration, coupled with fixed investments is expected to favorably influence the demand for the garment care industry. This can be attributed to the fact that the garment care vendors are increasing their output by using technologically advanced and sophisticated appliances as well as reducing the operating costs of the same. Most of the households in the developed economies (the US and Europe) are likely to witness higher spending in the garment care sector owing to the increased disposable incomes. The higher sales of these appliances are expected to be driven by the ongoing mechanization of various application segments in different developing regions of the world. Factors such as an increasing number of single homes, coupled with the capability of making discretionary purchases for consumer- based appliances in developed regions of Europe and North America, are expected to favorably impact the global garment steamer market.

All fabrics are protective to some extent but protective clothing are not only concerned to protect just from daily needs but also from situations where hazards or risks are present and that have the potential to be life threatening or pose considerable potential for injury or damage to the person working in and around the hazard. The report exclusively focuses on current market trends and future growth opportunities in the protective clothing market. The report also focuses on various material, application and various end-user industries of protective clothing, which includes oil & gas, construction & manufacturing, pharmaceuticals, law enforcement & military, firefighting and others. Moreover, the report analyzes the current market trends of protective clothing in different geographies and suggests the future growth opportunities by analyzing government regulations & policies, thereby further increasing the consumer acceptance of protective clothing. The report covers profiles of the key industry participants in the protective clothing such as E. I. du Pont de Nemours and Company, Lakeland Industries, Inc., Ballyclare Limited, 3M Company, Koninklijke Ten Cate NV, Teijin Limited, Workrite Uniform Company, Inc., Cetriko S.L., W.L. Gore & Associates, Inc., and Glen Raven Inc.

女装占据服装市场半壁江山，中高端女装市场分散，近年来女装市场延续个位数增长。赢家时尚是国内中高端女装市场中具有较强竞争力的公司，双主品牌珂莱蒂尔、娜尔思的销售规模均跻身行业前十。疫情影响下，赢家时尚有望凭借直营模式执行力取得较行业更好的表现，我们预计公司2020 年有望在KEEN REACH 全年并表推动下实现约33%的营收增长，以及约27%的净利润增长。目前公司PE（2020E）约为10 倍，建议积极关注。

零售：国内疫情控制良好，消费逐步恢复。2020 年1-2 月社会消费品零售总额累计同比降20.5%，其中服装鞋帽、针、纺织品类同比降30.9%，服装类同比降33.2%，我们认为主要由于新冠肺炎疫情对线下零售造成冲击，而服装企业亦积极通过建立微信小程序店铺、布局电商直播转战加码线上销售。

3 月国内疫情逐步缓解，前期物流等制约因素也逐步解除，各龙头企业线上增速环比普遍改善，其中化妆品板块表现最为亮眼。在本次新冠肺炎疫情发展的过程中，我们也看到多数品牌公司反应迅速，通过新零售模式（微信营销、直播等）减轻疫情带来的影响。考虑到疫情结束后大众对健康和美好生活的更大关注，部分可选消费品的复苏反弹值得期待，我们重点看好运动服饰、化妆品行业和黄金珠宝行业，继续推荐分布在优质赛道并在电商领域占比高、增速表现优异的个股：安踏体育(02020，买入)、李宁(02331，买入)、 波司登(03998，买入)、珀莱雅(603605，买入)，建议关注丸美股份(603983，未评级)和周大生(002867，增持)等。

2月护肤品GMV同增52.52%：2020年1月阿里系护肤品GMV为96.83亿元，较上年同增52.52%，系量价齐升拉动，本月护肤品销量同增21.22%，均价同增25.82%。

安踏稳健，FILA 高增长，19 年业绩延续良好趋势：营收端，19 年公司营收增长40.8%，其中安踏品牌增速稳健，FILA 品牌延续高增长，渠道外延、内生及电商增长均推动规模扩张。净利端，公司归股净利增长30.3%，利润增速低于营收增速主要源于收购Amer 年内归股亏损约6.3 亿元。公司不含Amer 亏损的经营净利润增长51.6%，一是FILA 及安踏规模快速增长，二是FILA 在高增长背景下维持着较高的毛利率水平，三是已有部分小品牌开始盈利。

行业数据方面：社零增速充分反映疫情影响，可选消费承压明显。1-2 月社零增速-20.5%，服装增速-30.9%（-32.8pct），黄金珠宝增速-41.1%（-44.8pct）。我们在2 月初《复盘03 年SARS 影响，新冠疫情对消费影响几何》中阐述过，预计本次新冠疫情的传染性更强，影响地域范围更广，对于经济的影响范围更大，但考虑到政府防控和居民重视的力度也更强，新冠肺炎的影响在4 月进入尾声，预计5 月-6 月我们或能看到零售端数据有所复苏。我们目前仍维持前期判断。