Men's underwear is a type of intimate apparel worn by men to protect their genital parts and to maintain their physical health and hygiene. It is also an effective way to prevent the deterioration of outer garments due to perspiration. Men's underwear can be divided into various categories, such as boxer briefs, trunks, and boxers. These garments are made from a variety of materials, including cotton and polyester, and are available in a variety of stores, including departmental and mono-brand chains, as well as online platforms and mass merchants.

复盘美国两轮房地产下行周期，相比其他家具品类，床垫的抗周期能力更强。究其原因，我们认为床垫品类：1）使用体验可感知，且睡眠愈发重要背景下消费 者愿买单；2）产品持续升级+持续消费者教育，可以持续享受品牌/产品溢价；3）美国70%床垫购买由换新需求驱动，相较于其他品类对地产周期敏感度低。

The equipment described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

8月纺服社零同比增长 4.5%，趋势逐步转向加速增长。23 年1-8月社零总额同比增 长 7.0%至 30 万亿元，其中，服装鞋帽、针织品类累计零售总额同比增长 10.6%至 8760 亿元，绝对金额已高于 22年及21年同期的 8206 及 8565 亿元。分月度看，开年以来因 前期需求集中释放及低基数效应，终端零售加速改善，1-2月至4月纺服社零增速分别为 5.4%/17.7%/32.4%，5-8月纺服社零增速分别为 17.6%/6.9%/2.3%/4.5%，5月以来因 需求释放完成及高基数影响，增速有所回落，8月开始随基数走低及开学季拉动再度提速，后续伴随四季度旺季来临、零售环境改善及低基数效应，预计终端销售将恢复加速增长。