纺织服装22 年内外部压力兼有，23 年服装家纺弹性更优，注重标的赛道和质地。2022 年国内疫情的反复线下消费不畅，海外美联储加息及疫情补贴退坡后的消费疲软。服装家纺在22 年仍然体现出赛道差异，休闲服、女装业绩降幅较大，港股运动服饰从流水数据判断收入端仍有增长。纺织制造，在22 年下半年起出口下行明显，海外去库存将持续至23 年。投资建议，港股运动服饰估值的修复仍在进行，并兼具业绩弹性，仍列为首要推荐，标的包括李宁、安踏体育等。A 股服装家纺建议关注品类景气、运营质量高的公司。纺织制造端，建议关注以优质产能和优秀管理，绑定优质客户的制造企业，标的包括华利集团等。

2022年，国内规模以上建材家居卖场销售额为1.16万亿元，同比下滑1.39%，其中Q4单季度销售额2,152.02亿元，同比大幅下滑45.02%，主要系期内疫情反复影响，对线下客流造成较大影响。去年12月，伴随国家疫情防控政策的持续调整与优化，全国建材家居卖场销售额环比出现明显改善，单月达到718.25亿元，环比增长18%，同比下滑39.91%，但下滑幅度较11月收窄12.67pct.。建材家居卖场销售额的变化，初步印证疫情防控政策优化之后，对于线下场景的提振作用。我们维持今年内，因疫情所延误的家居消费需求将逐步释放的判断。同时，预计22Q4和23Q1家居板块或仍处于业绩筑底阶段，而伴随疫情高峰的度过以及竣工催化大宗渠道持续回暖，预计今年Q2将成为中期维度上，家居板块整体基本面拐点向上的时点。

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for aramid fiber by geography and historical trend. The scope of the report extends to sizing of the aramid fiber market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

根据人民日报相关报告，今年元旦假期期间，居民基本生活消费平稳增长，年货、日用品等商品需求升温，商务部重点监测零售企业的粮油食品、饮料、日用品销售额同比分别增长11.3%、10.2%和2.6%。同时，跨省游、长途游需求明显增长，热门旅游目的地酒店住宿率和预订率持续提高。新华社报道，元旦节日期间上海线下消费超过120 亿元，线上消费金额109.8亿元，消费呈现逐步回暖态势。主要商业综合体客流量，环比增长82.0%，其中，家用电器、针纺织品和建筑材料同比增势较好，分别增长1.7 倍、46.1%和45.1%。短期来看，疫情因素持续转好，线下场景稳步恢复之下，消费回暖预期信心得以强化。

Manufacture of textile floor coverings: Carpets, rugs and mats, tiles Manufacture of needle-loom felt floor coverings

Manufacture of twine, cordage, rope and cables of textile fibres or strip or the like, whether or not impregnated, coated, covered or sheathed with rubber or plastics Manufacture of knotted netting of twine, cordage or rope Manufacture of products of rope or netting: fishing nets, ships' fenders, unloading cushions, loading slings, rope or cable fitted with metal rings etc.

Preparatory operations on textile fibres: Reeling and washing of silk Degreasing and carbonizing of wool and dyeing of wool fleece Carding and combing of all kinds of animal, vegetable and man-made fibres Spinning and manufacture of yarn or thread for weaving or sewing, for the trade or for further processing: Texturizing, twisting, folding, cabling and dipping of synthetic or artificial filament yarns Manufacture of paper yarn

Tanning, dyeing and dressing of hides and skins Manufacture of chamois dressed, parchment dressed, patent or metallized leathers Manufacture of composition leather Scraping, shearing, plucking, currying, tanning, bleaching and dyeing of fur skins and hides with the hair on

Preparatory operations on textile fibres: Reeling and washing of silk Degreasing and carbonizing of wool and dyeing of wool fleece Carding and combing of all kinds of animal, vegetable and man-made fibres Spinning and manufacture of yarn or thread for weaving or sewing, for the trade or for further processing: Texturizing, twisting, folding, cabling and dipping of synthetic or artificial filament yarns