Guoxin textile and apparel bi-weekly (2307) : optimistic domestic brand growth accelerated, manufact

Industry Dynamics: Biennefen's acquisition of luxury brands Cerruti 1881 and Kent & Curwen; H & M saw sales rise 12% in the latest quarter; Uniqlo's Japan sales rose 15% in March. Fengtai, Yue Yuen Industrial Holdings, ru Hong, Juyang, Yuqi, Guangyue and Baosheng reported march revenues and updated their order forecasts. Warning signs: 1. Recurrent outbreaks 2. Competition deteriorates; 3. Raw material price fluctuations; 4. Systemic risk. Investment recommendations: the second quarter of domestic consumption recovery accelerated, manufacturing-side concern orders pick up. Brand End, domestic apparel brands in March lower base growth good, into the second quarter base down, aging improvement, growth elasticity accelerated release, bullish track to maintain growth advantage and low valuation resilience, focusing on Li Ning, Biyin Levin, Bird of Paradise, Anta Sports, Bosideng, XTEP International, Tao Bo. Manufacturing end, international brand performance shows good inventory destocking, domestic brands began destocking inventory with the terminal pick-up, loom startup rate rebounded year on year, domestic textile and apparel exports improved in March, focus on the inflexion of overseas brand orders in the second quarter, grasp the good opportunity of long-term growth of individual stocks in the left low position layout, and recommend Shenzhou International, Wally Group, Taihua new material, Shengtai Group, Weixing shares.