Stock Market Crazily: Textile Manufacturing Concerns Industry 4

Summary of the report:

Shanghai l Shenzhen 300 index gained 20.5% during the year.

The cumulative increase of the index was 38.1%, which significantly outperformed the Shanghai and Shenzhen 300 index, of which Shen Wan's textile manufacturing sector increased by 41% during the year, and the total number of Shin Wan's home textile sub sector rose by 35.3% over the same period.

The negative valuation was eliminated in November 28, 2014.

Industry valuation is 27.94 times, textile manufacturing sub industry valuation is 29.89 times, clothing home textile sub industry valuation is 26.78 times, valuation further repair, the overall market valuation center shift is the main reason.

Main points: (1) the cotton price policy of leading policy is consistent, the Cotton Subsidy Policy at the beginning of the year is consistent, and the Cotton Conference of several ministries in the beginning of the year has made the domestic cotton price go down sharply. The difference between domestic and foreign cotton prices has narrowed to 494 yuan / ton, and the long term positive cotton spinning enterprises are likely to slow down. (2) the increase of the electricity supplier's clothing category may be slowing down. The data show that the 14Q3 online shopping market scale is 691 billion 410 million yuan, an increase of 49.8% over the same period, the clothing is still the main force of online shopping, the traditional brand online superiority has been highlighted, and the double eleven growth rate of some leading enterprises has slowed down; (3) the merger and acquisition type pformation is endless, and the high-quality spinning and weaving enterprises take advantage of the capital advantage to seize the commanding heights of the industry, and the pitional enterprises use the capital platform to cross the border into the new field. Industry operation in 2014

In 2015, industry development was concerned about related diversification, industry 4 and sports industry.

(1) the pformation is optimistic about related diversification, and the failure probability of M & a pformation is high. It pays attention to the diversification of diversification, persists in the main business, and chooses the collaborative business to pact the pition. It can increase the probability of success. (2) industry 4 guides the spinning and weaving leading industry, and the idea and technology of industry 4 satisfy the needs of individual customers, and at the same time, enterprises can make profits, which will promote the pformation of C2B mode in the textile and clothing industry; (3)

In October, the State Council promulgated the "opinions on speeding up the development of sports industry to promote sports consumption", raising the national fitness to the national strategic level, which will promote the sporting goods brand to recast brilliance.

Investment point of view.

(1) textile manufacturing sector, exports continue to show a weak recovery, cotton price ladder diving and inside and outside cotton prices narrowed in place, long-term good textile manufacturing leading enterprises, and textile leading industry is expected to help industry 4 concepts and technology quickly cut into the Internet and the Internet of things era, to achieve business pformation, maintain better than the big city rating, stocks recommended that cotton spinning three leading.

(2) apparel home textile sector, the industry to end the stock market, the 15 year is expected to bottom recovery, leading enterprises have cross-border pformation, optimistic about the pformation of related diversification, has achieved synergy, maintaining better than the big city rating, the two dimensions of the stock selection: performance improvement + pformation leader.