The Textile And Garment Industry Has Mixed Feelings.

A shares are tracking: cross border / Rutai A/ international AOKANG / Sheng Sheng group and other profit distribution; Huafu color spinning / noble bird / Hang min shares and other investment new projects; Weixing shares / Lanzi shares non-public offering; San Mao Pai Shen / Kaiser shares issue shares to buy assets; Hui Jie shares / multi love / blonde Rabbi release restrictions; Tian Chong fashion / Red Dragonfly / Luo Lai life and so on to buy financial products.

Hong Kong stock and overseas companies: as of March 31, 2016, the total turnover and net profit of the German Yongjia group changed by +0.22%/+35.87% respectively; the turnover and net profit of Zhou Dafu and -12%/-46% respectively changed by -12%/-46%; and the estimated profits of the company were about 35% to 45% over the previous year.

LululemonQ1 revenue rose 17%, net profit fell 5.2%, ColumbiaQ1 sales increased 10%, MichaelKorsQ4 revenue rose 11%, recovered China's proxy, UNIQLO Japanese market continued to pick up, sales in the same store increased 5.9% in May, AscenaQ3 AscenaQ3 revenue rose 45.1%, but net profit fell sharply, InditexQ1 profit exceeded expectations, GAP5 sales fell 6% in the same month, Alibaba revenue rose 48% in advance, set up a large entertainment sector to promote expansion, the first quarter net loss of 2 million 100 thousand dollars.

Trend review: in the past 16 years, the industry index has risen and fallen in the top position (running in Shanghai and Shenzhen 300), textile production is better than apparel home textiles; 6 months later, the industry index rose and fell in the first half of the month (winning the Shanghai and Shenzhen 300), and textile production performed better than clothing home textiles.

In the first half of June, A shares fell in the majority, and the brands of dream cleaning home textile / Hui Jie shares / Wiener rose before the rise in the manufacturing of great star shares / Thai shares / Bailong Orient.

H-share brand declined most in the first half of June.

Mobile group takes the lead.

Person /

Leading to a fall, manufacturing industry all declined except Yu Yuan Ping (nine Xing / Tianhong LED).

Investment strategy: this year, the industry index has dropped by 18.1%, which is in the eleventh place of the drop list. Among them, except for the new stock market, the Sanfo is outdoors and has the expected pformation of Da Yang, Zhonghe shares, Jinying shares.

There were some gains in the 8 stocks of Zhejiang fun and BOC cashmere industry, while the remaining 75 shares declined.

On the whole, considering that there is no sign of upward recovery in the fundamentals of the industry, it is difficult for the industry to get out of the independent market in the second half of the year.

Therefore, we maintain the previous view, adhere to the value in the second half of the year, and suggest that the long term line will continue to hold the value stable varieties with good performance and the valuation has a certain margin of safety. Taking into account the current market has not yet seen the bottom, the paction has shrunk and the stocks are in a low trend. Under the circumstances of the dilemma, it is not recommended to catch up with the theme game market. It is necessary to wait for the risk preference to return to normal.

In the latter part of the ecosystem and small market value shell resources, we suggest that we should focus on the only medical theme of Q1 and its recent hot sports themes.

But we need to be vigilant that if the market is only a few days' travel market, thematic varieties usually lack strong support for their performance, so we need to give full consideration to the higher paction costs and the weaker effect of money making than the previous two years.

Manufacturing: under the background of supply measurement reform,

Leading enterprises will further benefit from the upgrading of industrial concentration, leading enterprises of cotton enterprises and printing and dyeing enterprises are benefiting from this, and the US dollar index has continued to rise in recent years, and with the beginning of the 5 month end, the quality of state-owned cotton stores which we were worried about before, and the probability that the reserves are not as good as expected is expected. In the short term, the price is expected to rise. Therefore, due to the common influence of the above reasons, it is expected to underestimate the resilience of the leading cotton enterprises such as Lu Tai, Bailong and Huafu in the near future.

However, because of the unknown cotton reserves' follow-up attitude towards throwing stocks, cotton prices and other suggestions were clear after the government's attitude was clear, cotton prices fluctuated after relative stabilization.