春节期间线下消费强势复苏。随着中国优化疫情管控措施并释放了被压抑的需求，春节期间国内主要城市的游客数量出现强劲反弹。根据国家税务总局最新增值税发票数据，2023年春节假期全国消费相关行业销售收入较2022年春节假期增长12.2%。
　　我们预计2023年服装消费有望持续复苏，库存和折扣压力将缓解。根据我们渠道调研，自2023年1月以来，一些主要服装品牌的零售流水同比增速表现令人鼓舞，其中运动服饰和中高端男装领跑行业，部分运动品牌部分区域春节期间同比增速达30%以上。受益于春节假期销售强劲，部分服装品牌去库存过程相对顺利，库龄结构持续优化，部分品牌库存水平已回归健康水平。我们继续推荐李宁（02331 HK）、安踏体育（02020 HK）、特步（01368 HK）和滔搏（06110 HK）。
　　国内订单将逐步复苏，出口订单拐点可期。内销订单：2022年由于受疫情影响，国内服装品牌公司客户下单偏谨慎。1月至今（尤其春节期间）零售销售的强劲表现有望增强下游客户下单的信心。我们预计内销订单有望逐步复苏。外销订单：尽管2022年下半年以来海外高库存与高通胀的问题导致制造订单持续低迷，但以上两个问题正边际缓解。我们预计2023Q2制造端海外订单有望迎来拐点。我们推荐申洲国际(02313 HK)并建议逢低收集。
　　风险：1）新冠疫情持续；2）全球通胀超预期；3）去库存进度不及预期；4）原材料涨价。
　　

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportTextilesApparelSectorHansenTang汤瀚森行业报告纺织服装行业8675523976884hansentanggtjascomhk30January2023TableMainInfoBi-WeeklyUpdateApparelConsumptionWitnessedStrong行RecoveryDuringtheSpringFestival业双周报春节期间服装消费强势复苏OfflineconsumptionstronglyrecoveredduringtheSpringFestival报holidayMajorcitiesinChinawitnessedstrongreboundsintouristarrivalsRatingTableInvestInfoOutperform告SectorReportduringtheSpringFestivalholidayaspent-updemandwasunleashedafterMaintainedChinaoptimizedCovidcontrolmeasuresAccordingtothelatestvalue-addedtaxinvoicedatafromtheStateAdministrationofTaxationsalesrevenueof评级跑赢大市维持consumption-relatedindustriesincreased122duringthe2023Spring2Festivalholidaycomparedwiththatinthe2022SpringFestivalholidayTextilesapparelsectorperformanceWeexpectapparelconsumptionrecoverytocontinuein2023together纺织服装板块表现witheasingofinventoryanddiscountpressureAccordingtoourchannelTextileApparelSectorHKCITICchecksalesgrowthofsomemajorapparelbrandsshowedencouragingYoYHSIperformancesinceJan2023amongwhichsportswearandpremiumHSCII-DiscretionaryConsumption5menswearbrandsoutperformedespeciallywithYoYsalesgrowthofsome-5sportswearbrandsinsomeregionsduringtheSpringFestivalholiday证reaching30ThankstorobustsalesduringtheSpringFestivalholiday-15告destockingofsomeapparelbrandshasbeenrelativelysmoothasaging券-25structureofinventorycontinuedoptimizingpushinginventorylevelsofsome研报brandsbacktohealthylevelsWecontinuetorecommendLiNing02331-35HKAntaSports02020HKXtep01368HKandTopsports06110HK究究-45ResearchReportDomesticordersaresettorecovergraduallytheturningpointof报研exportordersisonthewayDomesticsalesfrontcustomersofdomestic告SourceWind券apparelbrandcompaniestendtoplaceorderscautiouslyduetoCovidEquitydisruptionsin2022StrongretailsalesperformancesinceJan2023证especiallyduringtheSpringFestivalisexpectedtoenhancetheconfidenceofdownstreamcustomersinplacingordersWeexpectordersfordomesticsalestorecovergraduallyExportsalesfrontAlthoughmanufacturingordershavebeendepressedsince2H2022duetohighoverseasinventoriesandinflationbothissuesaremarginallyeasingWeexpectaturningpointinoverseasordersfortextilemanufacturingcompaniesin2Q2023WeTrecommendShenzhouInternational02313HKandsuggesttoaccumulateaondipsbRisks1ProlongedCovidpandemic2higher-than-expectedglobal纺inflation3slower-than-expecteddestockingpace4increaseinrawl织materialpricesIncreaseinrawmaterialpricesGlobalpandemicresurgence服e春节期间线下消费强势复苏随着中国优化疫情管控措施并释放了被压抑的需求春节期装间国内主要城市的游客数量出现强劲反弹根据国家税务总局最新增值税发票数据2023行年春节假期全国消费相关行业销售收入较2022年春节假期增长122业L我们预计2023年服装消费有望持续复苏库存和折扣压力将缓解根据我们渠道调研e自2023年1月以来一些主要服装品牌的零售流水同比增速表现令人鼓舞其中运动服TextilesApparelSectorApparelTextilesf饰和中高端男装领跑行业部分运动品牌部分区域春节期间同比增速达30受益于春节t假期销售强劲部分服装品牌去库存过程相对顺利库龄结构持续优化部分品牌库存水平已回归健康水平我们继续推荐李宁02331HK安踏体育02020HK特步01368MHK和滔搏06110HKa国内订单将逐步复苏出口订单拐点可期内销订单2022年由于受疫情影响国内服r装品牌公司客户下单偏谨慎1月至今尤其春节期间零售销售的强劲表现有望增强下游客户下单的信心我们预计内销订单有望逐步复苏外销订单尽管2022年下半年以g来海外高库存与高通胀的问题导致制造订单持续低迷但以上两个问题正边际缓解我们i预计2023Q2制造端海外订单有望迎来拐点我们推荐申洲国际02313HK并建议逢低收集n风险1新冠疫情持续2全球通胀超预期3去库存进度不及预期4原材料涨价SeethelastpagefordisclaimerPage1of8See21tostrongthankssalestheperformanceSpringduringFestivalholidayfootwearRMBreachedgoodsconsumersocialofsalesretailCovidChinaYoNBSCChinaofStatisticsofBureauTheaccumulatetosuggestondipsHKandrecommendShenzhouInternational02313recoveryfundamentalsfromofthebenefitWetofirstthewillbesupplierscapacityandvolumeorderinpointfellinventoryeasingmarginallyarefrontofdownstreamconfidence2022inDmanufacturingTextileHK01368visibleandmayseeupwardlevelcontinuedinventoryofstructureagingwhilesmoothrelativelyholidayFestivalSpringtheduringsalesrobustThanksto30reachingholidaymenswearpremiumsomeofgrowthsalesYoYandwithespeciallyoutperformedbrandssportswearwhichamong2023JansinceperformanceYoYencouragingshowedbrandsapparel2022pressureSportswearIn122increasedTaxationofAdministrationStatethepoteconsumptionrobustnationscontrolpentasholidayFestivalSpringtheduringarrivalstouristinreboundsOfflineUpdateSectorthomesticfrontsalesomesticvestmentsuggestionvestmentYTheYelasIndustryKeysYoYandoandacasesinChinacasesinpeakedtwasnegativelyimpactedbynationwidebyimpactednegativelywasWebelievethatasconsumertrafficflownormalizesnormalizesflowtrafficconsumerasthatbelieveWelthoughlthoughmanufacturingbeenhaveordersdepressedduetooverseashighandinventoriesinflationboththeseproblemspagmeasuresosmtostrongconsumptionSandtextilesdetextilesanddeclineIntotalrtotaltrongRecentlyefflineandTopsportsandTopsportsvestmentPointsforasthemanagementexpectedwithinventoryinGreaterChinareturningtoahealthylevelhealthyatoreturningChinaGreaterininventorywithexpectedmanagementtheasexpectWedisclaimerDataetailsalesofsocialconsumersocialofsalesetailretailconsumertrafficconsumerduringtheduringofapparelretailofsalesDecin2022TheanticipatedpassengerflowsurgesurgeflowpassengeranticipatedhethepaceofrecoveryinconsumptionconsumptioninrecoveryofpacehecUpdatesalesustomersntheOncreasedbycreaseddareordersomesticealsalesretailcustomersinplacingordersWeexpectplacingcustomersordersordersinWe02023revisionstoearningsforecastsperformancesinceJan2023Jans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