The Zhitong Finance App learned that Guoxin Securities released a research report saying that branded apparel grasps the recovery in demand and the resilience of high-end consumption, and that the manufacturing sector focuses on order fulfillment and fundamental restoration. Consumption is picking up marginally, and high-end sports and outdoor, high-end leisure, and high-end home textiles continue to be relatively popular. It is recommended to grasp high-end consumer-related companies with excellent brand power, product innovation ability and channel operation quality, and clear fundamental trends in the context of marginal demand improvement. The growth rate of textile manufacturing exports increased markedly, and brand inventory replenishment and order fulfillment led to continued improvements in fundamentals. It is recommended to focus on high-quality manufacturing leaders with high order visibility, outstanding production capacity layout and customer structure advantages, and strong operational resilience, while also grasping repair targets with marginal profit margins.
Guoxin Securities's main views are as follows:
Market review
Since October, the trend of the A-share textile and clothing index has been stronger than the general market. Brand clothing has performed better than textile manufacturing, by -0.5%/-1.9%, respectively; the Hong Kong stock textile and clothing index has risen 3.7% better than the market since October. Companies focusing on the leading increase since October include Weifu (20.9%) /Ruhong (18.2%) /Yuyuan Group (14.3%) /Jingyuan International (13.5%) /Hailan Home (10.1%) /Amafine (9.7%) /Rollei Life (9.7%) /Adidas (9.6%) /Bosideng (9.5%) /Under Armour (9.4%) /Juyang Industrial (8.6%) /Shenzhou International (7.4%) /Jiangnan Cloth (7.3%)
Brand clothing views
1) Omni-channel: The zero growth rate of clothing companies changed to positive in September, with a year-on-year increase of 1.2%, and a cumulative year-on-year increase of 4.6% throughout the year. With the exception of July and August, the monthly performance was better than the overall social zero.
2) E-commerce: Holiday travel preparations combined with seasonal demand, and sports and outdoor e-commerce performance picked up in September. Sportswear/outdoor wear/casual wear/home textiles/personal care sales were +4%/+5%/-8%/-18%/-8%, respectively. Among sportswear, Descente (47%), Asics (36%), and Xtrex (35%) led the growth rate; among outdoor brands, Kelvin (131%), Colon (74%), and Sanfu X (74%) performed better; among casual wear, compared to Yinlefin (432%), Uniqlo (13%), and Heilan Home (8%); among home textile brands, Yaduo Planet (79%), and Mercury Home Textiles (14%) increased; Among brands, Vinda (3%) and Seven Degrees Space (1%) lead the growth rate.
3) Xiaohongshu: From July to September 2026, the top three fan growth rates for sports and outdoor brands in the past three months were Adidas (19.7%), Onrun (11.2%), and Special Step (10.9%); the top three fans of casual fashion brands were Dixol (10.3%), Uniqlo (5.1%), and MIUMIU (4%); the top three fan growth rates for maternal and child personal care brands were Babycare (13.6%), Liberty Point (5.7%), and Gao Jiesi (2.7%).
Textile manufacturing perspectives
1) Textile exports: Vietnam's textile exports in September were +4.4% year-on-month, and footwear exports increased month-on-month; in September, China's textiles/garment/footwear exports were +19.0%/+23.8%/+20.2%, respectively, rising to double digits, with cumulative increases of +5.4%/+4.8%/-2.5% respectively in the first 9 months; Indonesia/India's PMI increased 2.6/2.3, respectively, and Vietnam's PMI decreased 1.4 month-on-month.
2) Raw material prices: Since the beginning of the year, the prices of inner cotton and outer cotton have all shown an upward trend, respectively +12.1%/+17.2% to 17,432 yuan/ton and 15,210 yuan/ton; from the high of September 2/September 1 during the year, they have all shown an upward trend since October, with +0.2%/+1.9% respectively, narrowing the price difference between domestic and foreign cotton. Since the beginning of the year, the overall price of nylon FDY/ nylon FDY/ polyester DTY has shown an upward trend. As of October 11, 2026, it has risen 32.3%/31.2%/46.9%/37.3% to 16,400 yuan/ton, 18,100 yuan/ton, 9,800 yuan/ton, and 10,500 yuan/ton, respectively, +34.4%/+27.9%/+35.3% compared with the same period last year. Since the beginning of the year, the price of wool has risen 28.3% to 13.10 US dollars/kg. As of September 24, compared with +36.3% in the same period last year, the price has decreased by 2.9% since September. Since the beginning of the year, PA6 and PA66 prices have risen 47.0%/22.7% to 14,900 yuan/ton and 19,100 yuan/ton respectively. As of October 15, they were +48.5%/+17.4% compared with the same period last year, respectively, and +2.1%/0.0% respectively since October.
3) Taiwanese foundry companies: Overall improvement in September compared to August. Among them, Yuyuan improved from -2.1% in August to +5.6%, and manufacturing business improved from -1.6% to +6.6%; Ruhong improved from -1.1% year to +8.3% year over year, a record high of 6.0% month on month; Juyang improved sharply from -5.1% year on year to +24.1% year on year, but goods of about 70 million to 80 million yuan were delayed until October due to tight flight capacity; Lai Yi increased from +3.1% to +14.0%, up 6.2% month-on-month.; Fengtai YoY The decline increased from -2.8% to -4.8%, down 12.6% month-on-month, and monthly revenue was continuously lower than the peak season level in July and August. Overall, most Taiwanese companies' revenue improved in September, and logistics delays, exchange rates, and tariff costs still affected the pace of monthly shipments. Follow-up attention should be paid to the fulfillment of deferred orders in October, the continuity of brand replenishment, and the visibility of orders in the fourth quarter.
Risk warning: weak macroeconomy; international political and economic risks; large fluctuations in exchange rates and raw material prices.