Sniper

The Report is produced in Chinese only.

昔日報告:
  02-04-2024 (星期二) 品牌服飾與鞋類正進入補貨週期
  11-03-2024 (星期一) 新一輪以舊換新政策或提振市場情緒
  27-11-2023 (星期一) 試點開始,智能網聯汽車關注度提升
  06-11-2023 (星期一) 2023 年第三季全球 PC 出貨量再次下降
  09-10-2023 (星期一) 關注華為汽車產業鏈
[第1頁 / 共66頁]

第二季度經濟復蘇,拉動紡織服飾業務

上半年過去,受新冠肺炎影響,全球經濟陷入衰退,早前德國和美國公佈今年第二季GDP,分別較前一季下跌10.1%和32.9%,均為有紀錄以來最大跌幅。與之相比,美國在2008年金融危機期間最大跌幅為8. 4%。而作為第一批受影響的國家,中國早前公布第二季 GDP 環比增加11.5%,復蘇跡象明顯。上半年中國 GDP 總值人民幣 45.66 兆元,按年減 1.6%。

在下半年,非必需消費品板塊預計將乘著經濟復蘇的趨勢,收復今年的跌幅,當中以紡織服飾板塊值得關注。從基本面方面,5-6月行業基本與去年同期相若,服飾類社會消費品零售數據達到去年同期水準。而從國際層面,5-6月歐美開始復工復產,全球供應鏈開始慢慢恢復。紡織服飾生產鏈中的主要國家如越南等亦開始見復蘇跡象。

在國內疫情受控的背景下,內需巿場將以較快的速度回復,當中運動品牌在第二季度恢復進度良好,Nike 和Adidas 第二季度在大中華地區的銷量回復去年水平。我們認為,上半年受疫情影響,不少優勢企業出現少有的低估機會,而下半年服飾行業將在內需恢復中得益。我們認為板塊中的龍頭企業的業績韌性較強,推薦安踏體育(2020.HK) 、李寧(2331.HK)。

撰稿: 研究部
電話:
+ (852) 2277 6555

電郵地址:
research@phillip.com.hk
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
E-Check
Login
Investor Notes
Free Subscribe
Contact Us