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The Price Of Cotton Inside And Outside Is Narrower Than That Of The 1.5% Cotton Textile.

2013/8/8 10:58:00 40

main data points: < a target= "_blank" href= "//www.sjfzxm.com/" > dress < /a > Q2 Q2 has no obvious recovery than Q1, but gold price crash stimulates jewelry retail Q2 has improved significantly compared with Q1. At the end of July, gold prices at home and abroad rose by 6% and 9% respectively from the end of last month, but the average price was still down. In July, the average price of cotton fell by 0.3%, and the average price of the outer cotton decreased by 0.5%. The difference between the inside and outside cotton prices was narrowed by 1.5% to 4068 yuan / ton, while cotton < a target= "_blank" href= "//www.sjfzxm.com/" > textile > /a > prices also fell slightly. 
 A stock company tracking: in June, the weather became hot with the sales of summer wear. Meanwhile, the discount sale at the end of the season started one after another. The retail sales in the terminal were generally recovered compared with 4 and May, and July is expected to return to normal level. Fuanna: in June, the number of direct sales increased by about 6%. The growth rate of the franchise increased significantly to 11% compared with the previous two months, and the total sales of the electricity suppliers increased by about 14%. The Pathfinder: sales growth in June was better than that in 4 and May, and sales in June increased by about 38%, 1-6 in May. As of June, the sales rate in spring and summer was over 39% in 13 years. 
 card: in June, retail sales increased by about 37%, but the income from the medium-term return was lower than that of retail sales. In July, it was not able to continue the strong trend in June, and the retail situation basically returned to normal level. Semir: in June, the terminal was slightly better than the previous stage. In the first half of the year, the delivery rate reached double digit growth. Bala is better than the sum horse, and the shipment growth is expected to reach 20%. Search special: this summer shipment is lagging behind, it is expected to be completed in August, and there is basically no replenishment in the first half of this year. Lao Fengxiang: in June, the overall sales were also good. In the first half of the year, jewelry retail sales grew rapidly, reaching 50% level, and wholesale business grew by more than 30%. 
 Hong Kong stock and overseas companies: 13Q2 Chow Tai Fu mainland, Luk Fu mainland, Ann Li Fang, 31st degree same store grew by 32%, 117%, unit number and -1% respectively; although the gross profit margin declined, sales volume doubled, while sales increased slightly to 4.4 months at the end of June, and Lining declined from 7.5 in the second half of 2012 to 7.5 at the end of February. The income of LVMH fashion and leather goods, Hermes, kering (Gucci) and Swatch increased by 1%, 14%, 1% (2%) and 9% in the first half of the year respectively. Coach China, HugoBoss, VF (TheNorthFace) and Etam China's income increased by 35%, 11%, 4% (5%), and 5% respectively; 
 trend review: this year, the ranking of the industry's cumulative increase has been slightly higher than that of the Shanghai and Shenzhen 300. The number of brands has dropped and the decline is larger (only 100 yuan). 7 in the second half of the month, the industry also slightly outperformed the Shanghai and Shenzhen 300, and the differentiation of brands was more obvious (the mid term blue chip companies led), and the manufacturing classes also differentiated (Lu Tai and Huafu slightly larger); H-share brands increased mostly, dynamic, China a target= "_blank" href= "//www.sjfzxm.com/" > clothing /a and Lining led, I.T led the decline, manufacturing class also rose, and Tianhong led, only nine fell slightly. 
 Investment Strategy: the early industry has also undergone a substantial adjustment along with the market, and in the near future it has stabilized again at this valuation level, and overall rebounded slightly in July. In the second half of the year, although terminal retail is not yet expected to resume, the next order will be expected to be a low concussion. Unlike the first 2 orders, there will be a sharp slowdown or decline. Our preference is for enterprises with strong channel control, good retailing ability, relatively controllable management and active deployment of electricity supplier strategy, such as rich Anna, Langer and Pathfinder, which can buy at bargain prices. The leading enterprises of cotton enterprises have increased earlier, and the share price is slowing down and even the callback is possible in the short run. However, before the new cotton price policy is promulgated, the cotton price will stabilize as a whole and the fundamentals in the second half of the year will continue to improve.