According to the Zhitong Finance APP, Guotai Junan has released a research report stating that based on Taotian Express, during the 618 period, the sports shoes and outdoor apparel sectors in the clothing industry showed significant prosperity, with transaction values in these categories increasing by over 50%. The current export environment is uncertain, but in the medium to long term, high-quality manufacturing targets are still favored. Recommendations include: high-quality enterprises with strong pricing power among brand clients, differentiated product development and R&amp;D capabilities, strong capital reserves and diversified production capacity, and high shareholder return rates. The investment themes on the brand side are divided into three lines: ① The trend of national fitness and outdoor activities continues; ② Recommend expanding stores against the trend or achieving sustained growth in high-ticket membership through refined management; ③ The home textile sector benefits from the stabilization of real estate and sales improvement driven by subsidy policies.
<h2>Guotai Junan's main viewpoints are as follows:</h2>
The 618 promotion shows high prosperity in the sports and outdoor sectors
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<li>Tmall: According to Yibang Power, the top three in the total sales ranking of the clothing industry on Tmall during the 618 period were Uniqlo, UR, and ZARA. The top three in men's clothing sales were Uniqlo, HLA, and Peacebird, while the top three in women's clothing sales were Uniqlo, UR, and ZARA. The top three in men's and women's shoes sales were Belle, Crocs, and Staccato. According to Taotian Express, during the 618 period, the sports shoes and outdoor apparel sectors in the clothing industry showed significant prosperity, with transaction values in these categories increasing by over 50%. 36 brands, including Nike, Fila, and Adidas, had transactions exceeding 100 million, while 2,196 brands, including Salomon, HOKA, Kailas, and Wilson, saw year-on-year growth of over 100%. 2) Kuaishou: According to Feigua Kuai Shu, the top three in outdoor apparel sales during the 618 period were ANTA, Fila, and Xtep. The top three in men's clothing sales were HLA, Woodpecker, and Yalu, while the top three in women's clothing sales were Yashuman, Liying, and Meixi. The top three in home textile sales were Shang Gongzi, Yalu, and Qinting.</li>
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Domestic clothing retail sales accelerated growth in May
In May 2025, the total retail sales of consumer goods increased by 6.40% year-on-year, with a month-on-month growth rate up by 1.3 percentage points compared to April. The retail sales of clothing in units above the designated size increased by 3.50% year-on-year, with a month-on-month growth rate up by 2 percentage points compared to April. The retail sales of clothing, shoes, hats, needles, and textiles increased by 4.00% year-on-year, with a month-on-month growth rate up by 1.8 percentage points compared to April. The bank believes this is related to the earlier timing of the 618 promotion.
Weak consumer spending in the U.S. in May, clothing consumption relatively resilient; April inventory-to-sales ratio stable month-on-month
In May 2025, U.S. retail sales decreased by 0.9% month-on-month and increased by 3.3% year-on-year, with growth rates down by 0.8 percentage points and 1.7 percentage points compared to April, respectively. Among them, retail sales of clothing and clothing accessories increased by 0.8% month-on-month and 3.7% year-on-year, with growth rates up by 0.8 percentage points and down by 0.5 percentage points compared to April, respectively. In terms of inventory, as of April 2025, the inventory-to-sales ratio for U.S. clothing retailers was 2.25 months, stable month-on-month; the inventory-to-sales ratio for wholesalers was 2.1 months, also stable month-on-month.
Risk Warning: Terminal consumer willingness is less than expected, fluctuations in raw material prices, and intensified competition

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CITIC Securities released a research report indicating that during the 618 shopping festival, the sales of sports shoes and apparel as well as outdoor shoes and apparel grew by over 50%. It recommends high-quality manufacturing companies, emphasizing the pricing power of brand clients, differentiated product development, and capital reserves. In May, the retail sales of clothing increased by 6.40% year-on-year, accelerating month-on-month, showing signs of recovery in the clothing industry

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Nike

Adidas

ANTA SPORTS

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HLA GROUP

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Cathay Securities and Haitong Securities: The 618 promotion for outdoor sports is impressive, and retail sales of clothing accelerated in May