China'S Garment Industry Has Entered A Stage Of Deep Pformation.

In terms of electricity providers, most enterprises are vigorously developing online businesses. The rapid development of mobile electricity providers has increased the chips for enterprises under the line;

Through the double reform of supply chain and channel, we can enhance the upstream and downstream reaction speed and reduce intermediate links to provide products with more cost performance and brand influence.

Industry pformation is surging, and mergers and acquisitions are endless: this year, the number of mergers and acquisitions across industries / industries has reached 17/11 respectively, and the number of mergers and acquisitions has gradually increased.

This report combs the pformation logic of cross industry mergers and acquisitions, cross industry restructuring, horizontal and vertical acquisitions in the same industry, and quantifies the expected companies in the industry's pformation and pformation. Four.

Over the past year, the pformation of industry mergers and acquisitions has focused on textile "distress survival" enterprises and apparel industry integration enterprises.

Looking forward to 2015, we believe that the leading apparel industry has accumulated rich experience in the existing business, and the opportunity to expand the market space has been achieved through mergers and acquisitions. Meanwhile, since the PE development in 2005, private equity funds have accumulated a lot of projects for mergers and acquisitions of listed companies, and industry integration is ready to go.

Retail is still in the doldrums, sports,

Leisure took the lead out of the adjustment: in 1-10 months, the total retail sales of consumer goods amounted to 21 trillion and 310 billion yuan, up 12% from the same period last year, down 0.96 percentage points from the same period last year, and retail sales growth is still bottomed out.

From the order data trend, inventory cycle and performance, the recovery trend of sports, home textiles and leisure industry is clearer. Children's clothing and outdoor industry maintain a high degree of scenery. Leisure men's clothing and high-end men's and women's clothing are still in the adjustment stage in the short term.

2015 investment strategy: we believe that after nearly three years of adjustment, the brand clothing sector has digested most of the downside risks, and the sub sectors have gradually entered the performance recovery and valuation repair cycle.

In 2015, more attention should be paid to the strategic implementation and project progress of enterprises in promoting pformation. The leading enterprises will hopefully come out of a clearer development path after this round of adjustment.

On the choice of stocks, we tend to choose leading companies with clear objectives in pition. Combined with the expectation of value recovery and performance recovery, we recommend the Pathfinder in 2015 (creating "outdoor industry ecological chain", stimulating the sports industry policy), Maison culture (layout cultural industry chain, which is expected to benefit from Shanghai Disney Kaiyuan), and the stock of blue posture (the bottom line is expected to pform into a fashion industry group), AOKANG International (the end of channel adjustment, the turning point of achievement is approaching).

(the end of the channel adjustment, the overall layout of the children's industrial chain), the Lai Lai home textile (to join the direct camp to enhance the control of the channel, the big stake net is expected to expand the online business), Jiaxin silk (diversified industrial layout, the cocoon silk market is expected to integrate the industrial chain, and obtain the pricing power of the global silk industry).