Listed Companies: The Market Is Expected To Pay More Attention To Textile And Clothing Sports Brands

Investment suggestions: 1) brand end: terminal retail gradually recovers, which is expected to usher in the double repair of performance and valuation. The market is expected to be restored with the gradual improvement of terminal retail, and the early H-share movement rebounded first and had a greater strength. We expect that as the terminal retail continues to improve, the rebound is expected to continue. We will continue to recommend sports leaders Li Ning (H), Tebu International (H) and Anta sports (H), and recommend bosden (H), a down jacket leader who is less affected in this round of epidemic and is worth looking forward to in winter. In addition, we expect to refer to the performance of Xiyin brand in 2020. 2) Manufacturing end: textile manufacturing export has downward risk, No β grab α。 Considering that overseas high inflation has a certain suppression on consumer demand, it is expected that the domestic textile manufacturing export boom will face downward risks, and the industry will hardly have plate opportunities. Due to concerns about the risk of foreign demand, there have been many adjustments to manufacturing targets in recent years, and some of them have highlighted the cost performance ratio of their current positions. Huali group and Zhejiang nature, the leading manufacturers with outstanding long-term competitive advantages, are recommended. In addition, based on the logic of individual stocks, it is recommended that Taihua new material, the leading civil nylon fiber company, is expected to significantly increase its performance in 2023.

In terms of the market value of 2022q2 fund's heavy positions, Li Ning increased significantly on a month on month basis. In addition, bosden, Weixing shares and mugaodi increased significantly. In 2022q2, the market value of fund positions held by Li Ning and Tebu international was 10.84 billion yuan and 1.92 billion yuan, respectively, which increased by 6.69 billion yuan and 850 million yuan compared with Q1; However, the market value of Anta sports fund heavy holdings decreased by 460 million yuan to 1.06 billion yuan month on month. Other targets with high attention include bosden, Weixing shares and mugaodi. The market value of heavy positions held by Q2 fund is RMB 1.23 billion, RMB 440 million and RMB 310 million respectively, which is RMB 440 million, RMB 180 million and RMB 250 million higher than Q1.

Judging from the number of 2022q2 heavy position funds, Li Ning, biyinlefen and Huali group are the most concerned stocks at present. The top five stocks with the largest number of Q2 heavy positions were Li Ning (111), Bi Yin lefen (41), Huali group (25), Anta sports (21) and Weixing stock (19), which changed by + 61, - 11, + 2, - 5 and 0 respectively compared with Q1, and the fund number of Li Ning in Q2 was the largest.

From the allocation ratio of 2022q2 fund, Hong Kong stock sports companies and subdivided manufacturing leaders are the focus of market attention in the near future. From the perspective of the increase of the proportion of fund holdings in the circulating shares, the top five of the increase in the proportion of Q2 are Li Ning (+ 3.76 PCT), mu Gaodi (+ 2.33 PCT), Weixing shares (+ 2.14 PCT), Tebu International (+ 1.79 PCT), Lutai a (+ 0.62 PCT). From the perspective of the ratio of the market value of fund shares to the net value of the fund, the top five stocks with a larger increase in 2022q2 are Li Ning, Tebu international, bosden, mugaodi and Weixing.

Risk tips: the epidemic situation repeatedly affects sales, overseas inflation exceeds expectations, etc.