1, the plate performance review last week. Last week, the Shanghai composite index fell slightly, is down 0.86%; Spinning clothing sector overall rose 0.28%, of which the textile manufacturing rose 0.7%, clothing textile fell 0.15%. From 2013 a year, the Shanghai composite index fell 6.75%, spinning clothing sector overall rose 8.16%, significantly outperform the market, the textile manufacturing rose 15.54%, clothing textile rose 1.84%. Stocks, shares last week fell in the first three companies for semir clothing, mediatek shares, beauty, elegant, led by the first three companies for CRC bright, gold feida, shenda co. Hong Kong stocks, led by texhong, an lifang holdings, the belle, led for anta sports, li ning, China.

2, the announcement and dynamic tracking. Sinoer - receive land purchasing and payment of $71.61 million; Lancy co - director and deputy general manager zhang quit; Luo lai home textile, subsidiary to buy financial products, 40 million yuan; 'jie - 2013 annual profit distribution plan beforehand to disclose; Aokang international, by high and new technology enterprise review; BaiLong east, Vietnam region are increased; Semir clothing - lift purchase framework agreement.

3, industry important data. Raw material: (1) cotton spot level 328 weeks average price 19534 yuan/ton (+ 0.03%); CotlookA: 89 cents/pounds (1.63%); Inside and outside the cotton average 3962 yuan/ton (4.15%); G. (137) 35000 yuan/ton (0%). (2) chemical fiber, polyester short 9878 yuan/ton (+ 0.32%); Spandex d49500 40 yuan/ton (+ 0). (3) the cowhide: 103.00 cents/pounds (0%). (4) the cashmere: 1015.8 yuan/kg (+ 7.49%). (5) : gold ShangJinSuo Au100g240. 94 yuan/g (+ 0.54%), the London stock at $1210.33 an ounce (+ 0.81%).

4, industry cautious recommendation. Combined with the current terminal retail environment (it has been proven in September 2013 than the first half of the retail environment, especially the high-end market brand, trend continue to when we are unable to give clear), we repeated dress 2014 chance is not big chance, main is an opportunity to clear inventory under short logic, long-term big investment logic relies on the innovation and the management level of ascension, and comparing the domestic and foreign brand clothing enterprises, great gap in operations management. According to clear inventory logical order, considering the sports and leisure rebound, combining valuations, 2014 selections mainly concentrated in the home textile and men's clothing. For home textile, men's performance, considering the current data (still commonly sold out rate) in the fall and winter of 2013, its investment point will be later than the consensus view. Based on library thoroughly, bono is investments in the whole year of 2014, in addition, semir clothing, luo lai home textile, youngor annual investment targets; On the basis of the first two weeks weekly, maintain the pathfinder short-term recommendations.

For production enterprise, we think the manufacturing company is a competitive advantage in the global market, such as inferior smooth home textile and ShenZhou international, direct docking with wal-mart, UNIQLO, similar to the choice product (limited) earnings volatility, we think this is Hong Kong gives ShenZhou international, texhong the cause of the high valuations. For lutai A, consider its 14 years before the mid-term results growth, the company's market dominance, continue to recommendation on short term