The brand product strength of sports shoes and apparel has been upgraded, and domestic products and health awareness have been strengthened to open up long-term growth space.

　　 The Xinjiang cotton incident catalyzed the substitution of domestic products, and the continuous improvement of national self-confidence and national identity is a solid guarantee for the substitution of domestic products. We believe that the differentiation of choice between domestic brands and foreign brands is an inevitable phenomenon, and the Xinjiang cotton incident accelerated this process as an emergency. In this process, companies with excellent management capabilities and brand cultural recognition have the potential to go out of the circle, and are expected to enjoy the development opportunity period under the rise of the new era dividend; on the other hand, compared with developed countries, my country’s sports participation rate and fitness population penetration rate Still low, the sports industry has more room for development, laying a foundation for the growth of sports shoes and apparel products.

Comprehensive apparel companies: Brand improvement is on the way, and optimistic about "internal and external" is blooming and fruitful. Comprehensive apparel companies have generally strengthened their management capabilities under the efforts of management to increase quality, improve quality and efficiency. The quick response model and flexible supply chain enhance the company's overall operating efficiency. Strengthen the pulling effect of terminal retail; brand apparel companies continue to build brand culture, and strengthen consumers' brand recognition and identity through multi-dimensional marketing models, thereby strengthening brand image. On the other hand, the market scale of my country's branded apparel industry is huge, and mid-to-high-end domestic brands have greater room for development. It is optimistic that comprehensive apparel companies can use the acquisition/cooperation of overseas brands to enhance their brand power in a long-term perspective.

　　The rise of personalized clothing, based on better product attributes, has made efforts to broaden the growth of new consumption and new categories to bring new clothing consumption trends. For example, due to generation Z’s recognition of animation and game content consumption and the rise in national cultural identity, the exploration of traditional Chinese costumes has led to the exploration of traditional Chinese costumes. With strong social attributes and cultural added value, they quickly get out of the circle and receive greater attention. Personalized merchandise re-wearing experience and high premium capabilities, the development of offline channels is promising. We are optimistic about the first-mover advantage of brands with strong e-commerce operations and better omni-channel deployment.

　　After the textile manufacturing and processing, the epidemic era has re-emerged

　　The epidemic has repeated, and the price disturbance of upstream cotton, staple fiber and other raw materials will not change the industry to return to the right track. Under the background of the new normal of the division of labor in the global manufacturing industry, the large-scale layout and supply chain advantages of the textile manufacturing industry are superimposed on the first-mover advantage formed by the trend of concentration of downstream high-quality customers, and the performance is expected to achieve a steady recovery.