Textile and apparel industry is still in repeated reports that Su phase

Continuation of domestic growth is expected to grow 20%. 2009 retail sales data, especially data of listed companies after the high-low before the annual growth rate of 15.50%, the first four months grew by 18.10%. We believe that with the rise of inflation and the CPI index high, the domestic consumer market is still good, although the second half of 2009 basis points higher, we still expect full year 2010, total retail sales growth will reach 20%.

Recovery in exports, the external situation is complicated. China's major trading partners, the EU is experiencing the pain of post-crisis era, the euro fell sharply, U.S. interest rate concerns have gradually strengthened, and it may give the second half of 2010, exports cause for concern. 4 months 2010 growth rate of 15.55% textile and garment exports, the recovery trend is clearly; leading indicators of growth of 12.57 percent turnover Spring Fair, textiles and garments increased 9.14%, the growth rate slightly down, reflecting the concerns of business on the external situation. We raise textile and garment export growth to about 10%.

Textile and garment warmer obvious. Textile and apparel industry revenues in 2009 increased by 10.29% year on year; operating profit increased by 110.65%; net profit rose 80.40 percent year on year, the average realization of 0.27 yuan EPS, reversing the downward trend in 2008. Two sub-sectors of textile and apparel revenue and net profit growth are signs of improvement in the textile sub-sector continued to exceed apparel sub-sector, while the apparel industry maintained a steady growth trend. Profitability indicators continued the trend since the second half rebound. Textile and apparel industry profit margin, profit margin and net profit margin of main business was 21.88%, 8.77%, 7.84%, gross margin and the main business of which in recent years, a new record high profit margins. In cost driven by the textile sub-sectors in Q1 operating profit up 101.12 percent growth, far beyond the apparel sub-sector growth.

Prominent mining stocks. Past performance of textile and garment industry companies have clearly divided into two parts, brand clothing is the depth of excavation for the white horse type, good prospects for such companies, expected growth and stability, inflation expectations also enjoy the benefit under the plate; textile company with the asset injection or diversification and other reasons led to frequent various types of dark horse, and we continue to be positive appreciation of the expected benefits, such as Changshan shares of individual stocks. We maintain the garment sub-sector "overweight" rating, to maintain the textile sub-sector "neutral" rating, that the cost of promotion of full competition and oversupply of textile products difficult to sustain corporate profits, the main strategy to root out individual stocks.

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