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Xiaobian of the network to introduce the textile and garment industry: the main industry is still in the doldrums, focusing on cross industry mergers and acquisitions opportunities.

The semi annual performance of the brand clothing industry has falsified the expected stock replenishment since the beginning of the year, while the increase in the proportion of the electricity supplier and the subsiding of the traffic dividend have weakened the contribution of the channel to the growth of the listed company's performance.

Fundamentally speaking, due to the lower number of stores and the high level of valuation, there is little chance of the trend of brand clothing.

And with the downstream

With the weakening of demand and the deterioration of the industry competition pattern, we believe that cross industry mergers and acquisitions of non leading companies in various sub sectors of textile and clothing will remain a hot spot in the second half of the year.

Inspecting the cases of mergers and acquisitions in the past two years in clothing, retail and light industry, we found the following characteristics: the main business profit level is weak, and the development prospect is not good; cross industry M & a sample 12 and 13 years average income growth rate is 0.4% and 3.2%, lower than the industry average 8.3% and 6.7% level; preference small market companies, on average, the market value of the pformation company is basically below 2 billion 500 million yuan at the beginning of the year.

Expectations are stronger than events.

The increase in share prices before and after the announcement shows that the merger anticipation is more responsive than before the announcement, but relatively speaking, small market companies have stronger momentum than large cap companies.

According to 1) the listed companies failed to make acquisitions or the expected pformation was clear, while the basic mask was at the margin of safety; 2) the current market value was relatively low but increased little during the year; two logical recommendations were concerned about Thailand shares (13.99, 1.27, 9.98%), Xun Xing shares (13.15, -0.93, -6.61%), and Jiangsu three friends (8.75, -0.36, -3.95%) and Jinying shares (6.13, -0.33, -5.11%).

At the same time, continue to maintain brand clothing plate.

(7.67, -0.26, -3.28%), AOKANG International (15.14, -0.51, -3.26%) and Semir dress (30, -0.53, -1.74%) recommendation.