今年以来，纺织服装行业面临严峻的内外挑战，外需低迷和成本优势弱化导致出口增速持续放缓。不过，随着零售量增速缓慢恢复，纺织企业三季度业绩有望好于上半年，但行业整体仍处于较困难境地，亏损面及亏损额仍将继续扩大。

Since this year,The textile and apparel industry is faced with severe challenges both inside and outside,Overseas market demand downturn and cost advantages weakening to export slowdown in growth rates continued.but,With the growth of retail slow recovery,Textile enterprise third quarter performance is expected to better than the first half,But industry overall is still in a difficult situation,KuiSunMian and loss will still continue to expand.

　　招商证券分析人士指出，第三季度国内市场虽干扰因素众多，但在夏季大规模打折促销活动及9月秋装销售的推动下，预计纺织服装行业上市公司累计表现略好于上半年。招商证券监测重点公司的三季报也基本获得和上半年差不多的增长趋势。

China merchants securities analyst pointed out,The third quarter though many interference factors in the domestic market,But in summer large-scale discount promotion activities and September autumn outfit sales driven,The textile and apparel industry is expected to the listed company's accumulative performance slightly better than the first half.China merchants securities monitoring key company's three quarterly report also won in the first half and basic about the same growth trend.

　　促销拉动零售量恢复

Retail sales promotion pull back

　　分析人士指出，今年以来，原材料价格涨幅及通胀均显著放缓，服装类终端零售价格涨幅也有所放缓，并且打折促销活动增加，拉动服装零售量缓慢恢复。

Analysts pointed out that,Since this year,Raw material price rise and inflation slowed significantly,Garment terminal retail price rise will be slow,And sales promotion activity increase,Pull the retail clothing slow recovery.

　　招商证券统计数据显示，百家重点零售企业1-6月份服装类零售量同比增长1.0%，增速较1-3月份提升3.9个百分点 ；1-7月份为1.2%，增速较1-6月份提升0.2个百分点；1-8月份为1.8%，增速较1-7月份提升0.6百分点。

China merchants securities statistics data show,Hundred key retail enterprise 1 - June apparels retailing year-on-year growth of 1.0%,Growth is 1-3 months increased by 3.9% ;1-1.2% in July,Growth is 1-0.2% increased in June;1-1.8% in August,Growth is 1 - July 0.6 percentage points ascension.

　　尽管在极端天气及需求不振的影响下，三季度零售终端运营表现依旧偏弱，但在夏季大规模打折促销活动及9月秋装销售的推动下，部分公司基本延续了前期的增长态势。由于三季度以来干扰因素较多，服装类月度零售增速波动较大。

Although in extreme weather and demand under the influence of spot,Third quarter retail terminal operation performance is still weak,But in summer large-scale discount promotion activities and September autumn outfit sales driven,Part of the basic corporate lasted for early growth situation.Since the third quarter because more interference factors,Garment monthly retail growth larger fluctuation.

　　户外服装领军企业的探路者 (300005)有望在第三季度实现50%的业绩增长。招商证券分析报告指出，二季度公司经营偏淡是新老体系交替的暂时结果，三季度直至9月份公司夏装销售已基本完毕，春夏装售罄率提升至70%，高于往年65%的平均水平。另外，公司9月份秋装销售情况良好也为三季度保持高增长提供了支撑。

Outdoor clothing leading enterprise of the pathfinder (300005)In the third quarter is expected to achieve 50% of earnings growth.China merchants securities analysis report,In the second quarter of the company management partial light is new and old system alternate temporary results,Third quarter until September company summer sales has been basically completed,Chun xia hold sold out rate up to 70%,The average of 65% higher than last year.In addition,The company in September autumn outfit sales in good condition for the third quarter to keep high growth to provide support.

　　搜于特 (002503)三季度也将实现近五成的业绩增长。分析人士指出，由于三四线城市消费总体受经济影响偏小，且在次新店及大幅换季促销的拉动下，公司春夏装基本全部售罄，预计三季报收入或将实现48%左右的增长。

Search in special (002503)The third quarter will also achieve nearly fifty percent of earnings growth.Analysts pointed out that,Due to three or four line urban consumption by general economic impact partial small,And in new times and greatly change garments according to the incomes of promotion,The company chun xia hold basic all sold out,Three quarterly report expected revenue or will achieve 48% growth.

　　出口持续不振

Export continues to falter

　　在国际市场需求持续低迷、国内成本优势逐步弱化的背景下，三季度以来行业出口形势持续恶化，纺织品和服装出口累计增速均较上半年进一步放缓。海关总署最新统计数据显示，2012年1-8月我国纺织品服装累计出口1620亿美元，同比下降0.7%，增速较1-6月份下滑2.3个百分点。

In the international market demand sustained downturn/The domestic cost advantages under the background of weakening gradually,Since the third quarter industry export situation continued to worsen,Textile and clothing export growth in the first half of the total are a slow further.The general administration of customs latest statistics data show,2012 1-8 months China's textile and apparel export total $162 billion,0.7% year-on-year drop,Growth is 1 - June fell 2.3%.

　　但从社会消费品零售总额的数据看，1-8月份数据略好于上半年，限额以上批零企业1-8月份服装鞋帽针纺织品累计零售额同比增长17.5%，较1-6月份提升0.6个百分点；

But from the society of total retail sales of consumer goods data to see,1 - August data slightly better than the first half,Limitation above zero enterprise 1 - August clothing shoes and hats needles textiles accumulative total retail sales year-on-year growth of 17.5%,A 1-0.6% increased in June;

　　纺织工业联合会新闻发言人孙淮滨认为，目前，影响纺织行业发展的压力因素仍然存在。他进一步指出，“劳动力成本、资金成本逐年递增，能源价格持续上涨，纺织行业中小型企业所承受的压力也在不断加大。”

Textile industry federation news spokesman SunHuaiBin think,At present,Influence of the development of the textile industry pressure factors still exist.He further points out,"Labor costs/Capital cost is increasing year by year,Energy prices continue to rise,The textile industry of small and medium-sized enterprises are under pressure unceasingly is also increasing."

　　据悉，由于外部不利因素集中作用，企业发展压力过大，今年上半年纺织行业整体效益较上年同期有所下滑。规模以上纺织企业利润总额同比下降1.9%，企业亏损面达18.4%，亏损企业亏损额同比增加124.1%。

It is reported,Due to external factors concentration effect,Enterprise development stress,In the first half of this year the textile industry overall benefit slipped from a year earlier.Scale above textile enterprise profit fell 1.9% year-on-year,Enterprise KuiSunMian amounted to 18.4%,Losses enterprise loss increased by 124.1% year-on-year.

　　分析人士表示，下半年纺织企业仍会处于较困难境地，行业整体效益增速较上年大幅下滑，企业亏损面与亏损额都将有所扩大，更多中、小、微型企业将面临淘汰出局的风险。

Analysts said,In the second half of the textile enterprise will still be in a more difficult position,Industry overall benefit is a sharp slowdown in growth last year,Enterprise KuiSunMian and loss will have somewhat expanded,In more/small/Miniature enterprise will face the risk of knocked out.