According to the CITIC Securities Research Report, the sales momentum of various brands in the textile and garment sector continued to be good in the fourth quarter of 2023. A large number of new winter products were launched, while updating pallets, new product discounts were strictly controlled, and discounts on clearance products were increased. On the one hand, the new winter product update for domestic brands was completed in the fourth quarter of 2023, and the main products promoted this year, such as ultra-lightweight 21 running shoes, were launched one after another; on the other hand, the new pace of international brand products is gradually stabilizing, and inventories are expected to show a gradual improvement trend. CITIC Securities believes that from a 1-year perspective and a longer-term perspective, sports is still a high-quality consumer circuit with both high prosperity and a clear pattern.