紡織服裝行業2025年度中期投資策略：弱於周期興於結構

長江證券

2025/07/06

覆盤：製造景氣弱化，港股&製造減配2025 年初至今，國內服裝零售增速整體穩健，節假日提振疊加「618」促銷提前下5 月增速環提升。製造端，2024 年如期修復，2025Q1 景氣度有所下降；品牌端，收入承壓，負經營槓桿拖累業績。市場層面，年初至今行業略跑贏大盤，其中品牌服飾板塊漲幅較優。基金持倉配置方面，海外需求疲軟疊加關稅加徵預期下製造減配顯著，拖累紡服2025Q1 重倉比例按月下降。品牌：...

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紡織服裝行業2025年度中期投資策略：弱於周期 興於結構

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紡織服裝行業2025年度中期投資策略：弱於周期興於結構