【券商聚焦】国泰海通证券:当前纺服行业出口环境具不确定性 中长期仍看好优质制造标的

金吾财讯
Jun 25, 2025

金吾财讯 | 国泰海通证券发布纺服行业研报,国内方面,618大促运动户外赛道展现高景气。5月国内服装零售额环比加速增长,认为与618大促活动时间提前有关。海外方面,5月美国消费走弱,服装消费相对坚挺;4月库销比环比持平。该机构指,当前出口环境具不确定性,中长期仍看好优质制造标的,推荐:①拥有较强顺价能力品牌客户、②差异化产品开发和研发能力、③较强资金储备和多元产能布局、④较高股东回报率的优质企业。品牌端分三条投资主线:①全民健身、户外风潮延续,推荐运动户外景气赛道;②推荐逆市拓店或通过精细化管理实现高客单会员持续增长的公司;③受惠房地产企稳、补贴政策推动销售改善的家纺板块。

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