“织”道系列6-运动制造5月跟踪:制鞋&制衣景气弱化 建议布局内需&红利

长江证券
Jun 27, 2025

运动制造5月跟踪:制鞋&制衣景气边际弱化库存水位正常叠加需求环境偏弱,海外服装渐入累库周期。美国整体服装库存均已处于健康水平,且渐从维稳状态切换至库存上行阶段。需求端,4 月,英国、法国服装零售环比改善,德国、日本延续承压,整体需求仍有待恢复,品牌公司最新营收增速指引多偏谨慎,部分公司取消全年指引,终端零售预期偏弱。库存水位正常叠加弱零售环境下,美国服装行业库存逐渐切换至被动累库阶段,制造短期难现...

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