纺织服装行业2025年度中期投资策略:弱于周期 兴于结构

长江证券
Jul 06, 2025

复盘:制造景气弱化 ,港股&制造减配2025 年初至今,国内服装零售增速整体稳健,节假日提振叠加“618”促销提前下5 月增速环提升。制造端,2024 年如期修复,2025Q1 景气度有所下降;品牌端,收入承压,负经营杠杆拖累业绩。市场层面,年初至今行业略跑赢大盘,其中品牌服饰板块涨幅较优。基金持仓配置方面,海外需求疲软叠加关税加征预期下制造减配显著,拖累纺服2025Q1 重仓比例环比下降。品牌:...

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