【券商聚焦】中国银河:布局户外运动服饰的品牌将受益于户外产业增长红利

金吾财讯
Nov 26, 2025

金吾财讯 | 中国银河证券发研报指,随着“十五五”规划明确将坚持扩大内需作为战略基点,叠加政策持续催化,纺服行业整体市场需求预计仍维持低速平稳增长,其中户外运动赛仍是高景气赛道。上游纺织制造方面,短期内关税扰动或将边际减弱,龙头公司已凭借国际化产能布局实现多元供给,我国对美服装出口2025年同比下滑9.53%,未来大概率将延续下滑态势,需重点关注布局国际化产能和绑定优质的客户龙头企业。户外运动服饰:2026年户外赛道仍是重点聚焦方向,主要源于户外行业的持续高景气:(一)场景细分多元,专业户外、日常休闲、商务三大方向不断深化,为运动户外服饰品类创新提供丰富载体。(二)参与人群与消费规模扩容,户外运动渗透率持续提升,驱动整体市场规模稳步增长。(三)政策支持、多元赛事落地及社媒传播催化下,消费需求向专业化、多元化升级。布局户外运动服饰的品牌将受益于户外产业增长红利。纺织制造:2026年关税扰动节奏放缓,结构性机会凸显,具备海外产能布局且绑定优质客户的企业可有效对冲关税成本冲击,更具盈利韧性与增长潜力。可重点关注经营望出现拐点的耐克链企业,以及绑定其他业绩稳健增长核心客户的上游制造龙头。下游品牌:聚焦“低估值+高股息+业绩稳健”的优质标的,这类兼具高股息现金回报与盈利能力的服装家纺公司,既具备较强的防御属性,也拥有业绩驱动的向上空间。

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