中央经济工作会议定调2026年内需主导​ 服装消费预期向好 裕元集团(00551)涨6%领升体育用品股

金吾财讯
Dec 15, 2025

金吾财讯 | 中央经济工作会议定调2026年内需主导,服装消费预期向好,体育用品股普升,裕元集团(00551)涨6.08%,李宁(02331)涨4.64%,361度(01361)涨3.24%,滔搏(06110)涨2.56%,特步国际(01368)涨2.23%,宝胜国际(03813)涨2.20%。

中国银河证券指出,12月11日召开的中央经济工作会议明确2026年经济工作重点任务为“坚持内需主导,建设强大国内市场”,并强调“深入实施提振消费专项行动,制定实施城乡居民增收计划”。对于纺织服饰这一可选消费属性较强的板块而言,政策端对终端消费的实质性补贴和居民收入预期的改善将直接提振消费信心。内需方面,2025Q4以来行业零售端表现出较强韧性,2025年1-10月,服装零售额累计同比增长3.5%,增速较前三季度进一步扩大。10月单月同比增长达6.3%,连续第二个月单月增速超过社会零售额整体水平。该机构认为,受益于宏观经济改善和政策催化,2026年纺服行业内需有望从“温和复苏”迈入“加速回暖”阶段。内需聚焦高景气户外运动赛道,国产体育龙头在丰富品类,精细化管理上具有竞争优势,建议关注安踏体育、特步国际、李宁、361度。

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