金吾财讯 | 中国银河证券表示，展望下半年，内需层面看，服装终端销售有望延续温和复苏。户外运动赛道依然保持高景气，产品专业化升级及新零售渠道创新成为下半年的增长点。出口方面，中美关税压力短期仍处高位，但对东南亚等非美市场的出口拓展将有效支撑长期韧性。海外主要品牌发展分化加剧，户外、专业跑鞋等品牌表现强势，绑定优质客户的上游制造企业的订单需求有望迎来结构性改善。羊毛、棉花等原材料价格进入上行周期，利好备货充足的上游龙头企业。体育服饰与户外运动方面，作为纺织服饰行业中景气度最高的核心赛道，国产品牌通过核心IP产品放量、大店新业态布局以及加速全球化出海等战略举措，市场占有率稳步提升，成长确定性强。展望2026年下半年，行业增长动能有望持续释放，城市轻户外全民化趋势延续，秋冬滑雪、徒步等季节性户外场景需求将带动专业运动与休闲运动服饰双轮增长。头部企业将继续深化全球化布局，通过海外渠道拓展、国际赛事赞助、多品牌矩阵整合加速抢占全球市场份额，同时持续加码产品研发与全渠道数字化运营，进一步巩固品牌与渠道壁垒。建议重点关注具备品牌力、产品力和渠道力综合优势的优质运动龙头企业。
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