金吾财讯 | 中金公司研报指，预计服装需求整体仍旧平稳，但需求分化态势延续，消费者更加关注产品力本身。运动户外行业中，头部集团持续迭代核心科技，提升产品性能；男女装品牌中，中高端品牌在面料、版型和设计等方面保持差异化优势。另一方面，大众品牌主打产品性价比，保持稳健增长。2H26低基数下中游鞋服制造板块有望迎来修复，原材料成本上行担忧逐步缓解。2H25以来，中游鞋服制造板块经历了包括关税调整、地缘政治、原材料价格波动等在内的一系列外部环境影响，业绩出现波动。我们认为进入2H26以上外部因素影响将会逐渐消退，在基数走低下行业有望迎来修复。2H26金饰行业增长进一步分化，金价若企稳回升或带动终端需求改善。2026年以来，受高基数及金价回落影响，行业整体增长面临一定压力，品牌表现分化，但计价类产品销售有所修复。我们认为2H26若金价逐步企稳回升，黄金珠宝品牌在中国内地的销售或逐步迎来较好的增长表现。此外，中国港澳及海外市场年内有望持续带来增长动能，高港澳占比的公司有望继续受益。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.