中信证券：纺织制造板块正在逐渐渡过美国关税扰动带来的短期低谷

Core Viewpoint - The textile and apparel manufacturing sector is expected to continue its growth trend in the first half of 2025 despite tariff disruptions, demonstrating strong operational resilience and increasing concentration among leading companies [1] Group 1: Financial Performance - In the first half of the year, gross and net profit margins of manufacturing factories were slightly pressured due to short-term negative factors such as wage increases and capacity ramp-up [1] - It is anticipated that profit margins will gradually improve by the end of the year as these negative factors dissipate [1] Group 2: Future Outlook - In the second half of 2025, net profits of various manufacturing factories may still be affected by tariff disruptions [1] - In the medium to long term, leading manufacturing companies are expected to benefit from new orders, the alleviation of tariff disruptions, and continuous improvements in smart manufacturing levels, leading to steady annual growth [1] Group 3: Investment Recommendations - The textile manufacturing sector is gradually overcoming the short-term low caused by U.S. tariff disruptions [1] - It is recommended to seize high-certainty opportunities and continuously growing niche leaders after market corrections [1]