美国大选纺织服饰行业点评：加征关税对纺织龙头企业影响有限

Investment Rating - The textile and apparel industry maintains a "Neutral" rating [4] Core Insights - The impact of tariff increases on China's textile exports to the US is limited, with a 7% decline in 2019 to 426.23 billion yuan, followed by a rise to 51.903 billion USD in 2022, and a decrease to 45.669 billion USD in 2023, showing that tariffs have had minimal long-term effects since 2018 [1][2] - If tariffs increase, a short-term surge in exports may occur, similar to the situation in 2018, where export growth rates were +20.90%, +10.00%, and +8.40% in the months following policy changes, but stabilized thereafter [1] - The US's political measures against Chinese textile exports are more significant than tariff measures, with restrictions on cotton products and garments due to geopolitical issues, prompting domestic companies to increase overseas production bases [2] - Southeast Asia is becoming the main region for textile and apparel production relocation, with companies moving to countries like Vietnam, Cambodia, and Indonesia to maximize efficiency [2] - Leading companies have established overseas production advantages, with Shenzhou International's overseas garment output reaching 53% by the end of 2023, and other companies like Huayi Group and Baolong Oriental having significant overseas production capacities [2] - Investment recommendations focus on domestic textile manufacturing leaders such as Huayi Group, Shenzhou International, Weixing Co., New Australia Co., Kairun Co., and Jiesheng Group, which have strong international production layout experience [3]