纺织服装行业2025年投资策略：六大关键词，贸易摩擦，第二曲线，品牌复苏，家纺回暖，户外趋势，市值管理

Industry Overview - The textile and apparel industry underperformed the CSI 300 index in 2024, with SW Textile Manufacturing and SW Apparel & Home Textiles declining by 6.07% and 11.71% respectively, while the CSI 300 rose by 15.67% [91] - Textile exports in October 2024 increased by 16.1% YoY, while apparel exports grew by 8.1% YoY [91] - Online retail sales of clothing and related products grew by 4.7% YoY from January to October 2024 [91] Textile Manufacturing Sector - The textile manufacturing sector saw a 5.6% YoY revenue growth in Q1-3 2024, driven by recovering overseas demand [105] - Key sub-sectors with strong growth include non-woven fabrics (+14.0%), accessories (+24.5%), and wool textiles (+10.5%) [112] - Recommended A-share companies in this sector include Huali Group, Weixing Shares, and JianSheng Group [2] Apparel & Home Textiles Sector - The apparel and home textiles sector experienced a 4.8% YoY revenue decline in Q1-3 2024 due to weak consumer demand [105] - Outdoor sports (+2.3%) and children's wear (+1.5%) were the most resilient sub-sectors [112] - Recommended A-share companies include Semir, Biyinzhuang, and Peacebird [2] Hong Kong Listed Sportswear Companies - Major sportswear brands achieved 7.6% revenue growth in H1 2024, with Anta Sports leading at 14.1% growth [131] - Sportswear OEM companies saw 10.6% revenue growth in Q1-3 2024, with Huili Group growing 22.4% [141] - Inventory levels remained healthy, with Anta's main brand and FILA maintaining inventory-to-sales ratios below 5 months [133] Key Investment Themes for 2025 - Six major investment themes identified: trade friction, second growth curve, brand recovery, home textile recovery, outdoor trends, and market value management [2] - The outdoor sector is expected to maintain high growth momentum in 2025 [2] - Home textile demand is likely to recover due to stabilizing real estate market and wedding demand [2] Valuation and Performance Metrics - As of November 15, 2024, the textile and apparel industry had a PE (TTM) of 19.1, ranking 20th among 28 SW primary industries [94] - The industry's dividend yield was 3.8%, ranking 3rd among SW primary industries [94] - Hong Kong-listed durable consumer goods and apparel sector had a PE (TTM) of 37.5, ranking 5th among 26 GICS sub-industries [96]