2025年轻工制造&纺织服饰年度策略报告：聚焦内需，关注细分领域投资机会

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [10]. Core Insights - The home furnishing industry is showing signs of weak recovery, with policies promoting trade-in programs potentially stimulating demand [9]. - The electric two-wheeler industry is experiencing increased entry barriers, with Southeast Asia identified as a promising market for expansion [9]. - The pet industry is on a growth trajectory, with domestic pet food brands gaining traction [10]. - The textile and apparel sector is facing short-term challenges, but sportswear is expected to grow steadily [11]. Summary by Sections 1. Market and Performance Review - Both the light industry and textile sectors have underperformed compared to the CSI 300 index, with the textile and apparel sector down 8.56% and the light industry down 4.14% year-to-date [30]. - The light industry manufacturing sector's revenue for the first three quarters of 2024 was CNY 446.50 billion, a year-on-year increase of 1.63%, while net profit decreased by 3.15% [36]. 2. Home Furnishing Industry - The home furnishing sector is experiencing a weak recovery, with furniture retail sales showing marginal improvement, growing by 1.90% year-on-year in the first ten months of 2024 [52]. - The "trade-in" policy is expected to further support domestic demand in the home furnishing sector [9]. 3. Electric Two-Wheeler Industry - The electric two-wheeler market has seen a 22.60% year-on-year increase in exports in the first half of the year, with the European and American markets being the primary export destinations [9]. - Southeast Asia presents significant potential for electric two-wheeler market expansion due to high motorcycle ownership [9]. 4. Pet Industry - The domestic pet industry is projected to reach CNY 361.30 billion by 2026, with pet food sales reaching CNY 145.80 billion in 2023 [10]. - There is a noticeable shift in consumer preference towards domestic pet food brands, indicating a growing market for local companies [10]. 5. Textile and Apparel Sector - The textile and apparel sector is facing pressure from weak domestic sales, but there is a trend of order front-loading due to potential tariff risks [11]. - The domestic sportswear market is expected to grow significantly, with projections of CNY 421.00 billion in 2024 and CNY 559.30 billion by 2028 [11].