纺服及时尚消费行业2025年度投资策略：行到水穷处 坐看云起时

Investment Rating - The report maintains a "Positive" outlook for the textile and apparel industry [5]. Core Insights - The industry faced weak demand in 2024, significantly impacting the performance of listed companies, particularly low valuation/high dividend theme leaders [2][25]. - The rapid increase in gold prices has adversely affected the jewelry sector's performance, with only a few companies like Lao Pu Gold showing growth [2][44]. - The industry valuation trend shifted in September 2024, driven by policy expectations [2][54]. Summary by Sections 2024 Industry Review - Domestic brand demand was weak, affecting overall company performance, with a notable decline in the profitability of the SW brand apparel and SW beauty care sectors in Q3 2024 [2][25]. - The export manufacturing sector showed signs of recovery, with improved export data from Vietnam and Taiwan's footwear and apparel companies [2][56]. 2025 Investment Strategy for Domestic Brands - The focus is on monitoring the strength and breadth of policy support, anticipating a rebound in domestic consumption [2]. - The report highlights the effectiveness of consumption stimulus policies, particularly the "old-for-new" exchange and consumption vouchers, which are expected to boost industry confidence [2][3]. - Key investment targets include companies benefiting from policy support, outdoor sports apparel, and medical beauty/cosmetics sectors [3]. 2025 Investment Strategy for Export Manufacturing - The report emphasizes the resilience of leading companies and the importance of U.S. tariff policies [2]. - Historical analysis indicates that leading companies maintained their export ratios despite tariff increases, suggesting a potential for continued performance [2][3].