2025年纺织服饰行业年度策略：制造红利持续，新兴品牌消费涌现

Investment Rating - The report maintains an "Accumulate" rating for the textile and apparel industry [5] Core Insights - The textile and apparel industry shows resilience in domestic demand and steady growth in external demand, with retail sales of clothing, shoes, and textiles reaching 1,307.3 billion yuan from January to November 2024, a year-on-year increase of 0.4% [1][13] - The report highlights five main investment themes for 2025, focusing on functional sportswear, home textiles, underwear, manufacturing, and market value management [3][30] Summary by Sections 2024 Industry Fundamentals Review - Domestic consumption remains resilient, with retail sales of clothing and textiles showing a stable growth trend, particularly during promotional months [1][13] - Exports of textiles and apparel totaled 273.06 billion USD from January to November 2024, reflecting a year-on-year increase of 2.0% [1][15] 2024 Sector Review - The textile and apparel sector experienced a decline of 5.80% from the beginning of the year to December 25, 2024, underperforming compared to the broader market [2][18] - The sector began to rebound in September 2024, driven by consumer policy initiatives and holiday economic boosts [21][24] 2025 Investment Strategies - Sportswear: The market for sports shoes and apparel is projected to approach 600 billion yuan by 2025, driven by increasing health awareness and participation in sports [30][33] - Home Textiles: The home textile market is expected to reach nearly 150 billion yuan by 2027, with a focus on bedding products [47][48] - Underwear: The underwear segment is characterized by essential consumption and strong anti-cyclical advantages, with a growing demand for comfort-oriented products [3] - Manufacturing: Manufacturing firms are expected to benefit from a recovery in overseas orders and supply chain optimizations [3] - Market Value Management: Companies involved in mergers, stock buybacks, and high dividends are recommended for investment [3]