纺织服装行业2025年度投资策略报告：从单边行情走向双边轮动

Investment Rating - The report indicates a shift in the investment strategy for the textile and apparel industry, moving from a single-sided market to a dual-sided rotation in 2025 [2][4]. Core Insights - The textile and apparel industry in A-shares experienced a single-sided market in 2023 (brands outperforming manufacturing) and 2024 (manufacturing outperforming brands). The report anticipates a more frequent rotation between brands and manufacturing in 2025, driven by improved macroeconomic conditions and policy support [2][4]. - The report highlights that the brand apparel sector is entering a recovery phase, supported by policy stimulus and consumer confidence rebuilding, while concerns regarding tariffs on manufacturing are deemed overestimated [2][4]. - The report emphasizes the importance of quality enterprises in the manufacturing sector, which are expected to demonstrate resilience in performance in 2025, while brand enterprises may show varying risk preferences [2][4]. Summary by Sections 1. Industry Review - The textile and apparel sector's performance has been mixed, with revenue recovery leading profit recovery, particularly in manufacturing and outdoor segments [9][25]. - The report notes that the textile and apparel sector has underperformed compared to the overall market, with a decline of 13.05% relative to the Shanghai Composite Index [14][18]. 2. Brand Apparel - The outdoor segment shows high growth potential, while men's apparel demonstrates resilience, and women's and casual wear continue to show weak recovery [42]. - Investment themes include focusing on the sports and outdoor sectors, high dividend yields, and companies with significant earnings elasticity [42][41]. 3. Textile Manufacturing - The report indicates a positive trend in the textile manufacturing industry, with a recovery in orders since Q4 2023, driven by low base effects and brand replenishment needs [5][32]. - Key investment themes include the long-term growth of the sports industry and opportunities arising from structural adjustments and capacity releases in leading companies [5][32].