“织”道系列3：运动制造3月跟踪：景气度放缓，看好优质制造低位布局机会

Investment Rating - The industry investment rating is "Positive" and maintained [7] Core Insights - The report highlights a short-term suppression of the manufacturing export chain due to tariff adjustments, suggesting opportunities for low-position layouts in quality manufacturing [2][6] - The report emphasizes the importance of focusing on high-quality leading companies with strong competitiveness and profitability, particularly in the context of easing tariffs on Southeast Asia [2][6] - The overall demand in overseas markets remains weak, with expectations of continued low replenishment momentum [4][14] Summary by Sections Manufacturing Orders - In March, the growth rate of manufacturing orders in the sports manufacturing sector showed a month-on-month decline, indicating a slowdown in the positive trend of order demand [4][25] - Shoe manufacturing companies have shown better order conditions compared to garment manufacturers, although both sectors experienced a slowdown in order growth in March [4][25] Tariff Impact Analysis - The report reviews the historical impact of tariff increases, noting that previous rounds led to a temporary boost in export growth followed by a decline in demand and orders [5][32] - Current analysis suggests that manufacturers with high export ratios to the U.S. and low profitability are likely to be more affected by tariffs, while leading companies in sports manufacturing are expected to bear minimal impact [5][33] Investment Strategy - The report recommends gradually embracing brand beta and seeking low-position layouts in quality manufacturing, with a focus on leading companies such as Shenzhou International, Weixing Co., and Huali Group [6][43] - It also suggests monitoring A-share brands that are likely to benefit from positive sentiment and policy support, with specific attention to companies like Hailan Home and Antarctic E-commerce [6][43] Overseas Market Demand - The report indicates that overseas demand remains under pressure, with U.S. apparel retail showing a year-on-year increase of 1.8% in March, but overall consumer confidence continues to decline [14][19] - European and Japanese apparel retail sectors are experiencing significant declines, with Japan's retail down by 12.1% year-on-year in February [20][21] Export Performance - In March, China's apparel and footwear exports showed a year-on-year increase of 8.8% and 9.5%, respectively, attributed to a low base effect from the previous year [22][24]