纺织服装行业2025年中期策略：挖掘外贸新航道与内需alpha

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The report highlights a divergence in brand performance in the domestic market, with strong recovery in high-dividend leading companies like Luolai Life (+25%) and notable performance from outdoor leader Anta (+24%) [2] - In the overseas market, high-end outdoor sports brands and leisure apparel leaders in the US have shown strong performance, with AS/URBN/GAP/RL increasing by 34%/33%/22%/21% respectively [2] - The report anticipates growth in the sports apparel sector, particularly in high-end segments, and expects benefits for the home textile sector from real estate stabilization and subsidy policies [4] Summary by Sections Market Performance Review - Domestic market shows a recovery in high-dividend leaders, with Luolai Life leading at +25% and Anta at +24% - Outdoor manufacturing leader Zhejiang Natural has surged by +35% due to strong alpha [2] - In the US, high-end outdoor brands have performed well, with significant increases in stock prices [2] Fundamental Review - Brand performance under pressure due to high base and macroeconomic fluctuations, with companies like Luolai and Mercury showing resilience [3] - Manufacturing sector sees an upward trend in capacity utilization, with notable performance from Zhejiang Natural and Weixing [3] Industry Trend Outlook for 2025 - Positive outlook for sports apparel, especially in high-end segments, and home textiles benefiting from real estate stabilization [4] - Individual companies like Anta, 361 Degrees, and Hai Lan Home are highlighted for their proactive channel transformations and low inventory levels [4] Investment Recommendations - Recommended brands include Anta Sports, Xtep International, Hai Lan Home, Jiangnan Buyi, Luolai Life, and Mercury Home Textiles [5] - Manufacturing recommendations include Shenzhou International, Jiuxing Holdings, and Huali Group [5]