紡織服裝中期行業(yè)策略報告消費波動，持有優(yōu)勢資產(chǎn)，布局左側(cè)品種

1、目錄目錄1長期邏輯：優(yōu)選低競爭行業(yè)...................................................52短期趨勢：服裝消費波動筑底，優(yōu)選高成長與左側(cè)品種..........................153品牌服飾：關(guān)注運動及童裝優(yōu)質(zhì)賽道..........................................204家紡：提前關(guān)注地產(chǎn)后周期消費品中經(jīng)營穩(wěn)健且資產(chǎn)盈利效率具有優(yōu)勢的家紡行業(yè)

2、..305紡織：貿(mào)易戰(zhàn)仍有影響，關(guān)注制造壁壘高且海外布局具有先發(fā)優(yōu)勢企業(yè)。..........395.1棉花供給仍有缺口，長期來看，仍有向上預期.........................................405.2產(chǎn)業(yè)鏈打通成為提升效率和盈利的關(guān)鍵...............................................415.3受益成本、稅收優(yōu)惠等，紡織產(chǎn)能持續(xù)向越南轉(zhuǎn)移...........

3、..........................426風險提示..................................................................43圖表47：港股運動服飾應(yīng)收賬款周轉(zhuǎn)圖表46：港股運動服飾銷售費用率（%）..................................................24天數(shù)(天)..........................