紡織服裝中期行業(yè)策略報(bào)告消費(fèi)波動(dòng)，持有優(yōu)勢(shì)資產(chǎn)，布局左側(cè)品種

1、目錄目錄1長(zhǎng)期邏輯：優(yōu)選低競(jìng)爭(zhēng)行業(yè)...................................................52短期趨勢(shì)：服裝消費(fèi)波動(dòng)筑底，優(yōu)選高成長(zhǎng)與左側(cè)品種..........................153品牌服飾：關(guān)注運(yùn)動(dòng)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(fèi)品中經(jīng)營(yíng)穩(wěn)健且資產(chǎn)盈利效率具有優(yōu)勢(shì)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(shì)企業(yè)。..........395.1棉花供給仍有缺口，長(zhǎng)期來(lái)看，仍有向上預(yù)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(fēng)險(xiǎn)提示..................................................................43圖表47：港股運(yùn)動(dòng)服飾應(yīng)收賬款周轉(zhuǎn)圖表46：港股運(yùn)動(dòng)服飾銷售費(fèi)用率（%）..................................................24天數(shù)(天)..........................