本文从产业链视角出发：1）新消费板块基于景气投资视角，由零售渠道格局革新、推演至细分品类运营逻辑差异，探寻新产品、新渠道及新品牌的积极变化；2）出海链则基于业绩为王配置思路，旨在总结龙头企业强业绩兑现的方法论；3）顺周期以底线思维价值视角寻求质量龙头。以期为 26 年投资主线提供参考。

纺织服饰行业：纺织制造业绩略有分化，服装家纺业绩有所反弹－2025年三季报前瞻

纺织服装行业：2025第三季度产品竞争回顾与分析－运动品牌行业专题报告

纺织品、服装与奢侈品行业：行业回暖、结构性景气，政策和品牌策略促成长－无纺布产业链之供给篇

Ethnic wear refers to the clothes that are worn in a particular geographic region, culture, or country.

Outdoor sports apparel refers to specialized clothing and gear designed specifically for outdoor activities such as hiking, running, cycling, skiing, and other sports performed outside. These garments prioritize functionality, durability, and comfort, often incorporating features that enhance performance and safety in various weather conditions.

轻工纺服行业：烟草行业稳中有进，烟用物资产业稳健发展

轻工纺服行业：25H1板块运营承压，关注头部运动品牌及制造链盈利修复－纺织服装2025年中报总结

Home textile retail refers to the sale of various textiles and soft furnishings used in households, such as bedding, curtains, towels, and rugs. These products are typically sold in retail stores or online platforms specializing in home decor. Home textile retail focuses on providing a wide range of designs, materials, and quality options to cater to customers preferences for comfort, aesthetics, and functionality in their living spaces.

The global handicrafts market includes all the products that are manufactured by artisans by hand, using hand tools or small machinery, and which reflect the traditional ethos and indigenous ethnicity of a particular region. The raw materials used for manufacturing these products are mostly recyclable, industrially processed, or natural