投资建议：在疫情反复阴影下国内消费疲软，服装家纺板块在 二季度受疫情影响仍不明朗，线下渠道管控仍严，建议关注中 长期高景气的运动服饰和户外运动品牌龙头，推荐特步国际、 安踏体育、李宁，建议关注比音勒芬；纺织制造板块受益于海 外消费市场提振、叠加人民币贬值利好，出口制造当前确定性 更强，建议关注具备优质供应链、下游需求向好的行业龙头华 利集团、台华新材、伟星股份、申洲国际。

1 行业回顾 ....................................................................................................................................... 5

1.1 纺织服装板块 ........................................................................................................................................... 5

1.2 大众服饰 ................................................................................................................................................... 7

1.3 中高端服饰 ............................................................................................................................................... 9

1.4 鞋帽板块 ................................................................................................................................................. 10

1.5 童装板块 ................................................................................................................................................. 12

1.6 户外运动板块 ......................................................................................................................................... 13

1.7 内衣板块 ................................................................................................................................................. 15

1.8 家纺板块 ................................................................................................................................................. 16

1.9 纺织制造板块 ......................................................................................................................................... 18

1.10 运动服饰板块 ......................................................................................................................................... 20

2 行业回顾 ..................................................................................................................................... 21

3 纺织服装行业2022Q1 机构持仓 .............................................................................................. 23

4 风险提示 ..................................................................................................................................... 25