轻工纺服行业2026年度投资策略：探寻出海与内需的“新”底色

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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。主线一：新消费：持续挖掘产品、渠道及品牌积极变化。25 年我们见证了新消费板块的跌宕起伏，站在当前时点、市场或许担忧...

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