行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 03 月 27 日 家居智能化加速存量换新；高股息 梳理；关注思摩尔、乐舒适业绩 看好 ——造纸轻工周报 2026/03/16-2026/03/20 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 证 券 研 究 报 告 相关研究 - ⚫ 重点提示：1）家居：本周软体家居智能产品密集发布，品类新范式驱动换新需求；板 块估值底部，地产政策有望催化估值向上，行业整合加速，关注具备高股息安全边际的 【顾家家居】【索 ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 03 月 27 日 家居智能化加速存量换新；高股息 梳理；关注思摩尔、乐舒适业绩 看好 ——造纸轻工周报 2026/03/16-2026/03/20 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 证 券 研 究 报 告 相关研究 - ⚫ 重点提示：1）家居：本周软体家居智能产品密集发布 ...

喜临门健康睡眠科技股份公司 关于公司控股子公司账户资金被非法划转 及部分银行账户被保护性冻结的公告 证券代码：603008 证券简称：喜临门 公告编号：2026-004 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 喜临门健康睡眠科技股份公司（以下简称"公司"）控股子公司账户资金 被非法划转及部分银行账户被公司保护性自行冻结。现将相关情况公告如下： 一、基本情况 近日，公司发现下属控股子公司喜途科技有限公司的银行账户资金被非法 划转，划转资金累计 1 亿元。经公司核查，发现相关人员涉嫌利用职务之便， 非法挪用公司资金。为进一步防范资金安全风险，保障上市公司资金安全，公 司已于 2026 年 3 月 26 日向公安机关申请立案侦查，并将可能涉及到的相关银 行账户进行保护性冻结，具体情况如下： （一）被非法划转的银行账户信息 截至本公告披露日，公司控股子公司被非法划转账户资金情况如下： 单位：元 | 序号 | 户名 | 开户行 | 账号 | 账户性质 | 被非法划转金额 | | --- | --- | --- | --- | - ...

Group 1: Space Photovoltaics and Computing - The TERAFAB project aims to establish a chip manufacturing facility with a target annual capacity of 1 terawatt (1TW), with 80% of production dedicated to space missions[9] - The demand for solar power is expected to surge due to the deployment of AI satellites and the need for high-efficiency solar systems in space[10] - The transition of space photovoltaics from auxiliary power units to essential energy infrastructure for space computing is anticipated to drive significant growth in this sector[10] Group 2: 3D Printing Advancements - The 3D printing industry is experiencing growth due to improved equipment efficiency and reduced material costs, particularly in aerospace and consumer electronics[11] - Metal 3D printing is becoming a key technology for intelligent manufacturing, with applications expanding in various fields including AI computing and aerospace[11] - The price of titanium alloy powder for 3D printing has halved from 600 yuan/kg to below 300 yuan/kg, opening new application scenarios[33] Group 3: Home Products and AI Integration - Companies like Gujia Home and Mousse are focusing on smart and functional home products, with Gujia's new product line achieving over 15,000 orders within 24 hours of launch[44] - Mousse is collaborating with Huawei to create a comprehensive sleep solution, integrating AI technology into their product offerings[49] - The home furnishings sector is witnessing a shift towards smart, functional products that address consumer pain points, enhancing market competitiveness[44]

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing a recovery phase, with various segments showing signs of stabilization and growth potential. The report highlights the importance of new product launches and strategic partnerships in driving market dynamics [1][2][5] Segment Summaries 1. Trend Toys - The collaboration between Pop Mart and Sony Pictures for the LABUBU movie is expected to enhance the commercial ecosystem and deepen fan engagement with IP [9] - Upcoming product launches include several new series of toys, which could expand the proprietary IP matrix and improve profitability [10] 2. New Tobacco Products - The appointment of a new leader at the National Tobacco Monopoly Administration is anticipated to bring favorable policies for the new tobacco sector [13] - The U.S. smoking rate has dropped to a historical low, indicating a shift towards electronic alternatives [13] 3. Home Furnishings - Domestic real estate transactions are showing signs of recovery, with a slight improvement in sales figures for new and second-hand homes [14] - Furniture exports from China have surged by 67.83% year-on-year in February, indicating strong demand [14] 4. Paper and Packaging - Recent price fluctuations in pulp and paper products indicate a mixed market, with some products seeing price increases while others remain stable [18] - The consumer demand for packaging is gradually recovering, as indicated by retail sales data across various sectors [18] 5. Personal Care and AI Glasses - The personal care segment is seeing a recovery in sales, particularly in high-end tissue products, while AI glasses are entering a rapid growth phase with significant increases in shipment volumes [21][3] 6. Xiaomi Group - Xiaomi is leveraging its AI capabilities to create a unique ecosystem that integrates hardware and software, enhancing its competitive edge in the market [20] - The launch of the new Xiaomi SU7 models has generated significant pre-orders, indicating strong market interest [24] 7. Pet Food and Supplies - The pet food sector is aligning with international standards, with significant growth in exports and new product developments aimed at enhancing nutritional standards [25][27] - The establishment of new production facilities is expected to improve cost efficiency and product quality in the pet food market [26] 8. AI and 3D Printing - The industry is moving towards compliance and official authorization in IP usage, which is expected to benefit leading companies in the sector [34] - The TCT Asia Exhibition showcased advancements in 3D printing technology, highlighting its potential for broader applications [35] 9. Two-Wheeled Vehicles - The electric vehicle segment is set for growth, with companies like Niu Technologies targeting significant sales increases for the year [42] - The introduction of new safety features and AI technology is expected to enhance product appeal and market competitiveness [42]

Investment Rating - The industry investment rating is "Buy" [3] Core Views - The real estate market is showing signs of recovery, which is expected to benefit the home furnishing sector, leading to valuation and profit recovery [11][39] - The government has shifted its focus to stabilizing the real estate market, with policies aimed at enhancing supply and demand, as well as risk prevention [7][39] - The home furnishing sector is currently undervalued, with leading companies' valuations at historical lows, indicating potential for growth as the real estate market stabilizes [9][11] Summary by Sections Real Estate Market Overview - New home prices in January 2026 showed a narrowing decline, with first-tier cities like Shanghai maintaining stable prices and a year-on-year increase of 4.2% [6][22] - The second-hand housing market is also showing signs of improvement, with price declines reducing and transaction volumes increasing in core cities [30][39] Government Policies - The 2026 government work report emphasizes stabilizing the real estate market, with three main strategies: supply-side management, demand-side support, and risk prevention [7][39] - Recent policies include reducing housing purchase restrictions and optimizing housing fund loan policies to stimulate market activity [8][39] Home Furnishing Sector Insights - As of March 13, 2026, the price-to-earnings (PE) ratios for leading home furnishing companies are as follows: 欧派家居 (13.58), 索菲亚 (11.18), 志邦家居 (14.10), 金牌家居 (21.50), 慕思股份 (16.13), 喜临门 (20.38), 梦百合 (31.92), indicating they are at historical low valuations [9][42] - The home furnishing sector is expected to benefit from the recovery in the real estate market, leading to improved valuations and profitability [11][39] Key Data Tracking - From March 1 to March 8, 2026, the total transaction area of commercial housing in 30 major cities was 112.99 million square meters, with a month-on-month decrease of 6.91% [12] - The average price of new residential buildings in February 2026 showed a year-on-year increase of 2.37%, indicating a potential stabilization in the market [6][22]

Investment Rating - The report maintains a positive outlook on the light industry and paper sector, anticipating performance improvements in 2025 [3][4]. Core Insights - The report highlights an acceleration in industry consolidation, with leading companies demonstrating resilience and a wait for demand recovery in 2026 [2][3]. - It predicts that the paper prices will continue to rise due to cost-driven factors, increased demand, and alleviated supply pressures, leading to improved profitability in Q4 2025 [4]. - The packaging and printing sector is expected to see a rise in profitability for leading companies, while some may experience declines due to optimization and potential impairments [4][9]. - The export sector shows a mixed performance, with companies having global supply chain advantages expected to maintain steady growth [4][12]. - The home furnishing sector is under pressure from policy changes, with soft furniture performing better than custom furniture [4][14]. - The light consumer goods sector is facing overall demand pressure, but individual companies are showing structural highlights [4][16]. Summary by Sections Paper Industry - The report forecasts improved profitability for companies like Sun Paper and BoHui Paper in Q4 2025, with expected net profits of 7.58 billion and 1.11 billion respectively, showing significant year-on-year growth [6][8]. - Companies like ShanYing International are expected to incur losses, with a projected net profit of -6.50 billion [8]. Packaging and Printing - YuTong Technology is expected to achieve a net profit of 4.23 billion in Q4 2025, reflecting a 44% year-on-year increase [9][10]. - Companies like HeXing Packaging are projected to face losses, with a net profit of -0.25 billion [10]. Export Sector - Co-Creation Turf is expected to see a revenue increase of 24% year-on-year, reaching 8.59 billion, with a net profit of 1.64 billion [12][13]. - Companies like JiaYi Co. are projected to experience a decline in profits, with a net profit of 1.43 billion, down 29% year-on-year [12][13]. Home Furnishing - Companies like Gujia Home are expected to see a revenue of 48.62 billion in Q4 2025, with a net profit of 3.18 billion, reflecting a significant increase [14][15]. - Companies like Oppein Home are projected to face a 20% decline in net profit, estimated at 4.55 billion [15][17]. Light Consumer Goods - Companies like Guangbo are expected to achieve a net profit of 0.52 billion, reflecting a 12% year-on-year increase [16][19]. - Companies like Bull Group are projected to see a decline in net profit, estimated at 9.58 billion, down 5% year-on-year [19][20].

Investment Rating - The report indicates a positive outlook for the paper, packaging, and home furnishing sectors, suggesting potential investment opportunities in these areas [5][7]. Core Insights - The paper industry is expected to see price recovery and improved supply-demand dynamics, enhancing profitability [5][8]. - The packaging sector remains stable, driven by global supply chain consolidation and high dividend yields [5][12]. - The home furnishing sector is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [5][14]. Summary by Sections 1. Weekly Insights - The report highlights three key sectors: paper, packaging, and home furnishing, with expectations of price recovery in paper, stability in packaging, and potential valuation recovery in home furnishing due to supportive real estate policies [7]. 2. Sector-Specific Insights Paper Industry - Pulp prices are showing signs of recovery, with a potential for improved supply-demand dynamics to enhance industry profitability [5][8]. - The report suggests focusing on integrated companies with cost advantages, such as Sun Paper, Nine Dragons Paper, and Bohui Paper, which are expected to benefit from the recovery in boxboard and cultural paper prices [9][10][11]. Packaging Industry - The packaging sector is characterized by stability and consolidation driven by global supply chains, with companies like Yutong Technology, Yongxin Co., and Zijang Enterprises highlighted for their strong dividend yields and growth potential [12][13]. Home Furnishing Industry - The home furnishing sector is positioned for valuation recovery, supported by improving real estate policies and increasing consumer confidence [14][15]. - Companies such as Kuka Home, Sophia, and Oppein are noted for their potential to benefit from these trends, with a focus on high dividend yields and market consolidation [14][17]. 3. Company Updates - JD Industrial reported a revenue of 23.95 billion yuan for FY25, a 17% year-on-year increase, driven by growth in key accounts [15].

Investment Rating - The report maintains a positive outlook on the paper, packaging, and home furnishing sectors, indicating potential for recovery and growth in these industries [5][7]. Core Insights - The paper industry is expected to see price stabilization and improvement in profitability due to a favorable supply-demand balance and rising prices for various paper products [5][8]. - The packaging sector is characterized by stability and high dividend yields, with companies like Yutong Technology and Yongxin Co. showing strong growth potential through strategic acquisitions and market expansion [5][13]. - The home furnishing sector is at a valuation bottom, with supportive real estate policies likely to catalyze upward valuation adjustments, alongside accelerated industry consolidation [5][16]. Summary by Sections Paper Industry - Pulp and paper prices are showing signs of recovery, with price increases expected post-holiday due to improved supply-demand dynamics. The report highlights the strong production control willingness of overseas pulp mills and the upward trend in hardwood pulp prices [8][10]. - Companies to watch include Sun Paper, which benefits from a diversified product range and cost advantages, and Nine Dragons Paper, which is positioned to gain from the recovery in corrugated paper demand [10][12]. Packaging Industry - The packaging sector is stable, driven by global supply chain dynamics and high dividend yields. Yutong Technology is noted for its strategic acquisitions and strong customer relationships, while Yongxin Co. is recognized for its leadership in plastic flexible packaging [13][14]. - The report emphasizes the growth potential of Zijiang Enterprise, which is expanding its beverage packaging business and optimizing its product structure [14]. Home Furnishing Industry - The home furnishing sector is expected to benefit from improving real estate policies, which may enhance consumer confidence and demand. The report identifies key players such as Kuka Home and Sophia, which are well-positioned for valuation recovery [16][19]. - The report notes that the industry is undergoing consolidation, with mid-tier companies exiting the market, allowing leading firms to capture greater market share [19][20]. Company Updates - JD Industrial reported a revenue of 23.95 billion yuan for FY25, a 17% year-on-year increase, driven by growth in key accounts [17]. - The report highlights the strong performance of various home furnishing companies, including Kuka Home and Sophia, which are adapting to market changes and enhancing their retail capabilities [27][30].

Investment Rating - The report maintains a "Positive" outlook on the paper and light industry sectors, highlighting potential improvements in domestic demand and the impact of tariff policy changes [1][2]. Core Insights - The report emphasizes the expected marginal improvement in domestic demand, driven by real estate policy stabilization and consumer confidence recovery [2][10]. - The AI glasses market is anticipated to see significant growth, with Meta's sales surging and Apple's upcoming product launch expected to enhance market penetration [2][12]. - The paper industry is experiencing price stability and potential profitability improvements due to strong overseas production control and rising prices [2][14]. Summary by Sections Export Sector - Changes in tariff policies are expected to boost export performance, with recommendations for companies like 嘉益股份, 匠心家居, and 永艺股份 due to their strong performance certainty [2][4]. - The U.S. Supreme Court's ruling against additional tariffs and the introduction of a 10% global tariff are pivotal developments [4][10]. Home Furnishing Sector - The home furnishing industry is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [2][10]. - The sector is witnessing accelerated consolidation, with mid-tier companies exiting and capital entering leading firms, enhancing industry concentration [2][11]. - Companies like 顾家家居, 索菲亚, and 欧派家居 are highlighted for their potential valuation recovery [2][11]. AI Glasses Sector - Meta's smart glasses sales have seen explosive growth, with a reported increase of nearly threefold, while Apple's anticipated entry is expected to further drive market penetration [2][11]. - The report suggests focusing on companies like 康耐特光学 and 明月镜片, which are well-positioned in this emerging market [2][12]. Paper Industry - The report notes that overseas pulp mills are showing strong production control intentions, leading to price increases [2][14]. - Companies like 太阳纸业 and 玖龙纸业 are recommended due to their integrated operations and cost advantages [2][14]. Domestic Demand - There is an expectation of marginal improvement in domestic demand, with companies like 百亚股份 and 公牛集团 identified as potential beneficiaries [2][17]. - The report highlights the importance of consumer confidence and spending power recovery in driving demand [2][17].