行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 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 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 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 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

机构持仓方面，截止2025年9月30日，喜临门十大流通股东中，香港中央结算有限公司位居第三大流通 股东，持股1231.72万股，为新进股东。招商量化精选股票发起式A（001917）位居第六大流通股东，持 股509.63万股，为新进股东。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 资料显示，喜临门健康睡眠科技股份公司位于浙江省绍兴市斗门镇三江路13-1号喜临门袍江工厂B楼， 成立日期1996年11月6日，上市日期2012年7月17日，公司主营业务涉及床垫、软床及酒店家具的研发、 生产和销售。文化传媒相关业务。主营业务收入构成为：床垫60.37%，软床及配套27.93%，沙发 8.24%，木质家具1.91%，其他(补充)1.55%。 截至10月31日，喜临门股东户数1.60万，较上期增加0.00%；人均流通股23049股，较上期减少0.85%。 2025年1月-9月，喜临门实现营业收入61.96亿元，同比增长3.68%；归母净利润3 ...

Core Viewpoint - Anutin is expected to continue leading the new government in Thailand after unexpectedly winning the election, forming a coalition with the Pheu Thai Party [2][5]. Group 1: Election Results - The Thai general election held on February 8 resulted in Anutin's party, the Bhumjaithai Party, becoming the largest party in the House of Representatives, winning 193 seats out of 500 [4]. - The Pheu Thai Party and the Palang Pracharath Party ranked second and third, securing 118 and 74 seats respectively [4]. - The Bhumjaithai Party's strategy focused on practical policies for improving livelihoods rather than institutional reforms, which resonated with voters [4]. Group 2: Coalition Formation - The Bhumjaithai Party, unable to secure a majority, has reached an agreement with the Pheu Thai Party to form a coalition government, with specific details to be discussed later [5]. - The Pheu Thai Party has close ties to former Prime Minister Thaksin, and its candidate for Prime Minister is the son of Thaksin's brother-in-law [6]. Group 3: Political Landscape - The election results have created a three-party dynamic among the Bhumjaithai Party, the Pheu Thai Party, and the Palang Pracharath Party, with each party leveraging nationalism and populism to gain support [2][4]. - Analysts suggest that the Bhumjaithai Party's moderate ideology and focus on continuity and feasibility in policy-making provide it with an advantage in coalition negotiations [6]. Group 4: Economic Challenges - The new government will face significant challenges in economic growth, as Thailand's economic performance lags behind other ASEAN countries [6]. - Structural issues such as insufficient export competitiveness, slow industrial upgrades, and high household debt will complicate recovery efforts [6].

当地时间2月18日，在意大利利维尼奥举行的米兰-科尔蒂纳冬奥会单板滑雪男子坡面障碍技巧决赛中， 中国选手苏翊鸣夺得冠军。图为苏翊鸣在颁奖仪式上。新华社记者 王鹏摄 当地时间2月18日，在意大利利维尼奥举行的米兰-科尔蒂纳冬奥会自由式滑雪女子空中技巧决赛中，中 国选手徐梦桃获得冠军，队友邵琪和孔凡钰分获三、四名。图为徐梦桃在颁奖仪式上庆祝夺冠。 新华 社记者 张宏祥摄 ...

丁片放映 工作区 窗口 帮助 降型. × | @ 欧曲《我的中国心》伴奏版 × | @ 难忘的初恋情人知丽君卡拉 × | 查 我上行-张叫 Q X f 开始 扣入 设计 切换 动画 放映 审阅 # l = 3 LB le a Lo (D) LSF Es 放映设置。 自定义放映 隐藏幻灯片 排练计时。 从头开始 当页开始 演讲智视图 演讲备注。 W FE = * 白金汉网大酒店 面对复杂的市场挑战与快速的技术迭代，以法人陆司浩、董事长万树安为核心的中应建新能源管理团队，凭借坚韧不拔的毅力积极开拓海外市场，重点布局 斯里兰卡储能产业。今年2月初，公司已与斯里兰卡国家投资局（BOI）成功签署3.5亿元投资意向协议，计划在毗邻斯里兰卡科伦坡汉班托塔港口附近25公 里处，创立中应建兰卡公司。该区域毗邻中国援建的高速公路，地理位置优越，将重点建设能源储能组装工厂，年后首期将投入5000万美元，打造斯里兰卡 新能源储能核心基地，为企业拓展南亚能源市场奠定坚实基础。 2月10日，春和景明，暖意融融，2026中应建新能源科技（安徽）有限公司乔迁庆典暨海外公司成立迎新年联欢大会在合肥白金汉爵大酒店隆重举行。公司 法人陆司浩、董事 ...

Investment Rating - The report rates the silver economy industry as "Outperform" compared to the market [1]. Core Insights - The demand for elderly care products is increasing due to the rising proportion of individuals aged 65 and above, as well as the growing number of elderly living alone and those with disabilities. AI technology is enhancing product capabilities and expanding market demand [1][12]. - The report categorizes elderly care durable goods into three main areas: daily living assistance, emotional companionship, and health safety [21]. Summary by Sections Elderly Care Durable Goods Overview - The report highlights the increasing demand for smart elderly care devices, including nursing robots, companion robots, home care equipment, and AI mattresses, driven by the aging population and technological advancements [1][12]. Home Care Equipment - AI is enhancing the functionality of home care devices, which are crucial for monitoring elderly individuals, especially to prevent falls. The market for independent care devices is projected to reach 14 million units by 2030, with a compound annual growth rate of 16% [2][32]. - Leading companies in this sector include Yingzi Network, which offers a comprehensive home care solution through its "Yingzi Elderly Smart Body" product [2][19]. Elderly Care Robots - The market for nursing robots is expected to reach a scale of hundreds of billions, with significant growth driven by policy support and the introduction of new products across various segments [3][43]. - Key players include Ousheng Electric, which specializes in nursing robots, and Rongtai Health, known for its massage therapy robots [3][42]. Smart Mattresses - Smart mattresses are identified as a potential growth category due to their low penetration rate and high demand. The domestic mattress market is expected to reach approximately 65.9 billion RMB by 2024, with smart mattresses projected to increase in market share [4][12]. - Leading companies in this segment include Xilinmen and Mousse Co., which are developing AI-driven sleep solutions [4][50]. Policy Support - The report outlines various government policies aimed at promoting the integration of technology and elderly care, including subsidies for home modifications and the development of smart elderly care products [24][26]. - The Ministry of Civil Affairs and other departments have issued measures to encourage the development of elderly care robots and related technologies [26][27]. Market Demand Projections - The report estimates that by 2030, the number of elderly individuals requiring care will significantly increase, leading to a robust demand for nursing robots and related technologies [45][43]. - The total market demand for elderly care robots in China and abroad is projected to exceed 200 billion RMB [45][43].

Core Viewpoint - The evaluation led by the Ministry of Industry and Information Technology aims to accelerate the establishment of a Chinese consumer brand system, promoting high-quality development in the consumer goods industry and enhancing domestic consumption and brand internationalization [3][6]. Group 1: Brand Evaluation - The brand evaluation is categorized into three dimensions: historical classics, era excellence, and trendy new brands, with a focus on product competitiveness and quality since the founding of New China [3][6]. - The brand "喜临门" (Xilinmen) has been recognized as an "Era Excellence" brand due to its strong product quality and reputation among consumers [3][6]. Group 2: Company Achievements - Xilinmen has accumulated significant achievements in research and standardization, holding over 2,500 valid patents and participating in the drafting of more than 50 international, national, and industry standards [3][6]. - The company has been awarded the title of "National Intellectual Property Advantage Enterprise" [3][6]. Group 3: New Product Launch - In 2024, Xilinmen launched a new smart sleep ecological brand "aise 宝褓," with its related products achieving L4 level certification for smart mattresses, making it the first brand in the industry to receive this highest level certification [3][6].

2月10日，国家金融监督管理总局山西监管局同步批复山西银行注册资本扩容与新任行长任职：邢毅正 式履职山西银行行长，该行注册资本也由258.94亿元增至273.09亿元，地方国资注资与管理层变动同步 落地。 利好消息虽至，但这家扎根三晋的省级城商行，正站在风险出清与高质量发展的关键节点，股权拍卖频 频遇冷、盈利增长乏力、资产质量承压等诸多难题亟待破解。分析人士指出，从中长期来看，随着新任 行长到位带来的治理优化以及地方政府持续的资本支持，该行仍具备较好的发展机遇。 山西银行迎来好消息 小年刚至，山西银行就迎来了两个好消息。2月10日，国家金融监督管理总局山西监管局接连发布两则 批复，一方面同意山西银行注册资本由258.94亿元增至273.09亿元；另一方面，核准邢毅担任该行行长 的任职资格。 针对此次注册资本变动，山西银行方面在接受北京商报记者采访时回应，本次变动主要源于2024年山西 省财政厅向山西银行增资扩股14.2亿元，实现了政银企的资源共享、信息互助，推动了股权结构进一步 优化。据介绍，该笔资本补充为山西省财政厅入股，山西省政府出资。增资扩股后山西省财政厅为山西 银行第三大股东。 据了解，这已是山西银行 ...

Group 1 - The core message of the news is that Shanxi Bank has received approval for a capital increase and a new president, but it faces significant operational challenges, including weak profitability and asset quality issues [1][2][4] - Shanxi Bank's registered capital has increased from 25.894 billion to 27.309 billion yuan, primarily due to a 1.42 billion yuan capital injection from the Shanxi Provincial Finance Department, making it the third-largest shareholder [2][3] - The new president, Xing Yi, has a strong background in the central banking system, which is expected to enhance the bank's governance and operational stability [3][4] Group 2 - Despite positive developments, Shanxi Bank's stock auction faced challenges, with a recent auction of 416 million shares failing to attract any bids, highlighting ongoing issues with shareholder confidence [4][5] - The bank's financial performance has been under pressure, with a capital adequacy ratio declining from 13.05% at the end of 2022 to 10.51% in mid-2025, and net profit dropping by 93.86% year-on-year [8][9] - Analysts suggest that the bank should focus on improving asset quality, optimizing governance, and diversifying its business model to reduce reliance on traditional lending [9][10]

Core Insights - The article emphasizes the importance of technological self-reliance and innovation as key drivers for building a modern socialist country, as highlighted by national leaders during their first local inspection in the "14th Five-Year Plan" period [1] - The FOF ecosystem of Kunyuan Asset is accelerating its IPO activities, with two significant companies, Beixin Life (688712.SH) and Aixin Yuanzhi (00600.HK), successfully listing on the stock exchanges within a short span of six days, marking a strong start for the year [1][4] Company Highlights - Beixin Life (688712.SH) is recognized as the first domestic company to focus on intelligent and precise intervention in cardiovascular diseases, successfully listing on the Sci-Tech Innovation Board and achieving multiple industry milestones [4][6] - Aixin Yuanzhi (00600.HK) specializes in AI visual chip design and has become a leading player in the high-end AI chip market, successfully listing on the Hong Kong Stock Exchange [7][10] Market Trends - The article discusses the strategic focus on future industries such as quantum technology, biomanufacturing, and AI, which are identified as new economic growth points in the "14th Five-Year Plan" [4] - The successful IPOs of Beixin Life and Aixin Yuanzhi reflect the growing trend of domestic high-end medical devices and AI chips, indicating a shift from import substitution to original technology-driven innovation [5][10] Investment Strategy - Kunyuan Asset's FOF ecosystem aims to support high-quality tech companies through early-stage investments, alleviating financial pressures and allowing firms to focus on core technological innovations [9] - The article highlights the importance of capital market development in supporting the growth of tech enterprises, aligning with national strategies for economic and social development [8][10]