本文字数：3548，阅读时长大约6分钟 作者 | 第一财经 冯小芯 乐琰 陈杨园 安安是一名大学生，最近因为毕业论文而焦虑，晚上总是睡不好觉，干脆从本就不多的生活费里抽出 400多元，给自己买了一个新锐品牌的深睡枕。 沈莹是一位90后宝妈，由于长期伏案工作和带娃，她总是感觉腰酸背痛，近期投入2万多买了一个时 下流行的智能床垫。 2026.03. 29 安安和沈莹这样的消费需求，正是当下床品市场的写照：当代人的睡眠困扰已然成为撬动床品市场格 局的深刻变量，一些洞察睡眠痛点、细分场景的新品牌新势力快速崛起，而固守传统赛道的床品品 牌，则面临用户流失、市场城池被逐步攻陷的严峻挑战。 这些床品新势力在崛起 在淘宝平台近期的枕头热销榜单中，第一财经发现，前10名中，亚朵星球、睡眠方程式、蓝盒子等 新锐品牌占据绝大多数席位，传统品牌仅水星勉强入围，罗莱、梦洁、富安娜等家纺巨头，在枕头这 个榜单上已然掉队。 除了枕头，四件套、被芯、床垫等床品市场的核心品类，也正在被跨界的新势力新品牌蚕食。 例如网易、京东等互联网公司陆续开发自有品牌，打造了乳胶枕、夏凉被、棉花被等床品爆款，还将 产品线延伸到宠物、家清、办公等多个领域。网易 ...

2026.03. 29 本文字数：4118，阅读时长大约6分钟 除了枕头，四件套、被芯、床垫等家居市场的核心品类，也正在被跨界的新势力新品牌蚕食。 例如网易、京东等互联网公司陆续开发自有品牌，打造了乳胶枕、夏凉被、棉花被等家居爆款，还将 产品线延伸到宠物、家清、办公等多个领域。网易严选是网易创新业务的核心板块，于2016年上 线，定位为大牌同源、工厂直采，并进一步从ODM 电商升级为新消费生活方式品牌。 作者 | 第一财经 冯小芯 乐琰 陈杨园 安安是一名大学生，最近因为毕业论文而焦虑，晚上总是睡不好觉，干脆从本就不多的生活费里抽出 400多元，给自己买了一个新锐品牌的深睡枕。 沈莹是一位90后宝妈，由于长期伏案工作和带娃，她总是感觉腰酸背痛，近期投入2万多买了一个时 下流行的智能床垫。 安安和沈莹这样的消费行为，也是家居市场中的一个写照，反映出当下消费者真实而迫切的痛点：想 要睡个好觉，想让身体获得真正舒适。 这一朴素又直接的需求，已然成为撬动庞大家居市场格局的深刻变量：一些洞察睡眠痛点、细分场景 的新品牌新势力快速崛起，而固守传统赛道的家居品牌，则面临用户流失、市场城池被逐步攻陷的严 峻挑战。 一家亚朵酒 ...

股 票 研 究 股票研究 /[Table_Date] 2026.03.22 [Table_Industry] 纺织服装业 1-2 月中国纺服社零增长 10.4%，Lululemon 北美正价销售预计 26 下半财年转增 [Table_Invest] 评级： 增持 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 盛开(分析师) | 021-23154510 | shengkai@gtht.com | S0880525040044 | | 钟启辉(研究助理) | 021-23185686 | zhongqihui@gtht.com | S0880125042254 | 本报告导读： 1-2 月中国纺服社零+10.4%，判断需求受惠节日效应集中释放。25Q4 lululemon 业 绩超预期，中国继续领增、北美同店改善。北美当季新品占比已近 35%，预计下半 财年正价销售恢复增长。 投资要点： 风险提示：终端消费意愿不及预期，原材料价格波动，行业竞争加剧。 [Table_Report] 相关报告 纺织服装业《原材料的周期弹性与品牌 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 03 20 年 月 日 行业情况：睡眠经济驱动扩容，龙头市占率提升趋势明确。家纺行业传统 增长依赖婚庆与乔迁（2020 年合计占需求 66%），由于结婚率下行以及地 产行业波动，旧逻辑瓦解。中长期来看，两大新动能接力驱动行业扩容： 一是睡眠经济崛起，功能性家纺（助眠被芯、人体工学枕）带动芯类品类 量价齐升；二是审美升级驱动套件换新频率提升，社交媒体持续输出家居 美学内容激活日常更新需求。在竞争格局上，头部企业凭借研发积淀与全 域品宣壁垒，市占率集中趋势将逐步加速。 公司投资亮点一：大单品战略+研发体系，构筑产品护城河。公司以消费 者核心痛点为切入点，结合独家专利技术打造家纺爆品，配合明星代言强 化曝光，多年蝉联被芯全国销量第一。研发层面，2024 年研发投入 8200 万元（占营收约 2%），拥有有效专利 158 项，聚焦凉感纤维、抗菌、玻尿 酸保湿等功能性材料，持续提升产品附加值与溢价能力。 公司投资亮点二：电商先发优势突出，线下渠道稳健提质。电商是公司增 长核心引擎，2019～2024 年电商营收 CAGR 达 14%，占比由 41%升至 ...

水星家纺（603365.SH） 证券研究报告 | 首次覆盖报告 gszqdatemark 2026 03 20 年 月 日 睡眠经济驱动行业扩容，公司或进新征程 水星家纺作为国内领先的家纺公司，旗下多品牌矩阵覆盖大众至高端层 级，以" 好被芯 选水星"为核心战略，深度聚焦被芯品类。2024 年被芯 /套件/枕芯营收占比分别为 48%/35%/8%，渠道结构以电商业务为主（占 比 55%），2018～2024 年公司营收/归母净利润 CAGR 分别为 7.5%/4.3%； 2025 年前三季度营收同比+10.9%至 30 亿元，归母净利润同比+10.7% 至 2.3 亿元，2025 年以来增长势头良好。 行业情况：睡眠经济驱动扩容，龙头市占率提升趋势明确。家纺行业传统 增长依赖婚庆与乔迁（2020 年合计占需求 66%），由于结婚率下行以及地 产行业波动，旧逻辑瓦解。中长期来看，两大新动能接力驱动行业扩容： 一是睡眠经济崛起，功能性家纺（助眠被芯、人体工学枕）带动芯类品类 量价齐升；二是审美升级驱动套件换新频率提升，社交媒体持续输出家居 美学内容激活日常更新需求。在竞争格局上，头部企业凭借研发积淀与全 域品宣壁 ...

| 分析师： [Tabl | 糜韩杰 | 分析师： | 左琴琴 | 分析师： | 董建芳 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516020001 | | SAC 执证号：S0260521050001 | | SAC 执证号：S0260525060002 | | | SFC CE.no: BPH764 | | SFC CE.no: BSE791 | | | | | 021-38003650 | | 021-38003540 | | | | | mihanjie@gf.com.cn | | zuoqinqin@gf.com.cn | | dongjianfang@gf.com.cn | | | 请注意，董建芳并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ] [Table_Page] 行业专题研究|纺织服饰 2026 年 3 月 20 日 证券研究报告 [Table_Title] 纺织服 ...

Investment Strategy Overview - The report indicates that 2026 is expected to be a turning point for consumption in the textile and apparel industry, focusing on areas with potential for penetration growth [4][6] - In the first two months of 2026, both domestic consumption and export of textiles and apparel exceeded expectations, suggesting a favorable window for low-positioned investments in the sector [5][6] - The report anticipates a recovery in the industry chain, with upstream prices rising, midstream facing pressure, and downstream showing differentiation [5][6] Textile Manufacturing Insights - The report highlights a strong cycle in textile manufacturing post-industry reshuffling, with stronger cycles leading to stronger growth [6] - Upstream price increases are noted, particularly for Australian wool and cotton, with significant price elasticity observed due to production cuts and demand recovery [5][6] - Midstream sports manufacturing is under short-term pressure but is expected to see new growth in the medium to long term, influenced by the recovery of key clients like Nike [5][6] Apparel and Home Textiles Trends - The report identifies 2026 as a pivotal year for apparel and home textiles, emphasizing the need to explore market penetration opportunities [6] - The high-performance outdoor apparel market is highlighted as having low penetration and significant growth potential, with a market size of 102.7 billion yuan in 2024 [5][6] - The report also notes a correlation between high-end apparel demand and travel/business activities, suggesting a recovery in mid-to-high-end apparel consumption [5][6] Investment Recommendations - The report recommends focusing on quality wool spinning companies and companies with global supply chains that have sufficient low-cost materials, such as Baolong Oriental [5][6] - For midstream sports manufacturing, companies like Shenzhou International, Huayi Group, and Yuanyuan Group are recommended, with a watch on the recovery pace of Nike [5][6] - The report suggests that companies in the sleep economy, such as Luolai Life and Mercury Home Textiles, are well-positioned to benefit from the growing market for innovative home textile products [5][6] Cotton Market Analysis - The report predicts a reduction in global cotton production in the 2026/27 season, which may lead to a decrease in inventory-to-consumption ratios, potentially driving cotton prices higher [40][45] - The report notes that the cotton market is currently experiencing a price bottom, with external cotton prices expected to rebound due to significant price differentials [46][48] Brand Recovery Pathways - The report outlines a two-phase recovery pathway for brands, emphasizing the importance of inventory clearance as a precursor to a new operational cycle [64][66] - The first phase involves clearing inventory across all channels, while the second phase sees a recovery in retail sales and expansion of franchise operations, leading to increased profitability [66]

Core Insights - The textile and apparel industry is experiencing a positive trend with a 1.88% increase in the SW index during the period from March 7 to March 13, 2026, ranking 9th among 31 primary industries [11] - Key companies to watch include Haimin Co., benefiting from rising dyeing costs and inventory appreciation, and New Australia Co., which is expected to benefit from favorable wool supply and demand dynamics [5] - The report highlights the potential for recovery in home furnishing consumption due to improved real estate policies and marginally better home decoration demand [5] Industry Performance Review - The Shanghai Composite Index rose by 0.75%, while the ChiNext Index increased by 2.55% during the same period [11] - The textile and apparel sector's performance is ranked 10th among 31 primary industries, while the light industry sector is ranked 13th [11] - The textile and apparel industry has a current PE ratio of 20.57X, with historical highs and lows of 57.80X and 14.44X, respectively [14][15] Data Tracking in Textile and Apparel - Prices for PA66 and PA6 have increased by 3.09% and 24.52% year-on-year, respectively, with significant month-on-month increases of 13.56% and 30.11% [5] - The average cotton price index in China from November 2025 to March 2026 was 15,570 [5] - Exports of textiles and apparel from China increased by 20.5% and 14.8% year-on-year in January and February 2026, respectively [5] Light Industry Performance Review - The home furnishing sector is expected to recover as real estate policies improve, with leading companies likely to benefit from their channel and brand advantages [5] - The paper packaging industry is in an upward cycle, with improving profitability expected due to ongoing supply optimization [5] - The light industry export sector shows resilience, with potential for recovery following previous demand disruptions [5] Key Company Valuation and Financial Analysis - Companies such as Mercury Home Textiles and Fuanna are rated as "Buy," with expected EPS growth and favorable PE ratios for 2025 and 2026 [6] - The report includes detailed financial metrics for various companies, indicating their market performance and potential for investment [6] - Notable companies include Anta Sports, with a current price of HKD 84.10 and a target value of HKD 102.91, reflecting a strong investment outlook [6]

Investment Rating - The report rates the mosquito net industry as a promising investment opportunity, projecting significant growth in market size and innovation potential [30]. Core Insights - The mosquito net industry is driven by technological innovation and environmental upgrades, moving towards a new era with a market size expected to reach 10 billion RMB [4]. - The industry features diverse product structures, including square-top, yurt-style, ceiling-mounted, and foldable mosquito nets, catering to various consumer needs [6][10]. - The market is characterized by high environmental friendliness and convenience, with a mature supply chain that supports stable production and distribution [11][13]. Summary by Sections Industry Definition - Mosquito nets are designed to prevent mosquito bites, typically made from mesh materials that physically block insects from entering sleeping areas, providing a safe and comfortable sleeping environment [4]. Industry Characteristics - The industry is marked by environmental sustainability, wide application scenarios, and a mature supply chain [11]. - Mosquito nets are more environmentally friendly compared to other mosquito deterrents like incense and electric devices, which may release harmful substances [11]. - The supply chain is well-established, with a variety of raw materials available, ensuring adaptability to market demands [13]. Development History - The mosquito net industry has evolved from traditional materials to modern innovations, with a focus on smart, lightweight, and eco-friendly designs [14]. - Historical phases include the emergence of bamboo and cotton nets, mechanized production with synthetic materials, and the introduction of multifunctional designs [15][16]. Industry Chain Analysis - The industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream consumers [17]. - Major players include comprehensive home textile companies and specialized mosquito net manufacturers, each employing different competitive strategies [18][24]. Market Size and Growth - The market size grew from 5.993 billion RMB in 2020 to 8.029 billion RMB in 2024, with a CAGR of 7.59%. It is projected to reach 10.593 billion RMB by 2029 [30]. - The rental market significantly contributes to stable growth, with a large population of renters driving demand for functional home products like mosquito nets [32]. Consumer Insights - The primary consumer demographic is women aged 24-40, with a focus on products priced between 100-300 RMB [28]. - There is an increasing demand for features like anti-fall and anti-tumble designs, particularly for products aimed at infants and young children [29]. Competitive Landscape - The industry exhibits a tiered competitive structure, with leading companies like Suzhou Meiduojia and Shanghai Shuixing occupying the top tier, while others like Nanjing and Muji fall into lower tiers [39]. - The competition is expected to intensify as companies focus on functional and scenario-based innovations, transitioning from basic mosquito deterrents to high-value health management products [43].

Core Insights - The textile and apparel industry is currently rated as "Buy" with a focus on price increases in upstream textile manufacturing and potential growth in downstream apparel and home textile sectors [2][5]. Textile and Apparel Industry Overview - The textile and apparel sector experienced a decline of 2.96% during the period from February 28 to March 6, ranking 17th among 31 primary industries [11]. - The Shanghai Composite Index fell by 0.93%, while the ChiNext Index dropped by 3.21% during the same period [11]. Upstream Textile Manufacturing Insights - Key companies to watch include: - Hangmin Co., benefiting from rising printing and dyeing fees and low-cost dye inventory appreciation. - Xin'ao Co., optimistic about the Australian wool market's supply-demand dynamics. - Bailong Dongfang, which may benefit from a rebound in foreign cotton prices. - Taihua New Materials, expected to see price increases in nylon 6 products due to rising crude oil prices [5]. Downstream Apparel and Home Textile Insights - Companies to focus on include: - Li Ning, which is expected to leverage the Los Angeles Olympic cycle for brand and performance enhancement. - Leading home textile brands like Luolai Life, Mercury Home Textile, and Fuanna, which are capitalizing on the rise of the sleep economy [5]. - Jin Hong Group and Hailan Home, which are seeing a recovery in traditional businesses and high growth in new consumer segments [5]. Light Industry Manufacturing Overview - The light industry export fundamentals remain relatively strong, with potential improvements in external environments such as U.S. real estate transactions. Key companies include: - Jiangxin Home, Yuanfei Pet, and Yiyi Co. [5]. - The new consumer segment in light industry is experiencing a high valuation correction, with companies like Baiya Co., Simor International, and Dengkang Dental continuing to show growth potential [5]. Industry Data Tracking - As of March 6, 2026, the price of dispersed black was 25.00 CNY/kg, up 47.06% year-on-year, while Vietnam's footwear exports in February amounted to 1.414 billion USD, down 10.02% year-on-year [5]. - The cotton price difference in China was 3413.58 CNY/ton, and the Australian wool price was 1716 AUD/kg, reflecting a 43.6% year-on-year increase [5]. Company Valuation and Financial Analysis - The textile and apparel industry has a current PE ratio of 20.59X, with historical highs of 57.80X and lows of 14.44X [14]. - Notable companies and their valuations include: - Mercury Home Textile (20.42 CNY, Buy, target price 23.08 CNY) - Fuanna (6.94 CNY, Buy, target price 8.17 CNY) - Semir Apparel (5.48 CNY, Buy, target price 8.02 CNY) [6].