股东减持公告：2026年2月9日，水星家纺公告持股5%以上股东李丽君、李裕奖在1月15日至2月6日期间 通过集中竞价或大宗交易减持股份，分别减持152万股和253.35万股，权益变动触及1%刻度。公司表示 此举为计划内操作，不会导致控制权变更。 经济观察网 根据2026年2月14日的机构研究观点整合，水星家纺（603365）市场关注度一般，整体舆情 偏中性。机构评级均为中性，暂无最新调研活动。机构给予的综合目标价为23.77元，较最新价20.42元 有16.41%的上涨空间。盈利预测显示，2025年预计净利润同比增长9.39%，营收同比增长10.07%；2026 年预计净利润同比增长10.19%，营收同比增长10.82%。基金持股比例较低，为2.15%。 机构观点 截至2026年2月13日收盘，水星家纺股价报20.42元，当日下跌0.97%，近5日累计下跌4.22%。成交金额 1900万元，换手率0.36%。技术面显示，股价处于震荡行情，20日布林带压力位21.66元，支撑位20.06 元。资金流向方面，2月13日主力净流入186.89万元，但近5日整体呈波动状态。 近期事件 商标侵权诉讼：2026年2月10 ...

Group 1 - Mercury Home Textiles experienced a decline of 5.11% on February 9, with a stock price of 20.23 yuan per share and a total market capitalization of 5.31 billion yuan [1] - The company, established on December 7, 2000, specializes in the research, design, production, and sales of mid-to-high-end home textiles, with 99.89% of its revenue coming from product sales [1] Group 2 - Changxin Fund holds a significant position in Mercury Home Textiles, with its Changxin Shuangli Youxuan Mixed A Fund owning 113,800 shares, representing 3.12% of the fund's net value, making it the ninth largest holding [2] - The fund has reported a year-to-date return of 5.29% and a one-year return of 29.46%, ranking 2778 out of 8994 and 3653 out of 8194 respectively [2] - The fund manager, Zhu Yufeng, has been in charge for 8 years and 116 days, achieving a best return of 69.02% and a worst return of -27.98% during his tenure [2]

Investment Rating - The report assigns an "Overweight" rating for the textile and apparel industry [5]. Core Insights - The report highlights that the recent recovery in both domestic and international consumer markets makes it an opportune time to invest in quality consumption, focusing on three domestic demand lines and two external demand lines [2][5]. - The core consumer price index (CPI) has shown a stable increase of 1.2% year-on-year as of December 2025, indicating a resilient recovery in demand [5]. - The report emphasizes the importance of high dividend yields and favorable valuations in identifying investment opportunities within the industry [5]. Summary by Sections Investment Highlights - The S&P 500 Equal Weight Index has increased by 4.8% since January 2026, outperforming the S&P 500 Weighted Index, which rose by 1.3% [5]. - The report suggests focusing on three domestic demand lines: 1. Companies with strong fundamentals and dividend yields (A-shares above 5%, Hong Kong stocks above 7%), recommending Mercury Home Textiles, Luolai Lifestyle, and Jiangnan Buyi. 2. Companies with valuations at near three-year lows (below 20% percentile) and dividend yields above 7%, recommending Bosideng and TBO [5]. 3. Companies with positive fundamental expectations, recommending Li Ning and Samsonite [5]. - For external demand, the report notes a potential for inventory replenishment driven by improved consumer sentiment in the U.S., with the Michigan Consumer Sentiment Index reaching 56.4, a five-month high [5]. Market Review - The textile and apparel sector in the A-share market rose by 1.32%, outperforming the CSI 300 Index by 2.66 percentage points [7]. - The current PE valuation for the textile and apparel sector is 21.66 times, below the historical average of 24.54 times [7][12]. Industry Data Tracking - In December 2025, the retail sales of clothing in China increased by 1.2% year-on-year, while textile and apparel exports decreased by 7.4% [19]. - The report indicates that the cumulative textile and apparel exports for 2025 amounted to approximately $293.77 billion, reflecting a 2.61% year-on-year decline [19]. Recommended Stocks and Valuations - The report provides a detailed table of recommended stocks with their respective earnings forecasts and valuations, all rated as "Overweight" [15][17]. - Notable recommendations include: - Mercury Home Textiles with a PE of 15 and expected net profit of 3.8 billion yuan in 2025 [15]. - Li Ning with a PE of 20 and expected net profit of 25 billion yuan in 2025 [15].

| 权益变动方向 | 比例增加□ 比例减少☑ | | --- | --- | | 权益变动前合计比例 | 69.99% | | 权益变动后合计比例 | 68.45% | | 本次变动是否违反已作出的承诺、意向、计划 | 是□ 否☑ | | 是否触发强制要约收购义务 | 是□ 否☑ | 证券代码：603365 证券简称：水星家纺 公告编号：2026-003 上海水星家用纺织品股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性公告 李丽君女士、李裕奖先生保证向本公司提供的信息真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 2026年02月06日，上海水星家用纺织品股份有限公司（以下简称"公司"） 收到李丽君女士、李裕奖先生通知，两位股东在 2026 年 01 月 15 日-2026 年 02 月 06 日期间通过集中竞价或大宗交易方式各自减持公司股份 152.0000 万股、 253.3500 万股。现将有关事项公告如下： 一、信息披露义务人及其一致行动人的基本信息 1、身份类别 | | ☑控股股东/实际 ...

Group 1 - The core transaction of Mercury Home Textile involved 1.9 million shares traded on February 6, with a total transaction value of 37.905 million yuan, accounting for 46.44% of the total trading volume for that day [1] - The transaction price was 19.95 yuan, which represents a discount of 6.43% compared to the market closing price of 21.32 yuan [1] Group 2 - Multiple institutional trading activities were recorded on February 6, with various transactions at the price of 19.95 yuan, including amounts of 997.5 thousand yuan for 50 shares and 697.25 thousand yuan for 34.95 shares [2] - Additional transactions included amounts of 600.1 thousand yuan for 30.08 shares and 597.3 thousand yuan for 29.94 shares, all executed at the same price of 19.95 yuan [2] - The trading activity was exclusively conducted by institutional investors, indicating a significant interest from this segment in Mercury Home Textile [2]

Summary of Key Points Core Viewpoint The report from the Shuanghua City Market Supervision Administration highlights the results of a quality supervision inspection conducted on 35 types of products, including electric bicycles, revealing that 9 batches were found to be non-compliant out of 139 batches tested across 121 enterprises [3]. Group 1: Inspection Results - A total of 121 enterprises were inspected, comprising 27 production enterprises and 94 distribution enterprises [3]. - Out of 139 batches tested, 9 batches were identified as non-compliant, with 2 batches from production enterprises and 7 batches from distribution enterprises [3]. Group 2: Non-Compliant Products - Non-compliant products included electric bicycles, electric blankets, building energy-saving insulation materials, plastic shopping bags, gas stoves, and gas detectors [4]. - Specific issues identified in non-compliant products included problems with battery safety, power connections, environmental requirements, and combustion conditions [4][5]. Group 3: Compliant Products - The report also lists compliant products, which include various electric bicycles, electric blankets, and building materials, indicating a significant number of products met the required standards [5][6]. - The compliance rate for the inspected products reflects the overall quality control measures in place within the industry [5].

Group 1 - Mercury Home Textile's stock increased by 5% to 21.41 CNY per share, with a trading volume of 28.886 million CNY and a turnover rate of 0.53%, resulting in a total market capitalization of 5.62 billion CNY [1] - The company, Shanghai Mercury Home Textile Co., Ltd., was established on December 7, 2000, and went public on November 20, 2017. Its main business involves the research, design, production, and sales of mid-to-high-end home textiles, with 99.89% of revenue coming from product sales [1] Group 2 - Among the top ten circulating shareholders of Mercury Home Textile, a fund under China Europe Fund holds a significant position. The China Europe Pension Mixed A Fund (001955) increased its holdings by 649,900 shares in the third quarter, totaling 9.2632 million shares, which represents 3.57% of the circulating shares [2] - The China Europe Pension Mixed A Fund (001955) was established on May 13, 2016, with a current scale of 1.364 billion CNY. Year-to-date returns are 7.05%, ranking 2551 out of 8873 in its category, while the one-year return is 19.74%, ranking 5302 out of 8119 [2] - The fund manager, Xu Wenxing, has been in the position for 7 years and 298 days, managing a total fund asset of 4.408 billion CNY. The best return during his tenure is 162.41%, while the worst return is -21.48% [2]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The report highlights the investment opportunities in the functional home textile and sports outdoor apparel sectors, particularly favoring companies like Luolai Life (002293, Buy) and Mercury Home Textile (603365, Buy) for home textiles, and Anta Sports (02020, Buy) and Li Ning (02331, Buy) for sports apparel [3][8] - The rise of domestic brands in the luxury goods sector is a significant trend, with local brands expanding from traditional categories into ready-to-wear, footwear, and leather goods, driven by generational shifts and cultural confidence among consumers [8] - High-net-worth individuals are shifting their clothing preferences from high luxury to practical and functional styles, providing long-term growth potential for the sports outdoor industry [8] - There is a notable opportunity in functional home textiles linked to sleep health, as high-net-worth individuals currently express low satisfaction with their sleep quality [8] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on functional home textiles and sports outdoor apparel, highlighting specific companies for investment: Luolai Life (002293, Buy), Mercury Home Textile (603365, Buy), Anta Sports (02020, Buy), Li Ning (02331, Buy), and Xtep International (01368, Buy) [3] Industry Overview - The textile and apparel industry in China is experiencing a transformation, with a focus on functional and practical products that cater to the evolving preferences of high-net-worth consumers [8] - The report emphasizes the potential for growth in the home textile sector, particularly in products that enhance sleep quality, as consumer interest in sleep health increases [8]

责任编辑：小浪快报 中欧养老混合A（001955）成立日期2016年5月13日，最新规模13.64亿。今年以来收益5.91%，同类排 名3934/9000；近一年收益18.47%，同类排名5542/8193；成立以来收益214.89%。 中欧养老混合A（001955）基金经理为许文星。 截至发稿，许文星累计任职时间7年295天，现任基金资产总规模44.08亿元，任职期间最佳基金回报 162.41%， 任职期间最差基金回报-21.48%。 2月2日，水星家纺跌5.03%，截至发稿，报20.41元/股，成交4895.45万元，换手率0.91%，总市值53.58 亿元。 资料显示，上海水星家用纺织品股份有限公司位于上海市奉贤区沪杭公路1487号，成立日期2000年12月 7日，上市日期2017年11月20日，公司主营业务涉及中高档家用纺织品的研发、设计、生产和销售。主 营业务收入构成为：销售商品99.89%，其他(补充)0.11%。 从水星家纺十大流通股东角度 数据显示，中欧基金旗下1只基金位居水星家纺十大流通股东。中欧养老混合A（001955）三季度增持 64.99万股，持有股数926.32万股，占流通股的比例为 ...

Market Overview - The apparel and home textile sector increased by 0.69% on January 29, with Aokang International leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Performers - Aokang International (603001) closed at 10.44, up 10.01% with a trading volume of 168,500 shares and a turnover of 172 million yuan [1] - Hason Co., Ltd. (603958) closed at 17.38, up 10.00% with a trading volume of 320,100 shares and a turnover of 548 million yuan [1] - Ribor Fashion (603196) closed at 28.68, up 4.94% with a trading volume of 83,700 shares and a turnover of 238 million yuan [1] Underperformers - ST Erya (600107) closed at 5.72, down 4.83% with a trading volume of 106,600 shares and a turnover of 62.08 million yuan [2] - Kanglongda (603665) closed at 35.57, down 4.82% with a trading volume of 53,900 shares and a turnover of 193 million yuan [2] - Bangjie Co., Ltd. (002634) closed at 5.40, down 4.09% with a trading volume of 192,400 shares and a turnover of 105 million yuan [2] Capital Flow - The apparel and home textile sector experienced a net outflow of 34.88 million yuan from institutional investors, while retail investors saw a net inflow of 47.81 million yuan [2] - The top net inflows from retail investors included Aokang International (603001) with a net inflow of 14.61 million yuan, and Ribor Fashion (603196) with a net inflow of 1.29 million yuan [3] Summary of Capital Flow by Company - Aokang International had a net inflow of 14.61 million yuan from institutional investors, with a net outflow of 619,960 yuan from speculative funds [3] - Hason Co., Ltd. saw a net inflow of 7.06 million yuan from institutional investors, with a net outflow of 5.94 million yuan from speculative funds [3] - Semir Fashion (002563) had a net inflow of 2.69 million yuan from institutional investors, with a net outflow of 2.30 million yuan from speculative funds [3]