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 ...

Macro and Strategy Research - Long-term care insurance (referred to as "long-term care insurance") is designed to mitigate the financial risks associated with long-term disabilities, providing economic security or service payments to individuals requiring ongoing personal care and medical assistance. There are three models in practice: social insurance, commercial insurance, and care allowances. To address the medical care needs arising from an aging population, China's long-term care insurance system has been piloted in 49 cities, transitioning from a "pilot" phase to a "promotion" phase during the 14th Five-Year Plan period [2][4]. - Japan's long-term care insurance was implemented in 2000, mandating that individuals over 40 must enroll. Funding is shared equally between public funds (taxes) and insurance premiums. Care service costs are generally covered 90% by the insurance, with individuals responsible for 10%, and some high-income groups covering 20-30%. The application process for care services follows a detailed recognition process, ensuring that public resources are prioritized for those in greatest need. As of April 2024, approximately 6.7% of the insured population utilizes care services, indicating that the insurance primarily addresses the low-frequency, high-risk care needs of the elderly [3]. - Currently, China's long-term care insurance system is still in the "pilot" stage, with only 0.8% of beneficiaries among participants as of 2024. Under the directive to "promote long-term care insurance" during the 14th Five-Year Plan, provinces like Hainan, Yunnan, and Hebei have released implementation plans. The insured groups include employees, retirees, flexible workers, and unemployed rural residents, with payment ratios of approximately 70% for employees and around 50% for non-employed rural residents [4]. - In comparison, there are notable differences between China's long-term care insurance and Japan's system in terms of funding sources, insured groups, benefit systems, and protected populations. Japan's long-term care insurance has undergone eight rounds of reforms, emphasizing a "prevention-first" approach, which can help control costs and establish community prevention and intervention systems for mild disabilities, serving as a significant reference for China's long-term care insurance system [5]. Fund Research - The public fund market saw a total scale exceeding 280 billion yuan, with the equity market experiencing a downturn. During the week from February 2 to February 6, 2026, all major equity indices declined, with the largest drop being 5.76% in the STAR 50 index. Among 31 primary industries, 18 saw gains, with the top five performing sectors being food and beverage, beauty care, electrical equipment, comprehensive, and transportation [6][8]. - The average decline for equity funds was 2.27%, with only 18.81% achieving positive returns. Fixed-income plus funds fell by an average of 0.23%, with 40.77% showing positive returns. Pure bond funds increased by 0.08%, with a remarkable 98.70% positive return rate. The average decline for pension target funds was 0.73%, with only 3.52% achieving positive returns. QDII funds also saw an average decline of 2.54%, with 13.95% showing positive returns [8]. - The ETF market experienced a net inflow of 14.899 billion yuan, with only cross-border ETFs achieving net inflows of 21.624 billion yuan. The average daily trading volume in the ETF market reached 619.629 billion yuan, with an average turnover rate of 9.49% [8]. Industry Research - The report highlights the importance of the upcoming Spring Festival consumption, with a focus on the potential recovery of valuations in the home furnishing sector. Nine departments have jointly issued a document to create a festive consumption atmosphere during the Spring Festival [10][13]. - From February 2 to February 6, the light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points, while the textile and apparel sector outperformed by 2.66 percentage points [10]. - The Ministry of Commerce and other departments have launched the "2026 'Happy Shopping Spring' Special Activity Plan," which will take place from February 15 to 23, aiming to stimulate consumption through innovative cross-sector collaborations and incentives to enhance consumer participation. This policy is expected to positively impact the consumption of home appliances and home decoration products during the implementation period [13].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603725 证券简称：天安新材 公告编号：2026-004 广东天安新材料股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： ● 股东持股的基本情况 截至本公告披露日，广东天安新材料股份有限公司（以下简称"公司"）股东梁凯虹女士、广东天耀进出 口集团有限公司（以下简称"天耀集团"）分别持有公司股份55,460股、611,540股，占当前公司总股本的 比例分别约为0.018%、0.201%，股份来源为集中竞价交易取得。上述股东与直接持股5%以上股东、公 司董事沈耀亮先生存在一致行动关系，合计持股比例为5.926%。 (一)相关股东是否有其他安排 □是 √否 ● 减持计划的主要内容 因自身资金需求，股东梁凯虹女士、天耀集团拟自本减持计划公告之日起15个交易日后的3个月内，即 自2026年3月10日至2026年6月9日止，通过集中竞价或大宗交易方式，分别减持公司股份不超过55,460 股、611,540股，不超过公 ...

Summary of Key Points Core Viewpoint - On February 6, 14 A-share listed companies disclosed plans for share reductions, with no companies announcing share increases on the same day [1][3]. Group 1: Companies Disclosing Share Reductions - Tianan New Materials: Shareholders Liang Kaihong and Tianyao Group plan to reduce their holdings [2][4]. - Zhongfutong: Shareholders plan to reduce a total of up to 0.68% of shares [2][4]. - Zhidi Technology: Shareholder Zhikong Investment intends to reduce up to 0.30% of shares [2][4]. - Yinhui Technology: Directors and executives plan to reduce a total of up to 0.51% of shares [2][4]. - Dalian Electric Porcelain: Vice General Manager Miao Shi and executives plan to reduce their holdings [2][4]. - Xuelang Environment: Shareholders Yang Jianping and Xu Huifen plan to reduce a total of up to 3% of shares [2][4]. - Perfect World: Actual controller Chi Yufeng reduced 32.9793 million shares [2][4]. - Huitong Technology: Directors Zhong Ming and Yang Jian plan to reduce a total of up to 1.64% of shares [2][4]. - Shuangjie Electric: Director Xu Zhuan plans to reduce up to 0.47% of shares [2][4]. - Dajia Weikang: One of the actual controllers plans to reduce up to 3% of shares [2][4]. - Hu Silicon Industry: The second largest shareholder, the National Big Fund, plans to reduce up to 3% of shares [2][4]. - Lushan New Materials: Controlling shareholders and concerted actors plan to reduce a total of up to 3% of shares [2][4]. - Zhongji United: Directors and executives, including Wang Xijun, plan to reduce a total of up to 0.91% of shares [2][4]. - Sanfu Shares: Shareholder Yuanheng Technology plans to reduce a total of up to 3% of shares [2][4].

广东天安新材料股份有限公司 股东减持股份计划公告 本公司董事会、全体董事及相关股东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。 重要内容提示： 股东持股的基本情况 证券代码：603725 证券简称：天安新材 公告编号：2026-004 截至本公告披露日，广东天安新材料股份有限公司（以下简称"公司"）股 东梁凯虹女士、广东天耀进出口集团有限公司（以下简称"天耀集团"）分别持 有公司股份 55,460 股、611,540 股，占当前公司总股本的比例分别约为 0.018%、 0.201%，股份来源为集中竞价交易取得。上述股东与直接持股 5%以上股东、公 司董事沈耀亮先生存在一致行动关系，合计持股比例为 5.926%。 减持计划的主要内容 因自身资金需求，股东梁凯虹女士、天耀集团拟自本减持计划公告之日起 15 个交易日后的 3 个月内，即自 2026 年 3 月 10 日至 2026 年 6 月 9 日止，通过 集中竞价或大宗交易方式，分别减持公司股份不超过 55,460 股、611,540 股， 不超过公司总股本的 0.018%、0.201%。 减持价 ...

格隆汇2月6日丨天安新材(603725.SH)公布，因自身资金需求，股东梁凯虹女士、天耀集团拟自本减持 计划公告之日起15个交易日后的3个月内，即自2026年3月10日至2026年6月9日止，通过集中竞价或大宗 交易方式，分别减持公司股份不超过55,460股、611,540股，不超过公司总股本的0.018%、0.201%。减 持价格将按照减持实施时的市场价格确定，减持期间如遇买卖股票的窗口期限制，将停止减持股份。 ...

证券代码：603725 证券简称：天安新材 公告编号：2026-003 广东天安新材料股份有限公司 关于变更签字注册会计师的公告 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。 广东天安新材料股份有限公司（以下简称"公司"）于2025年8月14日、2025年9月1日分别召开第五届董 事会第二次会议、2025年第一次临时股东会，审议通过了《关于变更会计师事务所的议案》，同意聘任 天健会计师事务所（特殊普通合伙）（以下简称"天健会计师事务所"）作为公司2025年度财务报告及内 部控制审计机构。具体内容详见公司于2025年8月15日披露的《广东天安新材料股份有限公司关于变更 会计师事务所的公告》（公告编号：2025-037），以及于2025年9月2日披露的《广东天安新材料股份有 限公司2025年第一次临时股东会决议公告》（公告编号：2025-042）。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》，现将具体情况公告如下： 签字注册会计师王经华，近三年不存在因执业行为受到刑事处罚，受到证监会及其派出机构、行业主管 ...

（编辑 任世碧） 证券日报网讯 2月3日，天安新材发布公告称，近日，公司收到天健会计师事务所（特殊普通合伙） （简称"天健会计师事务所"）出具的《关于变更签字注册会计师的函》。天健会计师事务所作为公司 2025年度财务报告和内部控制的审计机构，原指派禤文欣（项目合伙人）、余娟作为签字注册会计师为 公司提供审计服务。因天健会计师事务所内部工作调整，现指派王经华接替余娟作为公司2025年度财务 报告审计和内部控制审计项目签字注册会计师。变更后由禤文欣（项目合伙人）、王经华作为签字注册 会计师，继续完成公司2025年度财务报告和内部控制审计相关工作。 ...

证券代码：603725 证券简称：天安新材 公告编号：2026-003 广东天安新材料股份有限公司 关于变更签字注册会计师的公告 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。 广东天安新材料股份有限公司（以下简称"公司"）于 2025 年 8 月 14 日、 2025 年 9 月 1 日分别召开第五届董事会第二次会议、2025 年第一次临时股东会， 审议通过了《关于变更会计师事务所的议案》，同意聘任天健会计师事务所（特 殊普通合伙）（以下简称"天健会计师事务所"）作为公司 2025 年度财务报告及 内部控制审计机构。具体内容详见公司于 2025 年 8 月 15 日披露的《广东天安 新材料股份有限公司关于变更会计师事务所的公告》（公告编号：2025-037）， 以及于 2025 年 9 月 2 日披露的《广东天安新材料股份有限公司 2025 年第一次 临时股东会决议公告》（公告编号：2025-042）。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》， 现将具体情况公告如下： 一、签字注册会计师变更的基本 ...

Core Viewpoint - The company aims to become a global leader in eco-friendly artistic space comprehensive services and is focused on expanding its global market presence through technology, service, and brand development [1] Group 1: Company Strategy - The company has not yet directly exported products to EU member states [1] - The company is committed to deepening international cooperation and expanding its global market footprint [1] - The strategic upgrade aims to transition from a regional leader to a global home furnishing brand [1] Group 2: Product Offering - The company offers innovative products such as prefabricated wall panels and fireproof boards, which are favored in overseas markets due to their ease of installation, shortened construction time, and low carbon footprint [1] - The company plans to export mature technological solutions, high-quality service systems, and strong brand value [1]