研 行 行业周报 业 美国关税政策再生变，对华关税迎边际下降 ——轻工制造&纺织服饰行业周报 | 究 | 分析师： | 袁艺博 | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）美国最高法院裁定特朗普政府大规模关税政策违法。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com 022-23839135 | | （2）特朗普新加征关税税率加码至 | | 15%。 | | | | | | | 研子究行助业理评级 | | 重要公司公告  | | | | | | | | 证 | 家居用品 造纸 | 中性 中性 | （1）探路者：公司拟对 万股股权激励。 72 | | 名员工进行 672.68 | | ...

内容概况：室内门是指安装在居室内房间、厨房、卫生间入口的门，是所有房间门的总称，与室外门 （入户门）对应。按照安装位置可分为卧室门、卫浴门、厨房门三类。2025 年我国室内门产量为 9637 万樘，市场需求为 9168.6 万樘，产量较 2024 年同比下降 2.16%，供需两端依旧小幅回落，行业整体维 持低位运行，尚未迎来明显复苏拐点，供需收紧的格局仍在延续。同时2025年我国室内门市场规模约 688.1亿元，同比小幅度下降。 相关上市企业：江山欧派、欧派家居、梦天家具、索菲亚、志邦家居 相关企业：重庆美心（集团）有限公司、北京闼闼同创工贸有限公司、梦天家居集团股份有限公司、欧 派家居集团股份有限公司、金凯德集团有限公司、吉林泉阳泉股份有限公司、万嘉集团有限公司、大自 然家居（中国）有限公司 关键词：室内门产量 室内门市场规模 室内门品牌 室内门需求量 室内门发展趋势 室内门产业与房地产周期高度绑定，需求依托新房竣工交付与存量房装修改造，受地产市场调整影响 显著，供需规模随行业周期同步波动。行业整体准入门槛较低，中小生产企业数量众多，市场集中度偏 低，产品在材质、款式与功能上同质化现象突出，需求下行阶段企业 ...

Investment Rating - The report indicates a positive investment outlook for the home furnishing and paper industries, with specific recommendations for companies with high dividend safety margins and growth potential [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, and companies like Gujia Home, Sophia, and Oppein are highlighted for their strong dividend safety margins [3][5]. - In the paper industry, short-term stability in boxboard prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are recognized for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new business areas such as overseas expansion and smart lighting present growth opportunities [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks like Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The home furnishing sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support the demand side, leading to a long-term expansion of the industry [5][6]. - The report emphasizes the acceleration of industry consolidation since 2025, with mid-tier companies exiting the market and capital entering leading firms, enhancing industry concentration [6][16]. - Companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are expected to benefit from valuation recovery [5][6]. Paper Industry - The report notes that boxboard prices are stable in the short term, with an anticipated improvement in the supply-demand structure that could enhance profitability in the mid-term. Companies like Sun Paper and Nine Dragons Paper are highlighted for their strong positions [3][5]. - The report suggests monitoring the potential impact of anti-involution policies and demand changes, which could contribute to cyclical elasticity in the paper sector [7][8]. - Specific recommendations include focusing on companies with integrated supply chains and significant cost advantages, such as Sun Paper and Nine Dragons Paper [7][8]. Bull Group - The Bull Group is expected to see steady recovery in its traditional business due to improving real estate and consumer sentiment. The company is also expanding into new areas such as smart lighting and renewable energy, which are anticipated to drive growth [10][11]. - The report highlights the company's competitive advantages in product, channel, and supply chain management, which are expected to support stable growth in 2026 [10][11]. Consumer Goods - The report indicates a rebound in consumer sentiment, with a focus on personal care growth stocks. Companies like Baiya, Dengkang Dental, and Zhongshun Jierou are noted for their potential in the market [13][14].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, indicating potential for valuation recovery and growth opportunities [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [3][5]. - In the paper industry, short-term stability in corrugated box prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are highlighted for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new ventures in overseas markets, smart lighting, and renewable energy are opening growth avenues [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks such as Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support home furnishing demand, leading to a long-term expansion of the industry [5][6]. - The ongoing consolidation in the industry is pushing mid-tier companies out, while capital from industrial players is entering leading home furnishing firms, enhancing market concentration [5][6]. Paper Industry - Short-term price stability in corrugated boxes is observed, with a potential mid-term improvement in supply-demand dynamics expected to boost profitability. The report emphasizes the importance of integrated supply chains and cost advantages in companies like Sun Paper and Nine Dragons Paper [7][9]. - The report suggests that the paper industry is nearing a bottom, with cost structures supporting price stability and potential for upward movement in demand [7][9]. Bull Group - The company is expected to benefit from improving real estate conditions and consumer sentiment, with traditional business lines poised for recovery. New business areas such as smart lighting and renewable energy are anticipated to contribute to growth [11][12]. Consumer Goods - The report highlights a rebound in consumer sentiment, with a focus on personal care companies that are expected to show growth potential. Companies like Baiya and Dengkang Dental are noted for their promising performance in 2026 [14][15]. Packaging Industry - The report discusses the performance of overseas packaging companies, with Ball Corporation and Amcor showing strong results. Ball's revenue for FY25 reached $13.2 billion, a 12% increase year-on-year, while Amcor's revenue for FY26H1 was $11.2 billion, a 70% increase [15][16].

Group 1 - The core point of the article is that Oppein Home Group has been recognized as a "National Green Factory" by the Ministry of Industry and Information Technology, highlighting its commitment to sustainable development and alignment with China's dual carbon strategy [2] - The "National Green Factory" designation represents the highest level of green standards in China's manufacturing industry, focusing on facilities, energy consumption, resources, emissions, and management [2] - The selection process for the green factory designation involved local recommendations and expert evaluations, aiming to identify benchmark enterprises for industrial green development [2] Group 2 - Oppein Home Group's recognition as a green factory complements its existing accolades, including "National Industrial Design Center," "National Service-oriented Manufacturing Demonstration Enterprise," and "2025 China Consumer Brand," creating a comprehensive sustainable development blueprint [2] - The company emphasizes that high-quality development can coexist with green and low-carbon initiatives, ultimately enhancing the quality of life for millions of families [2]

Group 1 - The company has established a special account for raised funds and signed a four-party supervision agreement to ensure the proper management and usage of the funds raised from the issuance of convertible bonds [3][6][7] - The total amount raised from the issuance of 20 million convertible bonds at a face value of 100 yuan each is 200,000 million yuan, with a net amount of 199,500 million yuan after deducting underwriting fees [2][25] - The company has decided to change the use of some of the raised funds for new investment projects based on strategic planning and market conditions [3][4] Group 2 - The special account for raised funds is set up at China Construction Bank, and specific accounts are designated for different projects, ensuring that funds are used solely for their intended purposes [4][8][10] - The four-party supervision agreement includes the company, its subsidiaries, the bank, and the sponsor, aiming to protect investors' rights and improve the efficiency of fund usage [6][7][14] - The company has utilized 31,000 million yuan of temporarily idle raised funds for cash management, with the investment products being high-security and low-risk [5][22][24] Group 3 - The company has a total of 33,000 million yuan allocated for cash management, which is 6.85% of its cash holdings and 1.70% of its net assets as of September 30, 2025 [35][36] - The cash management strategy is designed to optimize fund usage without affecting the normal operation of the company's main business or the intended use of the raised funds [36][38] - The company has established strict risk control measures to ensure that the cash management does not alter the intended use of the raised funds [31][32][33]

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2026-024 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 转债 22 | | 欧派家居集团股份有限公司 关于设立募集资金专项账户并签订募集资金专户存 储四方监管协议的公告 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。 2026-009）、《欧派家居 2026 年第一次临时股东会决议公告》（公告编号：2026-016）、 《关于"欧 22 转债"2026 年第一次债券持有人会议结果的公告》。 基于公司变更募投项目的情况，为确保募投项目的实施，根据股东会和董事 会的授权，部分募投项目实施主体于中国建设银行股份有限公司广州江高支行设 立了募集资金专项账户，相关募集资金专户的开立及使用情况如下： | | | | | | 截至 2026 年 | 1 | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 开户主体 | 项目 | 开户银行 | 银行账户 | 月 日专户余 2 ...

| 证券代码：603833 | 证券简称：欧派家居 | 公告编号：2026-023 | | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 转债 | | 欧派家居集团股份有限公司 关于使用闲置募集资金进行现金管理的公告 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。 重要内容提示： 基本情况 | 投资金额 | 33,000 万元 | | --- | --- | | 投资种类 | 普通大额存单 | | 资金来源 | 募集资金 | 已履行的审议程序：欧派家居集团股份有限公司（以下简称"公司"）于 2025 年 8 月 8 日召开了第四届董事会第二十六次会议、第四届监事会第十七次 会议，审议通过了《关于使用闲置募集资金进行现金管理的议案》，同意公司使 用总额度不超过人民币 3.5 亿元（含）暂时闲置募集资金适时进行现金管理，决 议有效期自 2025 年 8 月 19 日至 2026 年 8 月 18 日。本事项无需提交公司股东会 审议。 特别风险提示：公司使用暂时闲置募集资金进行现金管理的产品 ...

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].

Core Viewpoint - The company, Oppein Home, is reallocating its remaining idle fundraising of 3.1 billion yuan due to delays in its investment projects, opting for cash management instead of project completion [2][8]. Group 1: Fund Management and Investment Projects - Oppein Home announced that it managed 3.1 billion yuan of idle fundraising through cash management with a 31-day product yielding an annual return of 0.9%, generating a profit of 237,000 yuan [2][4]. - The company has conducted 13 cash management transactions from February 7, 2025, to February 6, 2026, yielding a total profit of 3.14 million yuan, with eight transactions being large time deposits and five being bank wealth management products [7]. - The "Oppein Home Intelligent Manufacturing (Wuhan) Project" has not been completed after four years, with a total investment of 1.708 billion yuan, representing 85.62% of the planned investment, and remaining funds of approximately 320 million yuan [8][9]. Group 2: Market Conditions and Financial Performance - The company cited macroeconomic changes and industry cycles as reasons for the project's delays, facing challenges such as weak demand, structural changes in supply and demand, and intensified competition [10][11]. - For the first three quarters of 2025, Oppein Home reported revenue of 13.21 billion yuan, a year-on-year decline of 4.8%, with net profit attributable to shareholders dropping 9.8% to 1.83 billion yuan [11][12]. - The company is experiencing a decline across all product lines, with cabinet revenue down 4.8% and other categories like wardrobes and bathroom products seeing declines of over 5% [12]. Group 3: Future Plans and Digital Transformation - Oppein Home plans to invest approximately 370 million yuan in digital and intelligent upgrades, with 320 million yuan sourced from the remaining funds of the Wuhan project [12]. - The digital transformation projects are expected to take 2 to 3 years to yield results, raising questions about the company's trajectory during this period [13].