Group 1: Market Performance - The home goods sector increased by 2.32% on January 29, with Marco Polo 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] Group 2: Individual Stock Performance - Marco Polo (001386) closed at 25.70, up 10.02%, with a trading volume of 290,000 shares and a transaction value of 717 million yuan [1] - Other notable performers included: - Bincao Lawn (6605099) at 43.05, up 9.99%, with a transaction value of 211 million yuan [1] - Home Link Technology (301193) at 23.52, up 7.40%, with a transaction value of 215 million yuan [1] - Oppein Home (603833) at 62.34, up 6.20%, with a transaction value of 413 million yuan [1] Group 3: Capital Flow Analysis - The home goods sector saw a net inflow of 263 million yuan from institutional investors, while retail investors experienced a net outflow of 122 million yuan [2] - Major stocks with significant capital flow included: - Marco Polo with a net inflow of 239 million yuan from institutional investors [3] - Bull Group (603195) with a net inflow of 41.50 million yuan [3] - Oppein Home (603833) with a net inflow of 23.39 million yuan [3]

Core Viewpoint - The company announces the right for holders of the "欧22转债" convertible bonds to sell back part or all of their unconverted bonds at a price of 100.73 RMB per bond, including accrued interest, during a specified period in early 2026 [1][6]. Group 1: Bond Issuance and Terms - The company issued 20 billion RMB worth of convertible bonds on August 5, 2022, with a face value of 100 RMB each, totaling 20 million bonds [2]. - The bonds have an annual coupon rate of 1.50%, and the accrued interest for the current period is calculated based on a specific formula [5]. - The buyback price for the bonds is set at 100.73 RMB per bond, which includes accrued interest and taxes [10]. Group 2: Buyback Process - The buyback period is scheduled from January 29, 2026, to February 4, 2026, with funds to be disbursed on February 9, 2026 [9][11]. - Holders must submit their buyback requests through the Shanghai Stock Exchange trading system during the specified buyback period [7]. - The bonds will continue to trade during the buyback period but will not be convertible into shares [13]. Group 3: Additional Information - If the total face value of the bonds in circulation falls below 30 million RMB due to the buyback, the bonds will still continue to trade until the end of the buyback period [13]. - The company will announce the results of the buyback and its impact on the company after the buyback period ends [12].

证券代码：603833 证券简称：欧派家居 公告编号：2026-019 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"欧22转债"可选择回售的第二次提示性公告 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： ● 回售价格：100.73元人民币/张（含当期应计利息、含税） ● "欧22转债"持有人可回售部分或全部未转股的可转换公司债券。"欧22转债"持有人有权选择是否进行 回售，本次回售不具有强制性。 ● 风险提示：可转债持有人选择回售等同于以100.73元人民币/张（含当期应计利息、含税）卖出持有 的"欧22转债"。截至本公告发出前的最后一个交易日，"欧22转债"的收盘价格高于本次回售价格，可转 债持有人选择回售可能会带来损失，敬请可转债持有人注意风险。 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2022]1328号"文核准，欧派家居集团 股份有限公司（以下简称"公司"）于2022年8月5日公开发行了2,000万张可转换公司债券，每张面值100 元，发行总额2 ...

Investment Rating - The report maintains a "Recommended" rating for the light industry manufacturing sector [2] Core Insights - Real estate data remains under pressure, but national subsidies and the expansion of the trade-in policy are driving a recovery in consumption. In 2025, the cumulative sales area of commercial housing in China reached 881.01 million square meters, down 8.7% year-on-year, while the cumulative sales amount reached 8393.68 billion yuan, down 12.6% year-on-year. The number of transactions in 30 major cities increased by 50% year-on-year, with a transaction area growth of 38% [1][11] - The implementation of a 62.5 billion yuan national subsidy on January 1 has led to a rapid qualification exhaustion, and the trade-in policy now includes smart and elderly-friendly home products. Major companies like Mousse, Oppein, and Youban are exploring strategic development and transformation in the competitive stock market [1][69] Summary by Sections Industry Key Data Tracking - **Home Furnishing**: Real estate data remains under pressure, but the return of national subsidies is expected to boost downstream demand recovery [7] - **Packaging**: Stable downstream demand and continuous optimization of the competitive landscape [52] Industry News and Dynamics - **Home Furnishing**: Policies are driving a recovery in consumption, with leading home furnishing companies pushing for strategic transformation [69] - **Packaging**: Anti-involution measures are improving corporate difficulties, and digitalization is driving industry upgrades [70] Light Industry Performance in Capital Markets - **Industry Yield Performance**: From December 2025 to January 2026, the CSI 300 index rose by 1.66%, while the light industry manufacturing sector increased by 5.10%, ranking 19th among 31 sub-industries [73] - **Industry Valuation**: The valuation of the sector has slightly increased, with the PE-TTM for packaging printing, home furnishing, paper, and entertainment products at 41.74, 29.68, 32.38, and 48.91 respectively [78] Investment Recommendations - For the home furnishing sector, it is recommended to focus on Oppein and Songlin Technology; for the packaging sector, attention should be on Aorijin, Yutong Technology, and Xianggang Technology; in the toy sector, focus on Pop Mart; in the paper sector, consider Jiulong Paper and Hengfeng Paper; additionally, the expansion of HNB is expected to drive high prosperity in the tobacco-related industry chain, recommending attention to China Tobacco Hong Kong [81]

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2026-019 | | --- | --- | --- | --- | | 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"欧 22 转债"可选择回售的第二次提示性公告 的附加回售条款，"欧 22 转债"附加回售条款生效。 现依据《上市公司证券发行注册管理办法》《可转换公司债券管理办法》《上 海证券交易所股票上市规则》和《募集说明书》的规定，就回售有关事项向全体 "欧 22 转债"持有人公告如下： 一、回售条款及价格 （一）附加回售条款 风险提示：可转债持有人选择回售等同于以 100.73 元人民币/张（含当期 应计利息、含税）卖出持有的"欧 22 转债"。截至本公告发出前的最后一个交易 日，"欧 22 转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会 带来损失，敬请可转债持有人注意风险。 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2022]1328 号"文核准，欧派家居集团股份有限公司（以下简称"公司"）于 2022 年 8 月 5 日公开发行了 2,00 ...

中证鹏元资信评估股份有限公司 中证鹏元公告【2026】39 号 | | 债券简称 | 上一次评级时间 | | | | | | 上一次评级结果 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 主体等级 | 债项等级 | 评级展望 | | 欧 | 22 转债 | 2025 6 | 年 | 月 | 23 | 日 | AA | AA | 稳定 | 根据公司于 2026 年 1 月 6 日发布的《欧派家居集团股份有限公 司关于变更募投项目暨调整相关募投项目资产用途的公告》（以下简 称"公告"），截至公告出具日，"欧 22 转债"原募投项目"欧派 家居智能制造（武汉）项目"建安工程已完成且主要产品线已投产运 营，截至 2025 年 11 月末，剩余募集资金为 32,028.43 万元，原计划 用于购置设备。但考虑到市场环境已出现需求疲软、供求结构变化、 竞争加剧等重大不利变化，另外公司现有产能布局已基本满足当前经 营发展需求，若继续推进原募投项目可能拉低整体产能利用率，故公 司计划将剩余募集资金变更用于"数 ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 27, 2026 [1][5] - China Gold (600916.SH) leads with a daily increase of 9.96% and a year-to-date increase of 36.81%, with a dividend yield of 3.45% [1][5] - Aotewei (688516.SH) shows a remarkable year-to-date increase of 120.95%, with a daily increase of 9.81% and a dividend yield of 2.31% [1][5] Group 2 - The index's historical price-to-earnings ratio is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 [2] - The dividend yield for the index over the past 12 months is noted as 1.34 times, indicating a strong return for investors [2] - The article mentions the formation of a MACD golden cross signal, suggesting positive momentum for the stocks listed [4][8]

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating that valuations are at a bottom and are expected to rise due to favorable real estate policies [2][5][17] Core Insights - The home furnishing sector is poised for valuation recovery driven by improved real estate policies and market stabilization, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [2][5][6] - The metal packaging industry is seeing price increases for two-piece cans, leading to improved profitability and a more consolidated industry structure [2][5][6] - The AI glasses market is expected to grow significantly, with Meta's optimistic shipment forecasts and partnerships enhancing production capabilities [2][10][11] - The paper industry is stabilizing in the short term, with potential for improved supply-demand dynamics and profitability in the medium term [2][14][15] Summary by Sections Home Furnishing - The sector is experiencing a bottoming out of valuations, with real estate policies expected to catalyze upward movement. The central economic work conference emphasizes stabilizing the real estate market, which is anticipated to improve demand for home furnishings [6][17] - The increase in second-hand housing transactions is expected to support demand recovery, while industry consolidation is accelerating, with mid-tier companies exiting the market [6][7][17] - Key companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are positioned well for valuation recovery [2][5][6] Metal Packaging - The industry is witnessing price increases for two-piece cans, with a confirmed profit margin turning point in 2026. The consolidation of leading companies is enhancing pricing power and profitability [2][5][6][8] - The demand from downstream sectors, particularly beer and carbonated beverages, is expected to drive growth, with significant room for improvement in can penetration rates compared to developed markets [7][8] AI Glasses - Meta's production capacity for AI glasses is rapidly increasing, with expectations to double output to 20 million units by the end of 2026. This growth is supported by strong market demand and technological advancements [10][11] - Partnerships with companies like EssilorLuxottica and the establishment of joint ventures are expected to accelerate the rollout of AI glasses [11][12] Paper Industry - The short-term stability of boxboard prices is noted, with medium-term improvements in supply-demand dynamics anticipated to enhance profitability [14][15] - The report highlights the importance of integrated supply chains and cost advantages for companies like Sun Paper and Nine Dragons Paper, which are well-positioned to benefit from market recovery [14][15]

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors [53] - Specific companies such as Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guai Bao Pet (301498), and Zhongchong Co. (002891) are rated as "Buy" [53] Core Insights - Major paper companies are set to increase white card paper prices by 200 yuan/ton after the Spring Festival, driven by rising operational costs and a reduction in supply due to maintenance shutdowns [16][9] - The domestic consumption market is projected to exceed 4 trillion yuan, with retail sales of consumer goods expected to grow by 3.7% in 2025, supported by policies promoting consumption [10][52] - The report highlights a positive trend in the light industry, with the sector outperforming the CSI 300 index by 5.10 percentage points from January 19 to January 23 [46][49] Industry News - White card paper prices are currently stable at 4,560 yuan/ton, with expectations for an increase due to upcoming maintenance periods in major paper companies [9][52] - Bubble Mart has repurchased shares totaling nearly 350 million Hong Kong dollars, indicating strong market confidence [16] Important Company Announcements - Zhihong Home expects a decline in net profit attributable to shareholders by 42.92%-55.89% in 2025 [4][46] - Lutai A anticipates a net profit increase of 38.92%-53.54% in 2025 [5][46]

行 轻工制造 2026 年 01 月 25 日 业 研 究 关轻注 工制造 地产预期改善，关注家居估值修复弹性 投资要点： 行 业 定 期 报 【周观点】①我们近期周报持续提示"家居板块估值处于历史低位，进入 2026 年，建议关注政策预期升温带动估值修复"，本周地产链情绪回暖， 家居龙头率先迎估值修复，持续推荐顾家家居、欧派家居、索菲亚、悍高 集团，建议关注低估值敏华控股、志邦家居。②1 月外盘浆价上涨，白卡 头部纸企发布年后涨价函，计划 2 月底 3 月初涨价 200 元/吨。 告 【周研究】①本周发布《敏华控股（1999.HK）：关注内外销积极的边际变 化》，我们预计 FY2026-FY2028 归母净利润分别为 20.7 亿港元、21.2 亿 港元、22.1 亿港元，目前股价对应 FY26、FY27 财年 PE 为 9X、8X，首 次覆盖给予"买入"评级。②《好孩子国际（1086.HK）：全球化婴童品牌 龙头，关注业绩改善弹性》，我们预计 2025-2027 年归母净利润分别为 1.50 亿港元、3.44 亿港元、3.85 亿港元，目前市值对应 25 年、26 年 PE 约 12X、 5X，公司当前估 ...