Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [6][8]. Core Views - The report highlights that the domestic price of broadleaf pulp has recently increased, while cultural paper and white card paper remain under pressure due to supply and demand factors. However, the waste paper sector shows a strong willingness to raise prices, continuing its upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. Summary by Sections 1. Recent Research Tracking and Investment Thoughts - The domestic price of broadleaf pulp has risen slightly, while cultural paper and white card paper prices are still under pressure. The waste paper sector continues to show strong price increase intentions, maintaining an upward trend. In July, China's furniture exports increased by 3.0% year-on-year, and U.S. furniture sales rose by 5.1% year-on-year. The extension of reciprocal tariffs and countermeasures between China and the U.S. for another 90 days, along with the approaching U.S. interest rate cuts and overseas promotional stocking demands, suggests a potential recovery in the export chain [17][25]. 2. Key Data Tracking - In July, China's furniture retail sales increased by 20.6% year-on-year, while sales in building materials and home furnishing markets decreased by 12.9% year-on-year. The total retail sales of social consumer goods in July reached 38,780 billion yuan, with a year-on-year increase of 3.7% [39]. - The domestic price of broadleaf pulp has increased by 109 yuan/ton compared to July, influenced by international production cuts and price increases. The waste paper sector has also seen price increases, with waste paper prices rising by 21 yuan/ton for old books and 100 yuan/ton for old yellow board paper [18][22]. - In July, the U.S. furniture and home decor store sales increased by 5.1% year-on-year, maintaining a single-digit growth for 11 consecutive months. The inventory turnover ratios for U.S. furniture wholesalers and retailers indicate stable conditions, suggesting resilience in overseas demand [25][26]. 3. Company Announcements and Industry Dynamics - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Gujia Home, which are expected to benefit from the recovery in home consumption. In the paper and packaging sector, it highlights Sun Paper as a key player benefiting from new capacity releases [5][14][15].

Group 1: Market Performance - In July, the total retail sales of furniture products in China reached 17 billion yuan, showing a year-on-year growth of 20.6% [1] - From January to July, the cumulative retail sales amounted to 115.9 billion yuan, with a year-on-year increase of 22.6%, indicating a strong market recovery [1] - In contrast, the retail sales of building and decoration materials in July were 13.5 billion yuan, reflecting a year-on-year decline of 0.5% [1] Group 2: Building Materials and Home Furnishing Sales - The sales revenue of large-scale building materials and home furnishing markets in July was 113.8 billion yuan, down 7.56% month-on-month and 12.92% year-on-year [2] - The cumulative sales from January to July were 808.3 billion yuan, showing a year-on-year decrease of 1.29% [2] - The decline in sales is attributed to seasonal factors, extreme weather, and reduced consumer demand due to market conditions [2] Group 3: Corporate Developments - Juran Smart Home appointed Wang Peng as the new vice president to enhance organizational development and management [3] - Fenglin Group reported a net loss of 46.6 million yuan in the first half of the year, with revenue declining by 19% year-on-year [4] - Oppein Home provided a guarantee of 50 million yuan for its wholly-owned subsidiary, with total guarantees amounting to 1.21 billion yuan [5] Group 4: Management Changes - *ST Yazhen announced the resignation of four executives, including the chairman, with some transitioning to other roles within the company [6] Group 5: Industry Initiatives - The Beijing Furniture Industry Association issued a proposal to resist "involution" competition and promote fair market practices, outlining four key action points [7]

Group 1 - The latest stock price of Oppein Home is 53.51 yuan, with an increase of 0.06 yuan, representing a rise of 0.11% compared to the previous trading day [1] - The trading volume for the day was 48,655 hands, with a total transaction amount of 261 million yuan [1] - Oppein Home primarily engages in the research, production, and sales of integrated home products, including integrated cabinets, wardrobes, and bathrooms, and is a leading home product manufacturer in China [1] Group 2 - The company provided a guarantee of 50 million yuan for its wholly-owned subsidiary, Qingyuan Oppein Integrated Home Co., Ltd [1] - As of the announcement date, the total external guarantee balance of the company and its subsidiaries is 2.728 billion yuan, accounting for 14.32% of net assets [1] - Oppein Home is collaborating with universities to develop an AI system for aging-friendly design, which can automatically generate renovation plans based on the physical data of elderly individuals [1] Group 3 - The net inflow of main funds for Oppein Home on that day was 4.9558 million yuan, accounting for 0.02% of the circulating market value [1] - Over the past five days, the net inflow of main funds reached 39.8558 million yuan, representing 0.12% of the circulating market value [1]

证券代码：603833 证券简称：欧派家居 公告编号：2025-058 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 关于公司及控股子公司对外担保进展公告 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： ● 担保对象及基本情况 （一）担保的基本情况 为满足清远欧派的经营发展需求，2025年8月12日，清远欧派与平安银行股份有限公司广州分行（以下 简称"平安银行广州分行"）签订了《综合授信额度合同》。为了保证平安银行广州分行与清远欧派合同 的履行，确保双方一系列债务的按时足额清偿，欧派家居集团股份有限公司（以下简称"公司"）作为保 证人向平安银行广州分行提供最高额连带责任保证，本次担保的最高债权额为等值人民币5,000万元。 本次担保未提供反担保。 （二）内部决策程序 5.合同项下的担保主债权：平安银行广州分行作为债权人在主合同项下对清远欧派所享有的所有债权， 包括在2025年8月7日到2026年8月6日的期间（该期间在合同中简称为"债权确定期间"）内，平安银行广 ■ ● 累计担保情况 ...

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 关于公司及控股子公司对外担保进展公告 证券代码：603833 证券简称：欧派家居 公告编号：2025-058 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： ? 担保对象及基本情况 清远欧派集成家居有限公司（以下简称"清远欧 被担保人名称 派"） 本次担保金额 5,000 万元 担保对 象一 实际为其提供的担保余额 12,123.17 万元 是否在前期预计额度内 ?是 □否 □不适用：_________ 本次担保是否有反担保 □是 ?否 □不适用：_________ ? 累计担保情况 对外担保逾期的累计金额（万元） 0 截至本公告日上市公司及其控股子 公司对外担保总额（万元） □担保金额超过上市公司最近一期经审计净资产 50% 特别风险提示（如有请勾选） □对合并报表外单位担保金额达到或超过最近一期经 审计净资产 30%的情况下 对资产负债率超过 70%的单位提供担保 其他风险提示（如有） 无 一、担保情况概述 （一） 担保的基本情况 ...

Core Viewpoint - The company, Oppein Home, announced its total approved guarantees for its controlling subsidiaries amounting to RMB 1,900,000 million, which represents 99.73% of the company's most recent audited net assets [1] Summary by Categories Financial Guarantees - The total approved guarantees provided by the company for its controlling subsidiaries is RMB 1,900,000 million [1] - The actual guarantees already provided by the company to its controlling subsidiaries amount to RMB 272,761.95 million, which is 14.32% of the company's most recent audited net assets [1] - The cumulative number of overdue guarantees for the company and its controlling subsidiaries is zero [1]

来源：金融界 资金流向方面，今日主力资金净流入1164.61万元，占比成交额4.69%。其中，超大单净流出98.60万 元、占成交额0.4%，大单净流入1263.21万元、占成交额5.08%，中单净流出流入382.72万元、占成交额 1.54%，小单净流出1547.34万元、占成交额6.23%。 金融界消息 截至2025年8月13日收盘，欧派家居（603833）报收于54.0元，上涨2.04%，换手率0.76%， 成交量4.63万手，成交金额2.48亿元。 通过天眼查大数据分析，欧派家居集团股份有限公司共对外投资了20家企业，参与招投标项目827次， 知识产权方面有商标信息966条，专利信息674条，此外企业还拥有行政许可243个。 欧派家居最新一期业绩显示，截至2025一季报，公司营业总收入34.47亿元、同比减少4.80%，归属净利 润3.08亿元，同比增长41.29%，扣非净利润2.66亿元，同比增长86.16%，流动比率0.953、速动比率 0.895、资产负债率45.17%。 天眼查商业履历信息显示，欧派家居集团股份有限公司，成立于1994年，位于广州市，是一家以从事家 具制造业为主的企业。企业注册 ...

Core Insights - The report highlights a significant shift in China's consumption structure from goods to services, with per capita service consumption expected to reach 46.1% of total consumption by 2024, contributing 63% to the growth of consumer spending [2] - The establishment of the Xinjiang-Tibet Railway Company marks the beginning of a major infrastructure project that is expected to enhance regional economic collaboration and reduce logistics costs, with an estimated investment of around 500 billion yuan [7][8] - The report emphasizes the positive impact of major infrastructure projects on China's economic stability and growth, particularly in the context of external uncertainties [9][10] Economic News - The Ministry of Commerce indicates a rapid transition in China's consumption structure, with service consumption growing at an annual rate of 9.6% from 2020 to 2024 [2] - The Ministry of Finance has introduced a one-year "dual interest subsidy" policy aimed at boosting consumer loans for various sectors, including automotive and healthcare [2] - The People's Bank of China is encouraging increased credit support for the service consumption sector to ensure effective policy implementation [4] Company Insights - Alibaba Health has signed a strategic cooperation agreement with Innovent Biologics to enhance supply chain solutions for cold-chain delivery of specific medications [5] - Didi has recently invested in a driverless commercial vehicle company, indicating a strategic move towards autonomous transportation [5] - Jiangfeng Electronics is planning to integrate its flat panel display target material business with Japan's Aifuka Corporation, showcasing international collaboration [5] Infrastructure Projects - The Xinjiang-Tibet Railway is expected to significantly lower logistics costs and enhance economic cooperation between regions, with a construction period projected to exceed 20 years [8][9] - The report outlines that the construction of the Xinjiang-Tibet Railway will provide a safety net for China's economy against external uncertainties, contributing approximately 0.18% to GDP growth annually [8][9] - Other major infrastructure projects are also set to commence, which will serve as important engines for domestic demand and economic stability [10] Investment Recommendations - The report suggests that leading companies in the construction and materials sector will benefit significantly from the Xinjiang-Tibet Railway project, including major state-owned enterprises [9] - It emphasizes that the implementation of major projects will not only yield long-term benefits but also stabilize the economy amid external challenges [11]

| 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2025-058 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股子 | 272,761.95 | | 公司对外担保总额（万元） | | | 对外担保总额占上市公司最近一期 经审计净资产的比例（%） | 14.32 | | 特别风险提示（如有请勾选） | □对外担保总额超过最近一期经审计净资产 100% | | | □担保金额超过上市公司最近一期经审计净资产 50% | | | □对合并报表外单位担保金额达到或超过最近一期经 | | | 审计净资产 30%的情况下 | | | ☑对资产负债率超过 70%的单位提供担保 | | 其他风险提示（如有） | 无 | | | | 被担保人名称 本次担保金额 | 派"） 5,000 | 万元 | 清远欧派集成家居有限公司（以下简称"清远欧 | | --- | --- | --- | --- | --- | ...

Investment Rating - The report indicates a positive investment outlook for the IP toy sector, paper industry, and home furnishing sector, highlighting specific companies to watch [2][4][17]. Core Insights - The IP toy market continues to thrive, with Sanrio's FY26Q1 performance exceeding expectations, driven by strong IP character sales, particularly Hello Kitty, across various regions [2][4]. - The paper industry is entering a peak demand season in Q3, with expectations for price stabilization and potential upward movement due to supply-side improvements [14][15]. - The home furnishing sector is poised for recovery as Beijing relaxes housing purchase restrictions, which may enhance valuation and stimulate demand [17][19]. Summary by Sections 1. IP Toy Sector - Sanrio's FY26Q1 revenue reached 431 billion JPY, a 49% year-on-year increase, with operating profit up 88% and net profit up 38%, attributed to strong IP character performance [2][4]. - Companies such as Morning Glory, Chuangyuan, Chaohongji, Guobo, and Blucor are highlighted for their innovative IP collaborations and product launches [2][4][6][9][10]. 2. Paper Industry - The report notes that Q3 demand is gradually increasing, with expectations for paper prices to stabilize and potentially rise, supported by reduced production from overseas suppliers [14][15]. - Key companies to monitor include Sun Paper, Nine Dragons, and Bohui Paper, as they are positioned to benefit from the improving supply-demand dynamics [14][15]. 3. Home Furnishing Sector - The easing of purchase restrictions in Beijing is expected to boost the home furnishing sector, with companies like Sophia, Oppein, Gujia, and others identified as having strong dividend safety margins [17][19][23]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, driven by improved consumer confidence and demand from the secondary housing market [19][23].