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 ...

证券日报网讯2月24日，共创草坪（605099）在互动平台回答投资者提问时表示，截至2026年2月10日， 公司的股东总户数为10609户。 ...

近期事件2026年02月06日，国务院新闻办公室举行政策吹风会，发布《加快培育服务消费新增长点工作 方案》，明确支持体育赛事等服务消费领域，可能对相关股票产生长期催化。 以上内容基于公开资料整理，不构成投资建议。 经济观察网国务院政策聚焦服务消费新增长点，体育赛事服务被列为重点培育方向，申万宏源研究将共 创草坪（605099）列为该领域的推荐标的之一。 机构观点根据申万宏源研究2026年02月08日发布的报告，国务院政策例行吹风会(02月06日举行)聚焦服 务消费新增长点，体育赛事服务领域被列为重点培育方向，报告将共创草坪列为该领域的推荐标的之 一，受政策利好推动。 股票近期走势近7天(2026年02月06日至02月12日)，共创草坪股价整体平稳，截至02月12日收盘价40.94 元，5日涨跌幅为1.24%，区间振幅3.86%；成交活跃度一般，02月09日至12日累计成交额约2.58亿元。 ...

Investment Rating - The report rates the light industry export chain as "Buy" [2] Core Insights - The growth potential of companies is derived from the alignment of industry characteristics and their own competitive advantages [3] - The report emphasizes that leading companies in niche markets can achieve differentiation and higher profitability due to limited competition and market capacity [6][7] - The report identifies key investment opportunities in companies such as Jiangxin Home, Gongchuang Lawn, Zhongxin Co., Gujia Home, Yingke Medical, Songlin Technology, Jianlin Home, Zhejiang Natural, and Yiyi Co. [4] Summary by Sections 1. Company Growth Sources: Industry Characteristics and Competitive Matching - Niche market leaders often achieve differentiation and alpha due to limited competition and high growth potential, with leading companies maintaining a market share of over 20% and net profit margins of 15%-20% [6][7] - Zhongxin Co. benefits from cost advantages through equipment optimization and raw material selection, achieving significant savings in fixed asset investment compared to peers [9] - Gongchuang Lawn excels in R&D innovation and comprehensive production efficiency, maintaining superior unit profit margins despite market price fluctuations [18][19] 2. Overseas Capacity Migration: Accelerated Diversification - The trend of sourcing from the U.S. is evident, with major retailers like Home Depot and Lowe's increasing their domestic procurement [4] - The report notes that U.S. tariffs and geopolitical factors are accelerating the shift of production capacity to North America, particularly in response to the 2025 tariff changes [4] 3. Investment Recommendations - The report suggests that leading companies in the export chain can achieve excess profits through precise positioning in niche markets, cost control, and differentiated product and channel operations [4] - The report highlights the importance of innovation and agile market response in driving product iterations, particularly for Jiangxin Home, which has rapidly developed new features in its product lines [27][30]

李含稚 华福证券轻纺分析师: 各位投资者大家上午好，我是华孚轻纺的李涵智，欢迎大家参加我们 2026 年春季策略会 的上市公司交流。本场次是共创草坪的线上交流。然后我们很荣幸的邀请到了公司的副总 裁、董事会秘书以及财务总监江总来参加本场次的交流。然后共创草坪作为这个全球人造 草坪的龙头公司，这几年的一个基本面的表现一直都是一个比较亮眼的水平，而且历史业 绩的这个兑现程度也是比较好的，是属于咱们出口链当中比较稀缺的优质标的。那么接下 来要不我们先有请江总帮我们回顾一下，就是刚过去的四季度，在这个全球三个主要市场 的一个大致的表现。 以及近期咱们一些订单的情况大概是怎么样的？江总，您好。 共创草坪副总裁、董事会秘书、财务总监江总: 各位投资人大家上午好。还是非常感谢华福证券组织的这场线上交流活动，也感谢各位投 资人对这个共创草坪的持续的关注。那么应该是从 Q4 以来的话，总体来讲我们的订单还 是不错的。Q4 的这个订单应该有这个 2020 以上的这样的，20 以上的这样的一个增长。 那么到了这个今年 1 月份，情况应该还是延续了去年这个，Q4 这样的一个订单的增幅。 也就是说我们的现在整个从需求端来看的话，我们认 ...

Group 1 - The core point of the article is that the company, Chuangkuang Turf, reported a total of 11,503 shareholders as of January 30, 2026 [2]

Group 1 - The sports industry concept is experiencing a significant rise, with companies such as Co-Creation Turf, Province Wide Group, China Sports Industry, Zhejiang Nature, and Guangdong Media hitting the daily limit up [1] - Other companies like Liqun Technology, Baida Qiancheng, Jinling Sports, Lisheng Sports, Xinghui Entertainment, and Shuhua Sports are also seeing increases in their stock prices [1]

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]

Group 1 - The core viewpoint of the news is that the sports industry stocks in the A-share market have collectively strengthened, driven by the announcement that Guangzhou will promote the Greater Bay Area's bid for the World Cup, in line with the National Sports Administration's work deployment [1] Group 2 - Notable stocks that reached the daily limit include Zhujiang Co., Zhejiang Nature, Shenguang Group, Zhongti Industry, and Gongchuang Turf, while Jinling Sports and Lisheng Sports rose over 5%, and Shuhua Sports increased by over 4% [1] - The stock performance data shows that Zhujiang Co. has a total market value of 54.42 billion and a year-to-date increase of 12.84%, while Zhejiang Nature has a market value of 38.07 billion with a 16.96% increase [2] - Shenguang Group has a market value of 226 billion and a year-to-date increase of 46.11%, while Zhongti Industry has a market value of 266.46 billion with a 13.40% increase [2] - Gongchuang Turf has a market value of 173 billion and a year-to-date increase of 20.62%, and Lisheng Sports has a market value of 26.98 billion with a 9.73% increase [2]

Group 1 - The core point of the news is that Gongchuang Turf (sh605099) reached its daily limit with a price of 43.05 yuan, marking a 9.99% increase and a total market capitalization of 17.329 billion yuan [1] - The company announced that its subsidiary in Vietnam received a 15-year corporate income tax incentive of 10%, significantly lower than the standard rate of 20%, which will help reduce costs and enhance profit margins in the long term [2] - For the first three quarters, the company reported a revenue increase of 9.52%, a net profit increase of 30.89%, and a cash flow increase of 103.77%, indicating a significant improvement in operational quality [2] Group 2 - Gongchuang Turf is recognized as one of the three major certified suppliers for global sports organizations and is a drafting unit for national standards, solidifying its leading position in the artificial turf industry [2] - The company focuses on the research, production, and sales of artificial turf, covering various fields such as sports and leisure turf, with outstanding R&D advantages and new products exceeding international standards [2] - The recent performance of the artificial turf industry has attracted attention, with some stocks in the same sector also performing well, potentially leading to increased capital inflow into Gongchuang Turf [2]