10月18日，作为第六届超级慕粉节的收官之作，一场别开生面的"慕思奇梦记"超级慕粉节总部开放日在 东莞的慕思超级工厂拉开帷幕，300多位海内外慕思用户莅临活动现场，与慕思品牌宠粉挚友希林娜依· 高一起，参观工业4.0智造生产线和睡眠博物馆，近距离感受"眼耳鼻舌身意" 六根睡眠文化的魅力，共 同解锁慕粉专属的好梦时光。 打造慕粉节IP，架起品牌与用户的桥梁 作为慕思近年最重要的IP活动之一，超级慕粉节为纽带构建起独特的用户连接体系，2025年慕粉节自启 动以来，通过孙燕姿演唱会快闪、希林娜依·高"一日店长"等多元形式，实现线上线下全域联动。 沉浸式宠粉体验，传递慕思睡眠文化 作为健康睡眠领域的领军品牌，慕思至今已成立21年。在这21年里，慕思只专注做一件事情，即慕思的 企业使命：让人们睡得更好。本届慕粉节收官活动以"慕思奇梦记"为主题，首次将会场设于慕思总部超 级工厂，通，通过"眼耳鼻舌身意" 六根睡眠文化动漫IP装置搭建的大型沉浸式游园会体验拉近品牌与 用户距离。 开放日当天，嘉宾们以有趣的游园打卡互动活动，亲历了一场"六根睡眠文化"探秘之旅，同时在慕思睡 眠博物馆床垫智能制造车间，真实了解慕思的智造力和产品 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [4] Core Views - The report emphasizes the importance of valuation switching logic in the new consumption sector, highlighting stable operational performance in the sports brand sector for Q3 [6][4] - It suggests a focus on high-growth tracks in new consumption and the valuation switching logic within the sector, particularly in the collectible toy segment [6][4] - The report identifies several companies with strong growth potential and suggests monitoring their performance closely [6][4] Summary by Sections Industry Overview - The industry consists of 175 listed companies with a total market value of 10,672.79 billion and a circulating market value of 8,623.31 billion [2] Market Performance - The Shanghai Composite Index decreased by 1.47%, while the Shenzhen Component Index fell by 4.99% during the week of October 13-17, 2025 [6][11] - The light industry manufacturing index dropped by 2.22%, ranking 13th among 28 Shenwan industries, while the textile and apparel index decreased by 0.31%, ranking 5th [6][11] Key Company Insights - Companies such as Bubble Mart are expected to release Q3 operational data, with new product launches anticipated to drive performance in Q4 [6] - 361 Degrees reported a stable performance with a 10% increase in offline and children's clothing sales, and a 20% increase in e-commerce sales [6] - Anta Sports, Li Ning, and other functional apparel brands are highlighted for their growth potential [6] Investment Opportunities - The report suggests focusing on the acceleration of the Chinese consumption supply chain going overseas, particularly in non-woven fabric manufacturing [6][7] - Companies like Yanjiang Co. are recommended for their advanced production techniques and global supply chain capabilities [7] - The pet supplies sector is also highlighted, with companies like Yuanfei Pet expected to benefit from growth in both OEM and OBM businesses [6][7] Sector Recommendations - The report recommends monitoring companies in the home furnishing sector, such as Xilinmen and Gujia Home, for potential recovery in performance and valuation [6] - In the paper industry, Sun Paper is recommended due to its integrated advantages and expected improvement in profitability [6][7] - The textile manufacturing sector suggests a focus on companies like Jingyuan International for their market share growth potential [6][7]

据Wind统计，截至10月17日，沪深两市共有84只个股连续5日或5日以上获主力资金净买入。连续获主 力资金净买入天数最多的股票是凯盛科技、健友股份，均已连续10个交易日获净买入；连续获主力资金 净买入天数较多的还有无锡振华、津投城开、珠城科技、联域股份、永茂泰、研奥股份、澳华内镜、科 思科技等股。 （文章来源：证券时报网） ...

Investment Rating - The report maintains a positive outlook on the light industry and paper sector for Q3 2025, indicating a favorable investment rating [1]. Core Insights - The globalization of supply chains is accelerating changes in the packaging landscape, with leading companies increasing their market share and improving profitability [2]. - Q3 2025 is expected to see a divergence in performance among companies, influenced by supply chain advantages and growth potential [2]. - The report highlights specific companies with projected revenue and profit growth, indicating a robust performance in certain segments despite challenges in others [5][6]. Summary by Sections Packaging and Printing - Companies like Yutong Technology and Baosteel Packaging are expected to see slight revenue growth, while others like Meiyingsen may face revenue pressure but maintain profit growth [2][3]. - The overall packaging sector is benefiting from the global supply chain shift, with many companies reporting stable or improving profit margins [2][3]. Export Sector - Companies such as Jiangxin Home and Qianjiang Motorcycle are projected to experience significant revenue growth, with estimates of over 30% for Q3 2025 [6][7]. - The report notes that the export sector is showing resilience, with several companies adapting well to changing market conditions [6][7]. Two-Wheel and Motorcycle Sector - Companies like Aima Technology and Spring Wind Power are expected to report revenue growth of over 10% in Q3 2025, driven by seasonal demand and market adjustments [10][11]. - The sector is experiencing a mix of growth and challenges, with some companies facing declines due to regulatory changes [10][11]. Home Furnishing Sector - The report indicates that companies like Oppein Home and Kuka Home are facing revenue declines, while others like Joy Home are expected to show resilience with slight growth [12][14]. - The home furnishing market is under pressure from policy changes, but some segments are performing better than others [12][14]. Light Consumer Goods - Companies such as Dongkang Oral and Jeya are projected to see significant revenue and profit growth, with estimates indicating over 60% growth for Jeya in Q3 2025 [13][16]. - The light consumer goods sector is showing a positive trend, with several companies benefiting from strong demand and effective marketing strategies [13][16]. Paper Industry - The report anticipates a mixed performance in the paper sector, with some companies like Sun Paper expected to see profit declines due to price pressures, while others may experience stability [18][19]. - The paper industry is facing challenges from raw material price fluctuations, but certain segments are expected to maintain profitability [18][19].

证券之星始创于1996年，是国内领先的金融信息及综合服务平台。关注证券之星，即时获取有价值的财经资讯。 作为A股"床垫三巨头"之一的慕思股份(001323.SZ)，今年上半年遭遇营收与归属净利润两大核心指标双双下滑的业绩挑战。 细究财报，证券之星注意到，在核心销售渠道收缩的背景下，慕思股份的床架、沙发、床品等配套产品收入全面承压，而最为核心的床垫业务也难以支撑 业绩增长。从市场格局来看，其海外收入虽实现大幅增长，但海外业务规模相较于同行稍显逊色。 值得关注的是，公司在战略推进中呈现出明显的矛盾性。上半年，公司AI战略取得进展，相关产品收入达1.21亿元，同比增幅超过3倍。但研发投入并未同 步跟上，令这一高增长的可持续性与技术成色存疑。此外，在净利润下滑的背景下，公司仍将过半利润用于分红，此举也引发了市场关注。 01 核心销售渠道收缩 营收净利润双降 财报显示，慕思股份自成立以来，一直致力于为客户提供中高端健康睡眠产品及服务，是一家集研发、设计、生产、销售、服务于一体的健康睡眠系统整 体解决方案服务商，主要产品包括中高端床垫、床架、沙发、床品和其他产品，其中床垫(含智能床垫)为公司核心产品。 以下文章来源于证券 ...

Core Insights - The launch of the new smart bed by Mousse marks a significant step in the company's transformation towards smart technology in the sleep industry, addressing the growing demand for intelligent sleep solutions [1][4][6] - The collaboration with Huawei's HarmonyOS aims to integrate smart technology into the sleep experience, enhancing user interaction and creating a comprehensive sleep ecosystem [3][4][6] Market Overview - The Chinese sleep economy is experiencing rapid growth, with the market size projected to reach 534.93 billion yuan in 2024 and 658.68 billion yuan by 2027, driven by a 90% annual growth rate in the technology-assisted sleep sector [3] - Traditional home furnishing companies face growth challenges, prompting Mousse to seek new growth avenues through innovation and smart product offerings [3][4] Product Features - The new smart bed features "left and right six-zone independent control," allowing for personalized sleep settings and automated responses to user needs, such as adjusting the bed's angle during snoring [3][4] - The product underwent extensive testing, increasing from 300 to nearly 900 test items to meet HarmonyOS standards, reflecting a significant investment in quality assurance [3] Company Strategy - Mousse has established a comprehensive system covering research and development, manufacturing, and distribution, with core mattress product revenue expected to reach 2.679 billion yuan in 2024, accounting for 47.81% of total revenue [4] - The company is focusing on smart product development, with over 15% of its revenue coming from intelligent products in 2024, and has seen a threefold increase in AI product revenue in the first half of 2025 [4][6] Industry Implications - The introduction of the smart bed signifies a shift in the sleep industry towards an ecosystem-based competition, moving away from fragmented product offerings to a more integrated approach [6][7] - The partnership between Mousse and HarmonyOS exemplifies the merging of traditional home furnishing and advanced technology, setting a precedent for future collaborations in the smart home sector [6][7]

Core Insights - The collaboration between Mousse Co., Ltd. and Huawei's HarmonyOS has led to the launch of the smart bed "Sleep Cube," marking a significant step in Mousse's transformation into the smart sleep sector [1][2] - "Sleep Cube" is the first smart bed product integrated with the HarmonyOS, filling a gap in the smart bedding market and setting a new technological benchmark [1][2] Strategic Positioning - The partnership provides Mousse with a unique competitive advantage as "Sleep Cube" is currently the only smart bed product connected to the HarmonyOS, enhancing its market position [2] - Mousse's integration into the HarmonyOS ecosystem allows it to transition from a "single hardware supplier" to an "ecosystem participant," increasing its influence in the smart home architecture [2] Technological Integration - "Sleep Cube" combines smart bed and mattress functionalities, enabling integrated smart control and interaction with other smart home devices [3] - The product features an innovative "tap" interaction method, allowing users to adjust mattress settings easily, enhancing user experience and engagement [3] - It also monitors sleep data and provides personalized sleep recommendations, shifting users from passive recipients of sleep solutions to active participants in health management [3] Market Potential - The smart bed market in China is expected to grow significantly, with the sleep economy projected to reach 658.68 billion yuan by 2027 [4] - Mousse plans to continue expanding its smart product line and integrate more bedroom smart devices into the HarmonyOS ecosystem, positioning itself as a leader in the smart sleep space [4] Valuation Dynamics - Mousse's valuation logic is shifting from traditional mattress sales to a comprehensive sleep solution provider, enhancing its financial stability and market valuation [5][6] - The company's focus on smart home integration and ecosystem development is expected to lead to a restructured valuation model, aligning it more closely with technology and ecosystem companies [6]

Core Insights - The AIoT wave is rapidly reshaping human living environments, with the concept of "home" being continuously redefined [1] - The smart home industry in China is approaching a market size of 700 billion yuan, but fully integrated smart homes remain rare, with most consumers still using standalone smart devices [1] - The smart sleep market is in its infancy, with smart beds having a domestic penetration rate of less than 1%, significantly lower than the 14% in the United States [1] Market Potential - The Chinese sleep economy is projected to exceed 530 billion yuan in 2024 and grow to approximately 650 billion yuan by 2027, driven by AIoT and biosensing technologies [3] - The smart bed market is expected to transition from niche to mainstream, potentially capturing 50% of the bedding market share by 2027, with a market size forecast to surpass 120 billion yuan [12] Product Innovation - The "Sleep Magic Cube" launched by Mousse in collaboration with Huawei aims to revolutionize the smart sleep ecosystem with a focus on "active care" and "seamless connectivity" [1][3] - The product features a "sensitive intervention" mechanism that can adjust the bed's position to alleviate snoring, with an accuracy rate of up to 90% [4][6] - Mousse's innovation extends to real-time health monitoring, capturing metrics like heart rate and breathing, and generating sleep reports that meet industry standards [6] Technological Integration - The Sleep Magic Cube utilizes Huawei's unique IoT connection technology, significantly reducing device pairing time and enhancing user experience [6][9] - Mousse's commitment to R&D is evident, with an investment of 211 million yuan in 2024, a 13.5% increase year-on-year, and a strong patent portfolio of over 1,800 items [8][9] Strategic Partnerships - The collaboration with Huawei is pivotal for Mousse's AI-driven transformation, providing essential technological support and access to a broader consumer base through various channels [9][11] - Mousse has also engaged in cross-industry collaborations, such as with Ximalaya, to enhance its sleep ecosystem through auditory content [11] Future Directions - Mousse plans to expand its ecosystem by integrating more devices within the Huawei HarmonyOS, enhancing the overall smart home experience [14] - The company aims to establish comprehensive health management services, potentially collaborating with educational and medical institutions to create sleep health profiles for users [14][15]

Core Insights - The article highlights the emergence of a significant sleep economy market in China, projected to reach 534.93 billion yuan in 2024 and 658.68 billion yuan by 2027, driven by increasing product penetration and variety [1] - The collaboration between Mousse and Hongmeng Smart aims to address sleep issues through innovative smart bed technology, targeting the approximately 30% of the population experiencing sleep disorders [1][3] Market Overview - The sleep economy market in China is expected to grow substantially, with a forecasted increase from 534.93 billion yuan in 2024 to 658.68 billion yuan by 2027, indicating a robust demand for sleep-related products [1] - The penetration rate of smart beds in China is currently low, suggesting significant growth potential in this segment [1] Product Innovation - The newly launched Hongmeng Smart Mousse smart bed integrates traditional smart beds and mattresses, featuring "six independent zones" for customized firmness settings, enhancing user comfort [3] - The smart bed includes a snore detection feature that elevates the user's back by 15 degrees to improve breathing quality during sleep [3] - A comprehensive quality control system has been implemented, increasing testing items from 200-300 to nearly 900, ensuring high reliability and user experience [3] User Experience - The smart bed introduces a "tap to activate" interaction method, allowing users to adjust settings easily without needing a remote or voice assistant, enhancing convenience [3] - The collaboration aims to create a holistic smart sleep environment, linking the smart bed with other devices like lamps and air conditioners for an integrated experience [4] Industry Impact - The partnership between Mousse and Hongmeng Smart represents a significant convergence of health sleep and smart technology sectors, aiming to transform fragmented products into a systematic ecosystem [4] - This innovation is expected to drive the sleep industry towards a more integrated and experience-focused approach, fostering rapid development in the sector [4]

睡眠产业正式步入"全场景智慧生态"时代。9月26日，主题为"分区智控智能助眠让好睡眠智然发生"的 鸿蒙智选慕思智能床新品发布会在深圳召开。这款由双方联合打造的智能床，不仅实现了左右六区，独 立智控的精细化突破，更通过深度融入鸿蒙生态，首次将卧室睡眠体验带入"全场景智能联动"时期。值 得一提的是，新品将由著名歌手毛不易担任产品体验官。 极致产品的背后是对品质的极致追求。为满足鸿蒙智选远高于国标的严格标准，该产品的测试项目从常 规的200-300项大幅增加至近900项，仅认证测试成本的增加就超过百万元。这套严格到堪称"苛刻"的品 控体系，确保了产品的高度可靠性与用户体验的极致流畅。 助推睡眠产业升级 据艾媒咨询数据，中国睡眠经济市场规模2024年达到5349.3亿元，预计2027年将增长至6586.8亿元，展 现出强劲的增长态势。其中，科技助眠领域增速显著，市场规模年增长率达90%，预计2027年突破200 亿元。 鸿蒙智选慕思智能床的发布，精准踩中了这一爆发性增长的关键节点。随着新品的上市，用户获得的将 不仅是更智能、更精准的睡眠调节体验，更是由智能床作为中枢，联动台灯、窗帘、空调等设备营造的 全场景智能睡眠环 ...