2026年1月17日至18日，以"敢出色 耀同行"为主题的卡丽亚&羡慕家居经销商年会暨新品发布会，在慕 思集团总部圆满落幕。集团高管、全国经销商伙伴与行业嘉宾齐聚一堂，回顾2025年业绩成果，举行年 度荣耀颁奖，聚焦营销、产品、培训、销售与服务体系多维度赋能培训，为经销商提供系统化支持，助 推2026新征程全面启航。 新品亮相：诠释品牌主张，释放增长动能 回顾与擘画：明确年度规划，升级核心战略 盛会于17日9时拉开帷幕，一段2025年度回顾视频，引领现场来宾重温过去一年的关键历程：从签约国 际超模杜鹃为品牌代言人，到携手阿玛尼美妆、哆啦A梦等超级IP跨界破圈；从终端门店形象升级，到 创新渠道拓展——每一幕都体现出品牌"敢为人先"的突破与"精益求精"的匠心。 慕思集团董事长王炳坤、副总裁盛艳、设计大师戴昆、中央美术学院副院长高扬等重量级嘉宾悉数亮 相，凸显本次大会的高规格与行业影响力。 慕思集团董事、副总裁，沙发事业部总经理盛艳作《2026年度战略规划》主题分享。她系统回顾了品牌 在复杂市场环境中取得的亮眼成绩，并以前瞻视野部署2026核心战略：深耕市场、聚焦用户、强化产品 创新、提升渠道赋能，携手经销商共同构 ...

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 行 业 及 产 业 轻工制造 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 01 月 26 日 地产情绪升温，家居板块估值底部 向上；关注金属包装提价 看好 ——造纸轻工周报 2026/01/19-2026/01/23 本期投资提示： 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 博时基金 博时基金管理有限公司(researchreport@bosera.com ...

在这三十年当中，我聘请了很多跨国的战略公司、人力资源公司、流程公司，吸收到西方的一些非常前 卫的管理理论、战略理论和营销理论。那么在实践过程中，我就发现这些理论一定要扎根中国土壤，一 定要跟中国的实践，跟中国的市场，跟中国不同阶段的市场现状和一个企业不同阶段的动态结合才能奏 效。 所以，慕思上市之后，我们就准备做一个产业的孵化，把过去这么多年沉淀的高端品牌的运作经验，萃 取和提炼出来，然后奉献给社会，让这个世界，让中国出现更多的细分领域的高端品牌。所以有幸跟品 牌联盟王永主席结缘，在2023年11月的杭州的中国品牌节上，我发布了我的高端品牌方法论。现在已经 两年过去了。 我在2024年11月份正式出版了《高端品牌方法论》这本书，这不是一个简单的国外理论的转译，而是我 30年当中，在自己的实践当中的提炼，一套独特的适合中国市场的，适合中国企业的，扎根中国土壤的 高端品牌方法论。 这两年当中，我办了16场差不多像今天这样的千人大会，到现在为止，大概有将近5万的企业家和企业 的高管参加了这样的论坛。还办了12期的高端品牌方法论的问道增长训练营，就是三天两夜的问道增长 训练营，我要把它办成高端品牌方法论的中国的"黄埔 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights various sectors including trendy toys, new tobacco, home furnishings, paper packaging, personal care, AI glasses, Xiaomi Group, pet food, and AI+3D printing, indicating a mixed outlook across these industries with some showing growth potential while others face challenges Trendy Toys - The collaboration between Honor and Pop Mart to launch the first trendy toy smartphone is expected to differentiate products in a competitive market, targeting younger consumers [8] - Despite a decline in overall online GMV for trendy toys, leading companies like Miniso and Bluku are experiencing significant growth, with Miniso's blind box category growing by 315% [10] New Tobacco - The cancellation of VAT export rebates for e-cigarettes is expected to pressure profits in the short term, but may benefit companies like Smoore in the long run as they can capture market share from smaller competitors [11] - The HNB market is anticipated to expand significantly with the upcoming launch of IQOS in the US [12] Home Furnishings - The domestic real estate market remains weak, with significant declines in new and second-hand home transactions [13] - Export figures show a decline for Chinese furniture, while Vietnam's furniture exports are growing, indicating a shift in regional competitiveness [14] Paper Packaging - The report notes fluctuations in paper prices, with a general decline in prices for various paper types, but anticipates a recovery in demand as packaging needs stabilize [15] - The overall retail growth in food, beverages, and daily necessities is expected to support the packaging sector's recovery [16] Personal Care and AI Glasses - The personal care sector shows mixed performance, with some brands experiencing growth while others decline [17] - Meta's plans to significantly increase the production capacity of AI glasses signal a positive outlook for the sector, potentially boosting demand across the supply chain [18] Xiaomi Group - Xiaomi continues to lead in the smartphone market, with expectations to integrate self-developed chips and AI models into their products by 2026 [19] - The company aims to enhance its brand positioning and profitability through technological advancements and strategic product launches [20] Pet Food - The pet food market is projected to grow, with a focus on new product introductions and market expansion strategies [23] - Recent data indicates a decline in GMV for pet food on major e-commerce platforms, highlighting competitive pressures [24] AI+3D Printing - The consumer-grade 3D printing market is expected to grow, driven by new product launches and community engagement initiatives [33] - Companies are focusing on lowering entry barriers and enhancing user experience to penetrate the market further [36]

Core Insights - Mousse Health Sleep Co., Ltd. showcased its new smart sleep products at CES, emphasizing the transition of AI from an optional feature to a necessity in product value [1] - The company plans to release its first AI mattress, T11Pro, in 2024, followed by T11+ in 2025, and further AI-based health management products in 2026 [1] Product Development - The new smart sleep series aims to redefine bedding from a "resting tool" to a "personalized health management terminal" through advanced AI applications [1] - The products utilize "medical-grade" sensors for data collection, extending from behavioral to physiological metrics, and provide structured sleep reports via voice assistant queries [1] - The system offers personalized improvement suggestions based on sleep models and long-term data, covering aspects like exercise, diet, and daily routines [1] Technological Innovations - The CTO highlighted the significance of the "Tidal Algorithm 3.0," which is built on a self-developed sleep model that understands sleep causality and proactively offers improvement suggestions [1] - The company publicly displayed all core components of its smart beds, including sensors that have received national Class II medical device certification, achieving precision comparable to professional medical equipment [2] - The smart bed features hundreds of flexible adjustment columns for millimeter-level support, and the main control box operates at noise levels below 26 decibels, meeting silent room standards [2]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每经AI快讯，慕思股份1月16日晚间发布公告称，本次担保后，公司对全资子公司的担保总额为人民币 20.1亿元，占公司2024年度经审计净资产的比例为44.49%；公司对全资子公司的担保余额为人民币约 5.37亿元，占公司2024年度经审计净资产的比例为11.9%。 每经头条（nbdtoutiao）——白银50天涨逾80%，疯狂程度远超黄金，历史上爆炒白银往往预示贵金属 牛市已到高潮，这次有何不同？ ...

证券代码：001323 证券简称：慕思股份 公告编号：2026-001 慕思健康睡眠股份有限公司 关于公司为全资子公司提供担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 （一）本次担保的基本情况 为满足公司生产经营活动的需要，东莞慕思寝具销售有限公司（以下简称"慕 思销售"）、重庆慕雅家居时尚有限公司（以下简称"慕雅时尚"）、东莞市艾 慕寝室用品有限公司（以下简称"东莞艾慕"）于 2026 年 1 月 15 日与广发银行 股份有限公司深圳分行（以下简称"广发银行"或"融资行"）分别签署了《授 信额度合同》。结合慕思健康睡眠股份有限公司（以下简称"慕思股份"或"公 司"）与广发银行签署的《最高额保证合同》，公司为慕思销售、慕雅时尚、东 莞艾慕在融资行获授的授信融资额度所负的全部债务承担连带偿还义务，具体明 细如下： | 授信单位/被担保人 | 担保人 | 授信银行/债权人 | 担保金额/万元 | | --- | --- | --- | --- | | 慕思销售 | 慕思股份 | 广发银行 | 20,000 | | 慕雅时尚 | 慕思 ...

Core Viewpoint - The evolution of smart beds represents a significant shift in the traditional bedding industry, driven by advancements in AI technology and a growing understanding of consumer needs for personalized sleep solutions [6][35]. Group 1: Evolution of Smart Beds - The price of smart mattresses has drastically decreased from around 1 million yuan in 2014 to less than 40,000 yuan today, showcasing the technological advancements and the evolution of Chinese manufacturing towards algorithm-driven solutions [5][6]. - The introduction of AI technology has transformed traditional beds into intelligent entities capable of sensing, decision-making, and interaction, marking a significant leap from conventional sleep tools [7][35]. - The "Tidal Algorithm" developed by Mousse allows for personalized sleep experiences, offering over 5,000 different sleep comfort options based on extensive ergonomic data [5][15]. Group 2: Sleep Challenges and Solutions - A study revealed that 62% of respondents are experiencing sleep difficulties, with average sleep duration decreasing from 7.02 hours to 6.67 hours, indicating a growing public health concern [9]. - Traditional mattresses are static and cannot adapt to the dynamic needs of the human body, leading to discomfort and sleep issues [11][12]. - AI technology enables mattresses to adapt in real-time to users' changing sleep positions and body conditions, enhancing overall sleep quality [15][17]. Group 3: Technological Integration and User Experience - The integration of AI allows for a comprehensive sleep management system that not only focuses on individual comfort but also addresses environmental factors affecting sleep, such as light and temperature [23]. - Smart beds can manage sleep disturbances, such as snoring, by adjusting the bed's position to improve the sleeping environment for both partners [19][23]. - The shift from simple product offerings to a system-level ecological service reflects a broader trend in the home furnishings industry towards intelligent, data-driven solutions [23][29]. Group 4: Industry Transformation - The evolution of smart beds is emblematic of the broader transformation within the Chinese manufacturing sector, moving from traditional production methods to advanced, AI-driven manufacturing processes [25][30]. - Companies like Mousse have invested in foundational research and development, establishing technical barriers and enhancing their competitive edge in the market [28][29]. - The transition to smart manufacturing is characterized by high precision and collaboration, ensuring that products maintain medical-grade quality and stability as they reach consumers [30][33].

Core Insights - The article highlights the transformation of Dongguan from a "world factory" to a "city of manufacturing aesthetics," showcasing the integration of design and manufacturing to enhance product value and quality [2][5][9] Group 1: Event Overview - The program "Aesthetic Journey of Dongguan Manufacturing" was broadcasted across various media platforms, featuring brands like OPPO, vivo, and Marco Polo, emphasizing the aesthetic value of Dongguan manufacturing [2] - Well-known host Sa Beining served as the "chief curator," engaging in challenges that explored the city's evolution in manufacturing aesthetics over a 120-minute live stream [2][3] Group 2: Design and Innovation - The event included discussions on "the beauty of design" and "the beauty of concepts," with examples such as Marco Polo tiles reflecting local culture and OPPO's innovative phone designs [3][5] - Dongguan's industrial ecosystem supports over 60,000 products across 34 categories, with a significant focus on precision manufacturing and smart robotics [5][8] Group 3: Strategic Goals - The city aims to implement a strategy centered on "intelligent and creative products" and "harmonious living," which reflects a commitment to merging industrial aesthetics with humanistic values [8] - The local government has outlined nine major actions to kickstart the "14th Five-Year Plan," focusing on enhancing both product design and cultural narratives [8] Group 4: Market Positioning - Dongguan is recognized as a major hub for various products, including one-quarter of the world's animation derivatives and 85% of China's trendy toys, indicating its significant role in the global market [8] - The narrative emphasizes that the evolution of manufacturing in Dongguan is not just about functionality but also about creating emotional connections and stories through products [8][9]

Group 1 - The article highlights the advanced smart warehousing system at the Mousse Smart Home production base in Yuxin Town, Nanhu District, which utilizes robotic arms for efficient material handling [3] - The smart manufacturing production line showcases collaboration between robots and workers to enhance the mattress production process, leading to improved quality and efficiency [3]