行 行业月报 业 地产链估值修复可延续，白卡、瓦楞纸迎涨价 研 ——轻工制造&纺织服饰行业 2 月投资策略展望 | | | 袁艺博 | SAC | NO： | S1150521120002 | | 年 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | 02 | | | | | | | | | | | | 月 03 | | | 究 | | | | | | | | | | 轻工制造 纺织服饰 投资要点： 行业要闻 证券分析师 （1）多家房企称已不被要求上报三道红线，仍需提交资产负债率指标。 袁艺博 yuanyb@bhzq.com （2）2025 年造纸和纸制品业实现利润总额 443.0 亿元，同比下降 13.6%。 022-23839135 行业发展情况 研子究行助业理评级 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 证 家居用品 中 ...

Group 1 - On January 30, Semir Apparel's stock rose by 1.09%, with a trading volume of 230 million yuan. The margin trading data indicated a financing buy amount of 29.93 million yuan and a financing repayment of 47.93 million yuan, resulting in a net financing buy of -17.99 million yuan. As of January 30, the total margin trading balance was 200 million yuan [1] - The financing balance of Semir Apparel on January 30 was 200 million yuan, accounting for 1.34% of the circulating market value, which is above the 70th percentile level over the past year, indicating a relatively high position [1] - In terms of securities lending, on January 30, Semir Apparel repaid 103,900 shares and sold 10,100 shares, with a selling amount of 56,000 yuan. The remaining securities lending volume was 49,300 shares, with a balance of 273,100 yuan, which is below the 10th percentile level over the past year, indicating a low position [1] Group 2 - As of September 30, the number of shareholders of Semir Apparel was 49,900, an increase of 20.28% compared to the previous period. The average circulating shares per person decreased by 16.86% to 44,299 shares [2] - For the period from January to September 2025, Semir Apparel achieved an operating income of 9.844 billion yuan, a year-on-year increase of 4.74%. However, the net profit attributable to the parent company was 537 million yuan, a year-on-year decrease of 28.90% [2] - Since its A-share listing, Semir Apparel has distributed a total of 12.585 billion yuan in dividends. In the past three years, the cumulative dividend distribution was 2.694 billion yuan [3]

Core Insights - 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 30, 2026, showcasing significant price movements and dividend yields [1][5]. Group 1: Stock Performance - China Gold (600916.SH) leads with a daily increase of 8.74% and a year-to-date increase of 80.12%, with a dividend yield of 2.59% [1][5]. - Jian Sheng Group (603558.SH) follows with a daily rise of 4.01% and a year-to-date increase of 6.23%, offering a dividend yield of 4.91% [1][5]. - China National Foreign Trade Transportation Group (601598.SH) shows a daily increase of 3.10% but a year-to-date decline of 1.32%, with a dividend yield of 5.00% [1][5]. Group 2: Dividend Yields - The average dividend yield for the index is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 times [2]. - Notable dividend yields include Semir Apparel (002563.SZ) at 9.12% and China Shenhua Energy (601088.SH) at 7.83% [1][5]. Group 3: Market Signals - The article mentions the formation of a MACD golden cross signal, indicating positive momentum for the stocks listed [4][8].

证券日报网讯1月29日，森马服饰（002563）在互动平台回答投资者提问时表示，关于公司2025年末股 东情况请关注公司2025年度报告。 ...

Core Viewpoint - The company emphasizes a collaborative and long-term approach to business, focusing on value creation and brand development while fostering a positive work culture [1] Group 1: Business Philosophy - The company adheres to the principle of "small rivers have water, big rivers are full," promoting win-win cooperation with employees and partners [1] - The company is committed to long-termism, continuously investing in brand building to provide better products and services to consumers [1] Group 2: Cultural Values - The company advocates for a new cultural value system that emphasizes equality and openness in the workplace, aiming to create a warm and humanized institutional environment [1] - The company focuses on a consumer-centric approach and aims for long-term maximization of its interests through innovation and growth [1] Group 3: Employee Management - The company implements a talent attraction and retention strategy that balances internal fairness with external competitiveness, guided by performance orientation and cost budget considerations [1] - The company adopts a scientific and systematic compensation strategy based on principles of pay for position, pay for person, and pay for performance [1]

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]

截至本公告日，刘海波先生未持有公司股份。刘海波先生不存在未履行完毕的公开承诺事项。 公司董事会对刘海波先生在担任公司独立董事期间尽职勤勉、辛勤付出及为公司健康发展所作出的杰出 贡献表示衷心感谢！ 浙江森马服饰股份有限公司董事会 关于公司独立董事离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 浙江森马服饰股份有限公司(以下简称"公司")董事会近期收到公司独立董事刘海波先生送达书面申请： 刘海波先生因其个人原因，申请辞去公司独立董事职务及提名委员会委员职务。 刘海波先生原定任职期间为2025年12月25日至2028年12月24日，根据《公司法》《公司章程》相关规 定，刘海波先生的辞职不会导致公司董事会人数低于法定最低人数，不会对公司日常经营管理造成重大 影响。刘海波先生的离任申请将在公司选举产生新任独立董事后生效。刘海波先生离任生效后，将不再 在公司担任任何职务。在此期间，刘海波先生仍将按规定继续履行相关职责。公司将尽快完成新任独立 董事的提名及选举程序。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002563 证券简称：森马服饰 公告 ...

证券代码：002563 证券简称：森马服饰 公告编号：2026-01 董事会 浙江森马服饰股份有限公司 二〇二六年一月二十三日 关于公司独立董事离任的公告 截至本公告日，刘海波先生未持有公司股份。刘海波先生不存在未履行完毕的公开承 诺事项。 公司董事会对刘海波先生在担任公司独立董事期间尽职勤勉、辛勤付出及为公司健康 发展所作出的杰出贡献表示衷心感谢！ 浙江森马服饰股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 浙江森马服饰股份有限公司(以下简称"公司")董事会近期收到公司独立董事刘海波 先生送达书面申请：刘海波先生因其个人原因，申请辞去公司独立董事职务及提名委员会 委员职务。 刘海波先生原定任职期间为 2025 年 12 月 25 日至 2028 年 12 月 24 日，根据《公司法》 《公司章程》相关规定，刘海波先生的辞职不会导致公司董事会人数低于法定最低人数， 不会对公司日常经营管理造成重大影响。刘海波先生的离任申请将在公司选举产生新任独 立董事后生效。刘海波先生离任生效后，将不再在公司担任任何职务。在此期间，刘海波 先生仍将按规定继续履行相关 ...

每经AI快讯，1月22日，森马服饰公告，公司董事会近期收到独立董事刘海波先生送达的书面申请，刘 海波先生因其个人原因，申请辞去公司独立董事职务及提名委员会委员职务。刘海波先生原定任职期间 为2025年12月25日至2028年12月24日，其离任申请将在公司选举产生新任独立董事后生效。离任生效 后，刘海波先生将不再在公司担任任何职务。在此期间，刘海波先生仍将按规定继续履行相关职责。截 至本公告日，刘海波先生未持有公司股份，不存在未履行完毕的公开承诺事项。 ...

森马服饰公告称，公司董事会收到独立董事刘海波书面申请，因其个人原因，申请辞去独立董事及提名 委员会委员职务。原定任职期为2025年12月25日至2028年12月24日，辞职不会使董事会人数低于法定最 低人数，也不影响日常经营。离任申请将在选出新任独立董事后生效，生效前刘海波将继续履职。截至 公告日，其未持股，无未履行承诺。公司将尽快完成新独立董事提名及选举。 ...