Group 1: New Consumption - The report emphasizes the continuous exploration of new products, channels, and brand changes within the new consumption sector, highlighting the resilience of leading companies despite market concerns about revenue growth and profit realization in 2026 [8][15][9] - Key sectors include eyewear, with a focus on AI and AR technologies, recommending companies like 康耐特光学 for their innovative approaches [18][30] - The潮玩 (trendy toys) sector is noted for its high growth potential, particularly with brands like 泡泡玛特 and their successful IP strategies [34][38] - The personal care and household cleaning segment is undergoing a transformation, driven by the rise of platforms like 抖音, which enhances brand visibility and sales conversion [54][55] Group 2: Export Chain - The report identifies the light industry export chain as a key area, emphasizing the importance of high pricing power, market diversification, and mature overseas production capabilities [10] - Recommendations include关注匠心家居, 共创草坪, and other companies that demonstrate strong performance in international markets [10] Group 3: Cyclical Opportunities - The report suggests a focus on quality leaders in the cyclical sector, particularly in home textiles and furniture, where companies like 水星家纺 and 欧派家居 are highlighted for their strong market positions [11][11] - The report notes the increasing differentiation within the home goods market, recommending companies that offer value and competitive pricing [11]

华福证券研报指出，盈峰拟溢价28.8%受让索菲亚10.77%股份，低估值、高股息价值凸显。本次权益变 动为盈峰认可公司的发展前景及长期投资价值，拟通过协议转让的方式增持公司股份，受让方承诺在标 的股份交割完成后18个月内不减持所获股份，并不排除未来12个月内继续增持的可能性。同时，本次股 份转让不会导致公司控股股东、实际控制人发生变化。此次股份转让，是盈峰集团继溢价收购软体龙头 顾家家居股份、成为顾家家居实控人后，再次在家居板块布局定制品类，强强联合未来有望进一步推动 行业整合。公司作为定制行业领军企业，多品牌、全品类、全渠道战略深化，重视股东回报、上年分红 比例对应当前盈利预测股息率约6%，维持"买入"评级。 ...

力持续增强。 3、【通信研究】光库科技：上调盈利预测，上调目标价，维持增持评级；营收大幅增长，数通驱 动较快；OCS 趋势明确，公司有望持续布局。 4、【批零社服研究】同程旅行：25Q3 业绩超预期，旺季酒旅及交通增速均环比改善，公司继续 通过 take rate 提升以及效率提升实现利润稳健释放。 国泰海通证券股份有限公司 研究所 国泰海通晨报 2025 年 12 月 02 日 [Table_Summary] 1、【固定收益研究】：在当前低利差环境下，地产债具备一定收益挖掘空间，但板块基本面仍待 进一步改善，事件冲击下相关债券估值波动或加大，整体策略建议仍以稳健防御为主。 2、【造纸轻工研究】博汇纸业：博汇纸业经营效率&员工积极性提升，背靠金光纸业，长期竞争 5、【公用事业研究】公用事业：在市值考核的背景下，国央企股价偏弱的或都有回购的诉求，火 电也有提分红或者回购增持的可能。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 ...

美的"太子"何剑锋再加码家居行业。 11月29日，索菲亚发布公告称，公司控股股东、实际控制人江淦钧、柯建生拟通过协议转让的方式向宁 波盈峰睿和投资管理有限公司（简称"宁波睿和"）转让其所持公司股份合计1.04亿股，占公司总股本的 10.77%，转让价格为18元/股，总价达18.67亿元。 需要注意的是，宁波睿和的间接控股股东为盈峰集团，其实际控制人为何剑锋，是美的集团实控人何享 健之子。 实际上，这已是何剑锋两年时间内，在家居行业布下的第二颗"棋子"。在2023年末，何剑锋刚斥资超88 亿元通过盈峰集团入主另一家居行业上市公司顾家家居，今年5月，他又拿出约20亿元包揽其定增股 份。 而纵观何剑锋的资本版图，其通过盈峰集团已控股盈峰环境、百纳千成和顾家家居三家上市公司，投资 触角遍及环境、文化、消费、科技、金融等多个领域。如今连续投资两大头部家居企业，何剑锋在家居 行业的"野心"也可见一斑。 何剑锋18亿入股索菲亚 11月29日，索菲亚公告披露，公司控股股东、实际控制人江淦钧、柯建生与宁波睿和签署了股份转让协 议，江淦钧、柯建生拟通过协议转让的方式分别向宁波睿和转让其持有的公司股份5185.56万股、 5185 ...

| | 国泰海通证券 | | --- | --- | | 1 | GUOTAI HAITONG SECURITIES | | | 目 录 | | | --- | --- | --- | | | 每日报告精选（2025-11-28 09:00——2025-12-01 15:00） 3 | | |  | 宏观周报：《美联储降息预期再度升温》2025-11-30 | 3 | |  | 宏观周报：《结构分化延续》2025-11-30 | 4 | |  | 宏观专题：《外需修复，推升供给》2025-11-30 | 4 | |  | 资产配置周报：《美联储货币政策预期博弈加剧》2025-12-01 | 5 | |  | 策略观察：《资产概览：银价铜价创历史新高》2025-12-01 | 6 | |  | 策略专题报告：《从再平衡到再配置，科技主题重回主线》2025-11-30 | 6 | |  | 海外策略研究：《南向资金流入电商零售规模创 10 月以来新高》2025-11-28 | 7 | |  | 海外策略研究：《每周海内外重要政策跟踪（25/11/28）》2025-11-28 | 8 | |  | ...

Core Insights - A total of 21 buy ratings were issued by institutions today, covering 20 stocks, with Guizhou Moutai receiving the highest attention with two buy ratings [1][2] - Among the rated stocks, 11 provided future target prices, with 7 stocks showing an upside potential exceeding 20%, led by Guizhou Moutai with a target price of 2600.00 CNY, indicating a potential increase of 79.56% [1][2] - The average increase for stocks with buy ratings today was 0.82%, outperforming the Shanghai Composite Index, with notable gainers including Hu Guang Co., Sophia, and Shenzhou Digital [1][2] Company Summaries - Guizhou Moutai received a strong buy rating from Huachuang Securities with a target price of 2600.00 CNY, compared to the latest closing price of 1448.00 CNY [2] - Dongpeng Beverage also received a strong buy rating from Huachuang Securities with a target price of 340.00 CNY, latest closing at 269.03 CNY [2] - Shenzhou Digital was rated as "Increase" by Guotai Junan with a target price of 55.97 CNY, latest closing at 41.27 CNY [2] - Hu Guang Co. was rated as "Strong Buy" by Huachuang Securities with a target price of 37.90 CNY, latest closing at 31.30 CNY [2] - Other notable stocks include Jerry Shares, which was rated "Increase" with a target price of 73.20 CNY, latest closing at 62.07 CNY [2] Industry Insights - The basic chemical industry was the most favored, with stocks like Huhua Co. and Chuanheng Co. receiving buy ratings [2] - The computer and automotive industries also attracted attention, with two stocks each receiving buy ratings [2]

公 司 研 究 索菲亚（002572.SZ） 盈峰溢价增持，低估值、高股息价值凸显 投资要点： 告 风险提示 宏观环境与房地产行业形势的风险、市场竞争加剧风险、原材料 价格上涨的风险 | 财务数据和估值 | 2023A | 2024A | 2025E | 2026E 2027E | | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 11,666 | 10,494 | 9,841 | 10,433 | 11,090 | | 增长率 | 4% | -10% | -6% | 6% | 6% | | 净利润（百万元） | 1,261 | 1,371 | 1,064 | 1,171 | 1,252 | | 增长率 | 19% | 9% | -22% | 10% | 7% | | EPS（元/股） | 1.31 | 1.42 | 1.10 | 1.22 | 1.30 | | 市盈率（P/E） | 10.7 | 9.8 | 12.6 | 11.5 | 10.7 | | 市净率（P/B） | 1.9 | 1.8 | 1.8 | 1.7 | 1.6 | 数据来源：公司公 ...

公司研究 证券研究报告 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 索菲亚(002572) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com [Table_Title] 盈峰溢价收购股权，产业整合加速 [Table_ReportDate] 2025 年 12 月 1 日 相关研究 [Table_OtherReport] 索菲亚：坚持多品牌发展，发力整装探索 存量市场 索菲亚：巩固大家居龙头优势，发力整装 渠道 索菲亚：业绩符合预期，25 年改善可期 资料来源： Table_Rwind eport ，信达证券研发中心预测 Closing] ; 股价为 2025 年 11 月 28 日收盘价 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_S 事件：公 ...

| [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘佳昆(分析师) | 021-38038184 | liujiakun@gtht.com | S0880524040004 | | 王文杰(分析师) | 021-23185637 | wangwenjie4@gtht.com | S0880525040070 | 本报告导读： 盈峰集团拟增持索菲亚 10.77%股权，溢价率 28.85%，彰显长期发展信心。 投资要点： 盈峰集团拟增持公司股权，彰显长期信心 索菲亚(002572) 索菲亚公告点评 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 11,666 | 10,494 | 9,982 | 10,468 | 11,080 | | (+/-)% | 3.9% | -10.0% | -4.9% | 4.9% | 5.8% | | 净利润(归母) ...

Core Viewpoint - Sophia announced that its controlling shareholder intends to transfer 10.77% of the company's total shares, amounting to 10,371 million shares, to Yingfeng Group at a price of RMB 18 per share, totaling approximately RMB 1.867 billion [1] Group 1: Share Transfer Details - The share transfer will increase Yingfeng Group's shareholding from 1.95% to 12.72% after the transaction [1] - The transfer price per share is set at RMB 18, leading to a total transaction value of around RMB 1.867 billion [1] Group 2: Impact on Company Structure - Sophia stated that the share transfer will not result in changes to the controlling shareholder or actual controller of the company [1] - The transaction is not expected to significantly impact the company's independence in terms of personnel, assets, finances, business, or organizational structure [1] - There are no indications that the transaction will harm the interests of the company or its shareholders [1] Group 3: Background on Yingfeng Group - Yingfeng Group is controlled by He Jianfeng, the son of Midea's founder, and previously held a 37.37% stake in Gujia Home [1] - The funding for the share acquisition by Yingfeng Group is sourced from its own and self-raised funds, reflecting a positive outlook on the home furnishing industry's development prospects and long-term investment value [1]