产业研究 证 券 研 究 报 告 ESG 月报（2026 年 2 月） 欧盟正式确立全球首个永久性碳移除标准 ❑ 行业发展动态 政策动态：（1）2026 年农业农村部将从资源节约、废弃物利用、生态修复和全 产业链绿色低碳转型等方面，推动农业发展全面绿色转型。（2）欧盟于 2026 年 2 月 3 日正式通过全球首个永久性碳移除认证标准，旨在通过严苛的法律 约束将碳移除转化为"金融级"资产，以终结自愿碳市场的"绿漂"乱象。 2、行业热点：（1）索菲亚旗下司米橱柜授权经销商"跑路"导致消费者钱款 受损的事件，从 ESG 视角看，本质上是公司因治理（G）层面对加盟商风险管 控失效，直接导致社会（S）层面消费者权益受损，暴露出其 ESG 承诺与终端 执行之间存在明显断层。（2）*ST 立方因连续三年财务造假面临强制退市，从 ESG 视角看，这是一起公司治理（G）维度系统性溃败的典型案例，其内部监 督与合规机制完全失效，不仅严重损害了投资者权益（S），更以极端方式印证 了在 ESG 投资逻辑中"治理决定存亡"的铁律。（3）国际能源署报告预测， 到 2030 年末，可再生能源和核能在全球电力结构中份额将上升至 50%。 ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@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 本研究报告仅通过邮件提供给 中庚基金 使用。1 告 相关研究 - ⚫ 造纸：箱板瓦楞纸及白卡纸旺季提价，估计 25Q4 盈利环比有所改善，特种纸分化，文化 纸延续磨底。箱板瓦楞纸：成本驱动+需求转旺+供给压力缓解，纸价延续上行，且幅度 大于成本涨幅，估计 25Q4 盈利扩张。浆纸系：25Q4 木浆价格迎来反弹，白卡纸在成本 及灰底白替代关系推动下，价格有所提涨，估计 25Q4 盈利环比改善，文化纸供需压力较 大，价 ...

2026 年 03 月 10 日 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 万宏源研究微信服务号 关注造纸、家居顺周期板块;高朋 包装;京东工业发布 FY25 财 造纸轻工周报 2026/03/02-2026/03/06 期待会与了 请务必仔细阅读正文之后的各项信息披露与声明 軍点提示：1）造纸：浆纸价格触底改善，中期供求格局有望优化、提升行业盈利中 枢。2) 包装: 行业格局稳定,全球化供应链驱动格局集中,高股息稳定资产+外延弹 生【裕同科技】【永新股份】【紫江企业】。3) 家居: 板块估值底部, 地产政策有望 崔化估值向上,行业整合加速 ...

行 业 及 产 业 轻工制造 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 03 月 10 日 关注造纸、家居顺周期板块；高股 息包装；京东工业发布 FY25 财报 看好 ——造纸轻工周报 2026/03/02-2026/03/06 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 中庚基金 使用。1 行 相关研究 - ⚫ 重点提示：1）造纸：浆纸价格触底改善，中期供求格局有望优化、提升行业盈利中 枢。2）包装：行业格局稳定，全球化供应链 ...

Group 1: Industry Overview - The consumption during the Spring Festival was robust, with domestic travel reaching 596 million trips, an increase of 95 million trips compared to the previous year, and total spending of 803.48 billion yuan, marking a historical high for both visitor numbers and spending [10][20]. - The Shanghai government has implemented measures to optimize real estate policies, which are expected to boost the real estate market and support the recovery of related industries [3][69]. - The retail sales of social consumer goods in the furniture category for 2025 is projected to be 209.19 billion yuan, reflecting a year-on-year growth of 14.62% [4][21]. Group 2: Key Company Announcements - Sun Paper Industry reported a 5.05% year-on-year increase in net profit attributable to shareholders for 2025, with total revenue of approximately 39.18 billion yuan, a decrease of 3.79% from the previous year [6][58]. - Mengjie Home Textile announced that major shareholder Li Jianwei plans to reduce his holdings by 3.2 million shares, which is about 0.43% of the company's total shares [6][59]. Group 3: Market Performance - From February 2 to February 27, the light industry sector outperformed the CSI 300 index by 2.67 percentage points, with a growth of 2.76% compared to the CSI 300's 0.09% [8][60]. - The textile and apparel sector underperformed the CSI 300 index by 0.13 percentage points, with a slight decline of 0.04% [8][65]. Group 4: Monthly Strategy - The report maintains a "neutral" rating for the light industry and textile sectors, while recommending "buy" ratings for companies such as Oppein Home, Sophia, and others [11][71]. - The report highlights the potential for recovery in the real estate sector and related industries due to recent policy optimizations in major cities [69].

Investment Rating - The report maintains a "Positive" outlook on the paper and light industry sectors, highlighting potential improvements in domestic demand and the impact of tariff policy changes [1][2]. Core Insights - The report emphasizes the expected marginal improvement in domestic demand, driven by real estate policy stabilization and consumer confidence recovery [2][10]. - The AI glasses market is anticipated to see significant growth, with Meta's sales surging and Apple's upcoming product launch expected to enhance market penetration [2][12]. - The paper industry is experiencing price stability and potential profitability improvements due to strong overseas production control and rising prices [2][14]. Summary by Sections Export Sector - Changes in tariff policies are expected to boost export performance, with recommendations for companies like 嘉益股份, 匠心家居, and 永艺股份 due to their strong performance certainty [2][4]. - The U.S. Supreme Court's ruling against additional tariffs and the introduction of a 10% global tariff are pivotal developments [4][10]. Home Furnishing Sector - The home furnishing industry is at a valuation bottom, with real estate policies likely to catalyze upward valuation adjustments [2][10]. - The sector is witnessing accelerated consolidation, with mid-tier companies exiting and capital entering leading firms, enhancing industry concentration [2][11]. - Companies like 顾家家居, 索菲亚, and 欧派家居 are highlighted for their potential valuation recovery [2][11]. AI Glasses Sector - Meta's smart glasses sales have seen explosive growth, with a reported increase of nearly threefold, while Apple's anticipated entry is expected to further drive market penetration [2][11]. - The report suggests focusing on companies like 康耐特光学 and 明月镜片, which are well-positioned in this emerging market [2][12]. Paper Industry - The report notes that overseas pulp mills are showing strong production control intentions, leading to price increases [2][14]. - Companies like 太阳纸业 and 玖龙纸业 are recommended due to their integrated operations and cost advantages [2][14]. Domestic Demand - There is an expectation of marginal improvement in domestic demand, with companies like 百亚股份 and 公牛集团 identified as potential beneficiaries [2][17]. - The report highlights the importance of consumer confidence and spending power recovery in driving demand [2][17].

群核科技向港交所主板递交上市申请，摩根大通和建银国际担任联席保荐人。 最新数据显示，2025年，公司实现营收8.2亿元，毛利率攀升至82.2%，经调整净利润达5710万元，成功扭亏为盈，迎来业绩拐点。 值得注意的是，公司的净亏损（按会计准则）在2023年、2024年及2025年分别为6.46亿元、5.13亿元和4.28亿元，经调整净利润5710万元。 群核科技已于2026年2月14日获得中国证监会备案，意味着拿到了赴香港上市的通行证。公司已向港交所递交上市申请，联席保荐人为摩根大通和建银国 际。若成功上市，它有望成为"杭州六小龙"中首家上市公司。 按2024年收入计，群核科技是中国领先的空间设计软件提供商，市场份额达23.2%，其业务已扩展至韩国、东南亚、美国及印度等国际市场。服务对象涵 盖整个空间设计价值链，包括设计师、室内设计公司、家具制造商、房地产开发商及建筑材料提供商。 公司拥有核心云原生平台"酷家乐"、面向国际市场的本地化解决方案"Coohom"，以及提供3D合成数据集的专业服务"SpatialVerse"。采用云原生架构和AI 驱动技术，支持快速拖放式3D设计、即时渲染及BIM能力，并能将设计直接 ...

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [6][53] - Specific companies such as Oppein Home (603833), Sophia (002572), Pathfinder (300005), Semir Apparel (002563), Guibao Pet (301498), and Zhongchong Co. (002891) are given an "Overweight" rating [6][53] Core Insights - The U.S. Supreme Court ruled that the large-scale tariff policies implemented by the Trump administration were illegal, leading to a marginal decrease in tariffs on imports from China [2][14] - Following the ruling, President Trump signed an executive order to impose a 10% temporary import tariff, which was later increased to 15% [14] - The current U.S. tariff policy is expected to provide some support for domestic export chain enterprises in terms of order and valuation improvement [4][52] Industry News - The light industry manufacturing sector outperformed the CSI 300 index by 0.17 percentage points from February 9 to February 13, with a performance of 0.53% compared to the CSI 300's 0.36% [3][45] - The textile apparel sector underperformed the CSI 300 index by 3.14 percentage points during the same period, with a performance of -2.77% [3][48] Important Company Announcements - Pathfinder plans to implement a stock incentive plan for 72 employees, involving 6.7268 million shares [44] - Yutong Technology intends to acquire 51% of Dongguan Huayan New Materials for 449 million yuan [44] Market Review - The light industry manufacturing sector's performance was influenced by changes in actual control, price increases from leading paper companies, and significant order signings [45] - The textile apparel sector's performance was affected by fluctuations in gold and lithium carbonate prices, as well as issues related to information disclosure by some companies [48]

Core Insights - The indoor door industry in China is experiencing a decline in both production and market demand, with a projected production of 96.37 million units and a demand of 91.686 million units in 2025, reflecting a year-on-year decrease of 2.16% in production [10][11] - The market size for indoor doors is expected to be approximately 68.81 billion yuan in 2025, showing a slight decrease compared to previous years [10][11] Industry Overview - Indoor doors are defined as doors installed within residential spaces, categorized into bedroom doors, bathroom doors, and kitchen doors, contrasting with outdoor doors [2][3] - The market has traditionally been dominated by handcrafted wooden doors, but advancements in technology have led to the development of metal composite doors and other varieties [2][3] Industry Characteristics - The indoor door industry is highly correlated with the real estate cycle, with demand reliant on new housing completions and renovations of existing properties [4][5] - The industry faces low entry barriers, resulting in a large number of small manufacturers and low market concentration, leading to significant product homogeneity and intense price competition [4][5] Policy Background - From 2024 to 2025, numerous policies related to indoor doors are being introduced, focusing on environmental regulations, standard upgrades, and incentives for renovation of existing properties [6][7] - Key policies include the release of the "General Technical Requirements for Wooden Doors and Windows" and local subsidies for renovating old housing [6][7] Industry Chain - The upstream of the indoor door industry includes raw material suppliers such as wood, resin, steel, and glass, while the midstream consists of manufacturers like TATA and MengTian, who design and produce the doors [8] - The downstream market is primarily driven by residential and commercial real estate, linking demand closely to housing completions and renovations [8] Current Development Status - The indoor door industry saw steady growth from 2017 to 2021, but has since entered a phase of decline due to a downturn in the real estate market and reduced demand for renovations [10][11] - The industry is currently in a deep adjustment phase, with both production and demand continuing to decrease [10][11] Competitive Landscape - The indoor door market is characterized by increasing competition from home furnishing companies entering the sector, with many small enterprises facing challenges in management and production efficiency [14][15] - The industry struggles with issues such as outdated manufacturing processes, insufficient R&D capabilities, and severe product homogeneity [14][15] Development Trends - The indoor door industry is shifting towards smart home integration, with leading brands introducing smart door products featuring advanced security and monitoring capabilities [17] - There is a growing emphasis on green and low-carbon practices, driven by stricter environmental standards and consumer demand for sustainable products [17]

Core Viewpoint - The incident involving Sophia's brand Simi cabinets highlights significant risks in social responsibility and corporate governance within the rapidly expanding home furnishing industry, as a licensed dealer in Shenzhen suddenly closed, leaving hundreds of homeowners in financial distress with estimated losses reaching millions [1][16]. Group 1: Incident Overview - The crisis began with collective complaints from consumers on social media and complaint platforms, revealing that a Simi cabinets store in Shenzhen abruptly shut down, leaving customers unable to receive their orders or refunds [2][17]. - Many consumers were directed to the store through official channels, including advertisements and customer service recommendations from Sophia, which led them to trust the legitimacy of the dealer [2][17]. - The closure of the store resulted in significant confusion regarding the contractual obligations, as the signing entity and the actual payment recipient were not aligned, complicating the consumers' efforts to seek redress [8][21]. Group 2: Company Response - On February 5, Simi cabinets confirmed the dealer's issues, attributing the consumer losses to the dealer's financial troubles and unauthorized business practices [8][21]. - The company stated that it was also a victim in this situation, which sparked dissatisfaction among consumers who felt that the brand should take responsibility for the actions of its authorized dealer [8][21]. - As of February 7, Sophia announced that it had initiated delivery processes for valid orders in its system, while advising consumers with unrecorded orders to report to the authorities for legal assistance [9][22]. Group 3: ESG Performance and Implications - Sophia's ESG rating from Refinitiv on January 30 was C-, ranking last among four companies in the home goods sector, with low scores in environmental, social, and governance categories [10][22]. - The incident exposed a gap between Sophia's ESG commitments and actual practices, indicating a lack of effective integration of ESG management into business operations, particularly in high-risk franchise management [11][23]. - The company has recognized the urgency of the situation and plans to conduct comprehensive evaluations of its partners, implement electronic contract systems for traceability, and establish dedicated consumer service channels [11][23]. Group 4: Industry Perspective - The challenges faced by Sophia reflect broader governance issues in the home furnishing industry, particularly regarding franchise models during rapid expansion [12][24]. - Industry leaders are encouraged to establish stricter dealer admission standards and utilize digital technologies to enhance transparency in supply chains and sales processes [12][24]. - The competitive edge of home furnishing companies should extend beyond store numbers and revenue to include responsible management across the entire value chain, embedding ESG principles at every operational level to prevent similar crises in the future [12][24].