专题：聚焦ESG舆情 新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理 念，提升ESG可持续发展表现。点击查看【 ESG评级中心服务手册】 事件关联主体：索菲亚 近日，定制家居龙头企业索菲亚旗下品牌司米橱柜在深圳的授权经销商突然"跑路"，导致数百户业主面临"钱货两空"的困 境，预估涉案金额达千万元。这起事件映照出在以加盟模式快速扩张的家居行业中，企业在社会责任（S）与公司治理 （G）环节存在的风险。尽管索菲亚在ESG报告中强调"客户至上"的核心价值观和 "成为值得信赖、全球领先的家居企 业"的企业愿景，但此次舆情危机暴露出其ESG实践与承诺之间存在差距。 事件的发酵源于消费者在社交平台和黑猫投诉上的集体投诉。今年1月下旬，位于深圳市南山立桥金融中心的司米橱柜门 店突然关闭，此前在这里订购了橱柜、衣柜等产品的业主们发现，销售人员失联，订单无法交付，退款更是无门。据多 位业主反映，他们接触该门店的渠道均来自索菲亚的官方背书：有的通过微信朋友圈的信息流广告被引流至此，有的则 是拨打索菲亚官方400客服电话后，被客服人员推荐至该"正规授权门店"，甚至有消费者是通过 ...

4个 下载 11 2026 年 02 月 12 日 证券分析师 券研究报 重点提示：1）家居：板块估值底部，地产政策有望催化估值向上，行业整合加速，关 注具备高股息安全边际的【顾家家居】【索菲亚】【欧派家居】【慕思股份】【喜临 门】; 2) 造纸:短期箱板瓦楞价格稳定,中期供求格局有望优化、提升行业盈利中 枢;玖龙纸业业绩超预期; 3)公牛集团: 地产及消费边际改善,传统主业有望稳健修 复;出海加速、智能照明、新能源等新业务打开成长空间;4)消费情绪反弹,重视布 局个护成长性标的，关注【百亚股份】【登康口腔】【倍加洁】【中顺洁柔】。 ● 1) 家居: 地产链情绪升温, 地产供需后续有望逐渐改善, 促进房地产市场止跌回稳, 扭转悲观预期，推动家居行业估值底部向上。二手房占比保持提升，领先修复提振家居 需求端 Beta, 消费信心提振、消费力向上, 存量换新需求支撑行业长期扩容。2025 年 以来行业整合加速，中腰部企业退出，盈峰等产业资本入局溢价入股家居头部，推动行 业集中化。看好家居企业估值修复【顾家家居】【索菲亚】【欧派家居】【慕思股份】【喜 临门】。 2）造纸：短期箱板瓦楞价格稳定,中期供求格局有望优化、 ...

行 业 及 产 业 轻工制造 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 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 行 业 研 究 / 行 业 点 评 2026 年 02 月 12 日 顺周期布局家居、造纸及消费；关 注海外包装公司业绩 看好 ——造纸轻工周报 2026/02/02-2026/02/06 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 证 券 研 究 报 告 相关研究 - ⚫ 重点提示：1）家居：板块估值底部，地产政策有望催化估值向上，行业整合加速，关 注具备高股息安全边际的【顾家家居】【索菲亚】【欧派家居】 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源/拾遗地 文/十一弟 临近年关，在深圳，一些正在给房子装修的业主，遇到了糟心事。 他们从定制家居龙头索菲亚旗下的高端品牌——司米，付款下单的装修产品，还没等到安装交付，经销 商突然跑路了。 据说，跑路的经销商，牵扯到了300多户业主，涉案金额有上千万。 其中，下单定制衣柜、橱柜产品的业主，预付款金额从几万到十几万不等。 而签了硬装合同的业主，最高预付款金额达到了30多万，有些业主甚至支付了全款。 起初，业主们并不知道经销商跑了。 在经销商跑路的前一两天，这家司米整家定制门店，还在追着业主们下单、付款。 直到最近，他们接到了门店员工的通知—— "老板卷款跑路了。" 员工之所以选择自爆，是因为快过年了，而老板拖欠他们的工资，也已经三个月了。 经销商一跑，压力就落到挂着自家招牌的索菲亚身上了。 业主们在门店签约的合同主体，是深圳市司米装饰有限公司。 但实际收款方，却是一家名为安家天下（深圳）装饰有限公司。 十一弟查了下，深圳司米背后是两个自然人股东——蓝发发、钟洁。 然而，最滑稽的是—— 经销商一下子卷走300户业主上千万装修款，却没人知 ...

Macro and Strategy Research - Long-term care insurance (referred to as "long-term care insurance") is designed to mitigate the financial risks associated with long-term disabilities, providing economic security or service payments to individuals requiring ongoing personal care and medical assistance. There are three models in practice: social insurance, commercial insurance, and care allowances. To address the medical care needs arising from an aging population, China's long-term care insurance system has been piloted in 49 cities, transitioning from a "pilot" phase to a "promotion" phase during the 14th Five-Year Plan period [2][4]. - Japan's long-term care insurance was implemented in 2000, mandating that individuals over 40 must enroll. Funding is shared equally between public funds (taxes) and insurance premiums. Care service costs are generally covered 90% by the insurance, with individuals responsible for 10%, and some high-income groups covering 20-30%. The application process for care services follows a detailed recognition process, ensuring that public resources are prioritized for those in greatest need. As of April 2024, approximately 6.7% of the insured population utilizes care services, indicating that the insurance primarily addresses the low-frequency, high-risk care needs of the elderly [3]. - Currently, China's long-term care insurance system is still in the "pilot" stage, with only 0.8% of beneficiaries among participants as of 2024. Under the directive to "promote long-term care insurance" during the 14th Five-Year Plan, provinces like Hainan, Yunnan, and Hebei have released implementation plans. The insured groups include employees, retirees, flexible workers, and unemployed rural residents, with payment ratios of approximately 70% for employees and around 50% for non-employed rural residents [4]. - In comparison, there are notable differences between China's long-term care insurance and Japan's system in terms of funding sources, insured groups, benefit systems, and protected populations. Japan's long-term care insurance has undergone eight rounds of reforms, emphasizing a "prevention-first" approach, which can help control costs and establish community prevention and intervention systems for mild disabilities, serving as a significant reference for China's long-term care insurance system [5]. Fund Research - The public fund market saw a total scale exceeding 280 billion yuan, with the equity market experiencing a downturn. During the week from February 2 to February 6, 2026, all major equity indices declined, with the largest drop being 5.76% in the STAR 50 index. Among 31 primary industries, 18 saw gains, with the top five performing sectors being food and beverage, beauty care, electrical equipment, comprehensive, and transportation [6][8]. - The average decline for equity funds was 2.27%, with only 18.81% achieving positive returns. Fixed-income plus funds fell by an average of 0.23%, with 40.77% showing positive returns. Pure bond funds increased by 0.08%, with a remarkable 98.70% positive return rate. The average decline for pension target funds was 0.73%, with only 3.52% achieving positive returns. QDII funds also saw an average decline of 2.54%, with 13.95% showing positive returns [8]. - The ETF market experienced a net inflow of 14.899 billion yuan, with only cross-border ETFs achieving net inflows of 21.624 billion yuan. The average daily trading volume in the ETF market reached 619.629 billion yuan, with an average turnover rate of 9.49% [8]. Industry Research - The report highlights the importance of the upcoming Spring Festival consumption, with a focus on the potential recovery of valuations in the home furnishing sector. Nine departments have jointly issued a document to create a festive consumption atmosphere during the Spring Festival [10][13]. - From February 2 to February 6, the light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points, while the textile and apparel sector outperformed by 2.66 percentage points [10]. - The Ministry of Commerce and other departments have launched the "2026 'Happy Shopping Spring' Special Activity Plan," which will take place from February 15 to 23, aiming to stimulate consumption through innovative cross-sector collaborations and incentives to enhance consumer participation. This policy is expected to positively impact the consumption of home appliances and home decoration products during the implementation period [13].

Group 1 - The core issue involves a major incident where a distributor of the leading custom home furnishing company, Sophia, has reportedly "run away," affecting hundreds of homeowners with an estimated total loss of tens of millions [1] - Homeowners were initially informed of the distributor's failure by store employees, leading to the discovery that their orders were not recorded in Sophia's official system [1] - The contract was signed with Shenzhen Simi Decoration Co., Ltd., but payments were made to a different entity, Anjia Tianxia (Shenzhen) Decoration Co., Ltd., indicating no ownership relationship between the two companies [1] Group 2 - Sophia issued a statement indicating that the unauthorized distributor exceeded its authorized operational scope, leading to consumer rights violations due to a financial breakdown [2] - The company has established a "Shenzhen Special Emergency Working Group" to cooperate with relevant authorities for investigation and to ensure delivery of valid orders [2] - Sophia is providing three registration channels for affected homeowners to report their cases, including on-site registration at the Shenzhen Traffic Police Department and through official customer service [2]

Investment Rating - The investment rating for the light industry manufacturing and textile apparel sectors is maintained at "Neutral" [7][43]. Core Insights - The report highlights the upcoming "2026 'Le Gou New Spring' Special Activity Plan" issued by nine departments, aimed at boosting consumption during the Spring Festival from February 15 to 23, which is expected to stimulate demand in key consumer sectors such as home furnishings, home appliances, and home decoration [6][42]. - The report notes a price increase of 50 yuan/ton for various paper products, including kraft and corrugated paper, effective from March 2, driven by changes in market supply and demand dynamics [6][15]. - The light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points during the period from February 2 to February 6, with a sector performance of 0.96% compared to the CSI 300's -1.33% [4][35]. - The textile and apparel sector also outperformed the CSI 300 index by 2.66 percentage points during the same period, with a sector performance of 1.32% [4][39]. Summary by Sections Industry News - The "2026 'Le Gou New Spring' Special Activity Plan" aims to enhance consumption through innovative cross-sector collaborations and incentives to stimulate immediate consumer spending [6][15]. - The report mentions a price adjustment in the paper industry, indicating a recovery in the corrugated paper market due to various factors including reduced production and low inventory levels [6][15]. Key Company Recommendations - The report recommends "Buy" ratings for companies such as Oppein Home (603833), Sophia (002572), and Semir Apparel (002563) [4][43]. - The report also highlights the performance of companies like Tianan New Materials and Jian Sheng Group, noting their recent share buybacks and shareholder actions [3][34]. Market Performance - The light industry manufacturing sector's performance was bolstered by factors such as changes in control and acquisitions, while some companies faced adjustments due to previous overvaluation [4][36]. - The textile and apparel sector saw significant gains in specific companies, with notable increases in stock prices for firms like Cai Bai Co. and Bang Jie Co. [4][39].

2月5日晚间，"司米高端整案"微信公众号发布消费者保障行动声明，对深圳区域授权经销商资金链断裂的事情作出回应，称目前正分类推进问题解决。 2月6日上午，司米方面回应每经记者称，此次事件源于司米深圳原授权经销商的违规操作，非司米品牌方行为，司米在此次事件中同样是受害者，但司米 仍主动承担责任，减少消费者损失。 目前司米正在梳理订单的情况，区分授权业务与非授权业务（整装板块），对这两类业务也提出了不同的处理方案。 其中，对授权业务的部分订单，已启动订单梳理、生产、安装交付；而对于非授权业务，司米也在整合资源，协助消费者报案、提供法律援助等。 这段时间，不少购买了深圳司米装饰有限公司（以下简称深圳司米装饰）产品的业主，在缴纳装修款项后发现对方失联，装修计划被迫中止，部分业主因 此前往广州索菲亚发展中心讨要说法。 2月3日，一位购买了深圳司米装饰产品的业主向《每日经济新闻》记者（以下简称每经记者）介绍，大家多是通过索菲亚官方微信、抖音等渠道被引流至 深圳司米装饰门店，涉及金额在3万～30万元不等，业主们在交完装修款或预付款后，遭遇了停工、款项难追等情况。 有业主家装修到一半就停工 受访者供图 "因为现在已经联系不上深 ...

在新疆克拉玛依，慰问小组将立功喜报和慰问信交到辽宁舰女兵索菲亚的父母手中，让他们共同分享荣耀时刻。 2025年，索菲亚凭借出色的表现，荣立战备训练三等功。 本文转自【央视新闻客户端】； 立功喜报，承载着军人无尚的荣誉。春节前夕，各地纷纷组织"关爱功臣，喜报送到家"活动，在全社会大力营造崇军尚武、拥军优属的浓厚氛围，激发官兵 扎根军营、建功立业的决心信心。 立功军人妻子 吴玉玲：收到这份喜报的时候，内心是非常开心和激动的。我相信他在以后的工作当中也能" 不忘初心、牢记使命"。你就安心在部队继续服 役扎根军营，家里一切有我，你为国家，我为小家。 在湖北武汉、山东聊城等地，当地人武部联合退役军人事务局，举行为立功受奖军人家庭集中送喜报仪式暨征兵宣传活动，数十名军人家属收到了部队送来 的立功喜报，同时，应征青年代表在现场见证了他们的荣耀，以尊崇之举传递军人荣光，以榜样力量点燃青年参军热情。 山东省冠县退役军人事务局 宫宁：今天，我们组织这个仪式，就是为了大力弘扬拥军优属的光荣传统，也是践行让军人成为全社会尊崇的职业的具体措 施。也激励更多有志青年投身军营，奉献青春，报效国家。 适龄应征青年 樊华：对我来说，这是一堂生 ...

索菲亚旗下高端橱柜品牌司米，因其深圳一经销商疑似爆雷，被卷入舆论风波。 据消费者投诉，数百户业主的定制产品预付款项面临风险，预估涉及金额达千万元。2月5日，司米紧急发布《消费者保障行动声明》，透露问题根源系原 授权经销商安家天下"擅自超出授权范围经营"，已成立专项应急工作组启动分类处置方案。 2月7日，索菲亚工作人员回应南都·湾财社记者称，对于系统内可查的有效订单，品牌方已启动交付流程，目前已有十多户受影响的消费者完成橱柜安 装。 突发： 司米一经销商资金链断裂 消费者预付款项面临损失 2025年12月下旬，索菲亚旗下司米一深圳经销商疑似爆雷的帖子在社交平台引发关注。 据消费者投诉，索菲亚旗下司米位于深圳南山的经销商安家天下（深圳）装饰有限公司，在收取消费者数万至数十万不等的款项后，出现严重逾期交付， 部分沟通群组被解散，据消费者自行统计涉事款项或达千万元。 据司米官方声明，该经销商在品牌授权范围外，私自开展了硬装工程及销售第三方非司米品牌产品的业务。 "非授权的硬装类是经销商自行开展的业务板块。"索菲亚一工作人员透露，正是这部分"原业务"的资金链断裂，最终引爆了整体危机。 据消费者投诉，签约主体与收款主体的 ...