行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 相关研究 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 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2025 年 12 月 30 日 关注底部高股息资产、轻工企业积 极外延布局；造纸板块受益人民币 升值、反内卷 看好 —— 造纸轻工周报 2025/12/22-2025/12/26 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 - ⚫ 重点提示：1）短期关 ...

行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 相关研究 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 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2025 年 12 月 30 日 关注底部高股息资产、轻工企业积 极外延布局；造纸板块受益人民币 升值、反内卷 看好 —— 造纸轻工周报 2025/12/22-2025/12/26 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(research ...

12月30日，索菲亚跌1.1%，截至发稿，报13.48元/股，成交4760.18万元，换手率0.54%，总市值129.82 亿元。 资料显示，索菲亚家居股份有限公司位于广东省广州市增城区永宁街郭村仙宁路2号，成立日期2003年7 月15日，上市日期2011年4月12日，公司主营业务涉及定制衣柜及其配套定制家具的研发、生产和销 售。主营业务收入构成为：衣柜及其配套产品78.56%，橱柜及其配件12.37%，木门4.72%，其他主营业 务2.26%，其他(补充)2.09%。 从基金十大重仓股角度 数据显示，景顺长城基金旗下1只基金重仓索菲亚。景顺长城泰保三个月定开混合（010348）三季度持 有股数2.85万股，占基金净值比例为4.1%，位居第七大重仓股。根据测算，今日浮亏损失约4275元。 景顺长城泰保三个月定开混合（010348）成立日期2021年1月6日，最新规模881.17万。今年以来收益 8.02%，同类排名6233/8164；近一年收益6.5%，同类排名6428/8037；成立以来亏损12.7%。 责任编辑：小浪快报 景顺长城泰保三个月定开混合（010348）基金经理为。 风险提示：市场有风险，投资需 ...

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 | 野马财经 作者 | 姚悦 离开美的集团董事席位后，何剑锋的资本棋局更加凌厉。 离开美的集团董事席位后，美的集团创始人何享健之子——何剑锋的资本棋局更加凌厉。不仅先后加注 顾家家居（603816.SH）、入股索菲亚（002572.SZ）。如今，麾下百纳千成（300291.SZ）又将上演一 场"蛇吞象"的对数字营销公司的并购。 从目前公布的预案来看，百纳千成此次收购并没有设置业绩承诺与减值补偿的"安全垫"，同时，投资者 还在密切追问公司近三年共计6.44亿元的计提资金去向。 截至12月29日收盘，百纳千成上涨1.09%，报6.47元/股，总市值61亿元。 "蛇吞象"式豪赌，未设"安全垫" 12月26日，百纳千成抛出重大资产重组预案：计划通过"发行股份+支付现金"的方式，吞下数字营销服 务商厦门众联世纪股份有限公司（下称：众联世纪）100%的股权。 百纳千成表示，此次收购一方面目标公司可以与上市公司以媒介资源、品牌服务和第三方平台为主的营 销模式形成明显的协同互补；另一方面上市公司能够进一步提升对品牌客户的服务深度，打破营销场景 的 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Views - The report highlights the opportunity in the paper sector due to the recent appreciation of the RMB against the USD, which enhances domestic purchasing power and reduces costs for imported raw materials like wood pulp [5][6] - The report suggests focusing on companies with high wood pulp procurement costs, such as Zhongshun Jierou, and recommends Sun Paper for its integrated advantages in cultural paper production [5][6] - The report also emphasizes the potential for improved profitability in Q4 due to stabilized and rising pulp prices, alongside the release of new production capacity [5][6] Summary by Relevant Sections Industry Overview - The light industry sector includes 167 listed companies with a total market value of 1,204.38 billion CNY and a circulating market value of 954.25 billion CNY [1] Market Performance - For the week of December 22-26, 2025, the Shanghai Composite Index rose by 1.88%, while the Shenzhen Component Index increased by 3.53%. The light industry index gained 1.69%, ranking 16th among 28 Shenwan industries [10] - The paper sector saw a weekly increase of 4.47%, while the textile and apparel index rose by 2.86% [10] Key Company Recommendations - Sun Paper: Buy rating with projected EPS growth from 1.10 CNY in 2023 to 1.48 CNY in 2027, with a PE ratio decreasing from 14.25 to 10.60 [3] - Baiya Co.: Buy rating with projected EPS growth from 0.54 CNY in 2023 to 1.28 CNY in 2027, with a PE ratio decreasing from 38.94 to 16.49 [3] - Huali Group: Buy rating with projected EPS growth from 2.74 CNY in 2023 to 3.97 CNY in 2027, with a PE ratio decreasing from 19.24 to 13.27 [3] Raw Material Price Trends - The report notes fluctuations in raw material prices, with MDI and TDI prices decreasing, while cotton prices have shown an upward trend [18][22] - The average price of wood pulp and various paper products is tracked, indicating a mixed performance with some prices stabilizing and others showing slight increases [42] Housing Market Data - The report highlights a significant decline in property sales, with a 39.1% year-on-year decrease in transactions among major cities [31] - Cumulative property sales area from January to November 2025 shows a 7.8% decline year-on-year [59] Consumer Goods and AI Applications - The report discusses the potential of AI applications in consumer goods, particularly in the context of new product launches and market expansion opportunities [6] Conclusion - The report emphasizes the importance of monitoring the paper sector due to favorable currency movements and suggests specific companies for investment based on their cost structures and market positions [5][6]

索菲亚公告称，2025年11月28日，控股股东江淦钧、柯建生与宁波睿和签署股份转让协议，分别转让 51,855,590股，合计103,711,180股，占总股本10.7690%，转让价18元/股，价款18.67亿元。近日完成过 户登记，过户日期为12月23日。权益变动后，江淦钧、柯建生合计持股降至32.3072%，宁波睿和持股 10.7690%，其与盈峰集团合计持股12.7173%。本次转让不涉及控制权变更，宁波睿和将提名1名非独立 董事，承诺18个月内不减持。 ...

证券代码：002572 证券简称：索菲亚 公告编号：2025-044 索菲亚家居股份有限公司 关于股东协议转让部分公司股份完成过户登记的公告 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。 近日，公司收到公司控股股东、实际控制人江淦钧先生、柯建生先生通知， 本次权益变动事项已取得中国证券登记结算有限责任公司出具的《证券过户登 记确认书》，转让股份性质为无限售流通股，过户日期为2025年12月23日。 权益变动完成后，江淦钧先生、柯建生先生合计持有公司311,133,546股股 份，占公司总股本的32.3072%；宁波睿和持有公司103,711,180股股份，占公司 总股本的10.7690%；宁波睿和及其一致行动人盈峰集团有限公司（以下简称"盈 峰集团"）合计持有公司 122,473,597股股份，占公司总股本的12.7173%。相 关股东持股变动情况如下： | 股东名 | 股份性质 | 本次权益变动前 | | 本次权益变动后 | | | --- | --- | --- | --- | --- | --- | | 称 | | 持股数量（股） | 持股比例（%） ...

从圣索菲亚（002572）教堂，到穿行城市的公交专线，2025年冬天不少来到哈尔滨的游客发现，这座城市多了一抹熟悉的"薇诺娜红"。 12月19日至12月21日，薇诺娜联合天猫聚划算欢聚日打造的「薇诺娜特护不红街区」在哈尔滨地标之一的圣索菲亚教堂前限时开放，成功将新品上市与"冰 雪热"深度绑定，打造了一场引发广泛共鸣的热点事件。 一、到冰雪里试一试：薇诺娜把护肤体验场搬进哈尔滨户外 冬季哈尔滨的低温、干燥、强风、室内外温差，本身正是干敏肌泛红、刺痛、起皮等问题的高发诱因。 对主打干敏修护的第二代薇诺娜特护滋润霜而言，「薇诺娜特护不红街区」的选址无疑是最具说服力的验证场。 快闪活动中，消费者可以在户外环境中直接试用产品，感知其在严寒环境下的滋润与舒缓表现。 同时，薇诺娜还结合在地特色与品牌元素，为体验者准备了青刺果奶茶、奶皮子糖葫芦等暖冬小惊喜，通过轻互动、好拍照的方式，让护肤体验自然融入冰 城的冬日生活。 配合新品上市，本月在哈尔滨冰雪季人流密集的黄金公交线路上，「薇诺娜特护滋润霜修护专列」持续运行。通过公共交通这一覆盖广泛、高渗透性媒介， 薇诺娜成功进入游客与本地居民日常视野，也将"我的脸都不红了"与第二代特 ...

截至2025年12月19日收盘，九大定制家居上市企业最新市值出炉。数据显示，欧派家居以超过300亿元的市值稳居行业首位，索菲亚紧随其后，行业呈现 明显梯队分化，头部企业优势突出。 | 代码 名称 | | | --- | --- | | 603833 欧派家居 : 股吧 322.5亿 52.95 0.55 1.05% 2.247万 900 52.95 52.99 52.40 1.190亿 | | | 002572 索菲亚 | 股吧 133.0亿 13.81 0.01 0.07% 9.605万 392 13.81 13.82 13.80 1.331亿 | | 603898 好莱客 | 股吧 41.72亿 13.40 0.06 0.45% 4.160万 1072 13.40 13.44 13.34 5620万 | | 002853 皮阿诺 t | | | 603801 志邦家居 * 股吧 40.26亿 9.27 0.05 0.54% 3.837万 897 9.26 9.27 9.22 3554万 | | | 300616 尚品宅配 * 股吧 32.49亿 14.47 0.69 5.01% 9.301万 1201 1 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the home furnishing and light industry sectors, highlighting the impact of real estate downturns on furniture manufacturing and related businesses [1][5][6]. Core Insights and Arguments - **Revenue and Profit Decline**: In the first three quarters of 2025, the furniture manufacturing industry experienced a revenue decline of 6.7% and a profit drop of 19.1%, with 30% of companies reporting losses [1][5]. - **Government Support**: The Chinese government has allocated 150 billion yuan in 2024 for consumer goods replacement programs, with retail sales in the home furnishing sector expected to grow by 3.6% [1][5][6]. - **Market Adaptation**: Leading home furnishing companies are expanding their product offerings and services, focusing on comprehensive design and one-stop services, while also increasing their international presence [1][6]. - **Smart Mattress Market Growth**: The smart mattress market is projected to reach nearly 60 billion yuan by 2030, with a compound annual growth rate (CAGR) of 15% [1][7]. - **Packaging Industry Dynamics**: The packaging sector is facing challenges due to raw material cost fluctuations and competition, but consolidation efforts are expected to improve profitability [3][8]. Additional Important Content - **Toy Market Growth**: The toy market in China is experiencing growth, driven by IP culture, with retail sales of licensed products reaching 140.4 billion yuan in 2023, a 0.8% increase year-on-year [3][11]. - **Durable Consumer Goods Export Outlook**: The export chain for durable consumer goods is expected to perform well due to recovering demand and depleted overseas inventories, with key companies to watch including Yongxin Co., Hengli Co., and Songlin Technology [3][14]. - **Market Performance Comparison**: From the beginning of 2025 to the present, the light manufacturing sector has seen a performance increase of 16.83%, closely mirroring the 16.85% increase of the CSI 300 index [4][13]. Investment Recommendations - **Focus on Leading Companies**: Investment recommendations include leading custom home furnishing companies such as Oppein Home, Sophia, and Zhihong Home, as well as soft furniture companies like Kuka Home and Mousse [3][13]. - **Emerging Opportunities**: Companies with strong international growth potential in the toy industry, such as Pop Mart and Blukoo, are highlighted for their robust overseas performance [3][12].