行 业 及 产 业 轻工制造 行 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 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 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 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

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 ...

研 行 行业周报 业 美国关税政策再生变，对华关税迎边际下降 ——轻工制造&纺织服饰行业周报 | 究 | 分析师： | 袁艺博 | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）美国最高法院裁定特朗普政府大规模关税政策违法。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com 022-23839135 | | （2）特朗普新加征关税税率加码至 | | 15%。 | | | | | | | 研子究行助业理评级 | | 重要公司公告  | | | | | | | | 证 | 家居用品 造纸 | 中性 中性 | （1）探路者：公司拟对 万股股权激励。 72 | | 名员工进行 672.68 | | ...

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]

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 ...

Investment Rating - The report indicates a positive investment outlook for the home furnishing and paper industries, with specific recommendations for companies with high dividend safety margins and growth potential [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, and companies like Gujia Home, Sophia, and Oppein are highlighted for their strong dividend safety margins [3][5]. - In the paper industry, short-term stability in boxboard prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are recognized for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new business areas such as overseas expansion and smart lighting present growth opportunities [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks like Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The home furnishing sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support the demand side, leading to a long-term expansion of the industry [5][6]. - The report emphasizes the acceleration of industry consolidation since 2025, with mid-tier companies exiting the market and capital entering leading firms, enhancing industry concentration [6][16]. - Companies to watch include Gujia Home, Sophia, Oppein, Mousse, and Xilinmen, which are expected to benefit from valuation recovery [5][6]. Paper Industry - The report notes that boxboard prices are stable in the short term, with an anticipated improvement in the supply-demand structure that could enhance profitability in the mid-term. Companies like Sun Paper and Nine Dragons Paper are highlighted for their strong positions [3][5]. - The report suggests monitoring the potential impact of anti-involution policies and demand changes, which could contribute to cyclical elasticity in the paper sector [7][8]. - Specific recommendations include focusing on companies with integrated supply chains and significant cost advantages, such as Sun Paper and Nine Dragons Paper [7][8]. Bull Group - The Bull Group is expected to see steady recovery in its traditional business due to improving real estate and consumer sentiment. The company is also expanding into new areas such as smart lighting and renewable energy, which are anticipated to drive growth [10][11]. - The report highlights the company's competitive advantages in product, channel, and supply chain management, which are expected to support stable growth in 2026 [10][11]. Consumer Goods - The report indicates a rebound in consumer sentiment, with a focus on personal care growth stocks. Companies like Baiya, Dengkang Dental, and Zhongshun Jierou are noted for their potential in the market [13][14].

Investment Rating - The report maintains a positive outlook on the home furnishing and paper industries, indicating potential for valuation recovery and growth opportunities [3][5]. Core Insights - The home furnishing sector is at a valuation bottom, with real estate policies expected to catalyze upward valuation movements. Industry consolidation is accelerating, with a focus on companies with high dividend safety margins such as Gujia Home, Sophia, and Oppein [3][5]. - In the paper industry, short-term stability in corrugated box prices is noted, with an optimistic mid-term supply-demand balance expected to enhance industry profitability. Companies like Nine Dragons Paper are highlighted for exceeding performance expectations [3][5]. - Bull Group is positioned for steady recovery in its traditional business due to improving real estate and consumer sentiment, while new ventures in overseas markets, smart lighting, and renewable energy are opening growth avenues [3][5]. - Consumer sentiment is rebounding, with a focus on personal care growth stocks such as Baiya, Dengkang Dental, and Zhongshun Jierou [3][5]. Summary by Sections Home Furnishing - The sector is experiencing a valuation bottom, with real estate policies likely to improve market sentiment and demand. The increase in second-hand housing transactions is expected to support home furnishing demand, leading to a long-term expansion of the industry [5][6]. - The ongoing consolidation in the industry is pushing mid-tier companies out, while capital from industrial players is entering leading home furnishing firms, enhancing market concentration [5][6]. Paper Industry - Short-term price stability in corrugated boxes is observed, with a potential mid-term improvement in supply-demand dynamics expected to boost profitability. The report emphasizes the importance of integrated supply chains and cost advantages in companies like Sun Paper and Nine Dragons Paper [7][9]. - The report suggests that the paper industry is nearing a bottom, with cost structures supporting price stability and potential for upward movement in demand [7][9]. Bull Group - The company is expected to benefit from improving real estate conditions and consumer sentiment, with traditional business lines poised for recovery. New business areas such as smart lighting and renewable energy are anticipated to contribute to growth [11][12]. Consumer Goods - The report highlights a rebound in consumer sentiment, with a focus on personal care companies that are expected to show growth potential. Companies like Baiya and Dengkang Dental are noted for their promising performance in 2026 [14][15]. Packaging Industry - The report discusses the performance of overseas packaging companies, with Ball Corporation and Amcor showing strong results. Ball's revenue for FY25 reached $13.2 billion, a 12% increase year-on-year, while Amcor's revenue for FY26H1 was $11.2 billion, a 70% increase [15][16].

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]