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 ...

Group 1 - The core viewpoint of the news is that Jiangxin Home experienced a decline in stock price, dropping by 5.29% to 87.35 CNY per share, with a total market capitalization of 19.11 billion CNY [1] - Jiangxin Home, established on May 31, 2002, specializes in the research, design, production, and sales of smart electric sofas, smart electric beds, and their core components, with revenue composition being 78.76% from smart electric sofas, 12.06% from components, 8.34% from smart electric beds, and 0.84% from other sources [1] Group 2 - Citic Prudential Fund has a significant holding in Jiangxin Home, with its fund "Citic Prudential Zhi Rui Mixed A" (003432) holding 100,000 shares, accounting for 3.91% of the fund's net value, ranking as the seventh largest holding [2] - The fund has reported a floating loss of approximately 488,000 CNY today [2] - The fund was established on October 21, 2016, with a current scale of 134 million CNY, and has experienced a year-to-date loss of 0.17%, ranking 8460 out of 8882 in its category [2] Group 3 - The fund manager of "Citic Prudential Zhi Rui Mixed A" is Wang Rui, who has a tenure of 10 years and 292 days, with the fund's total asset scale at 5.719 billion CNY, achieving a best return of 253.09% and a worst return of -32.84% during his tenure [3] - Co-manager Zhu Huiling has a tenure of 317 days, with a fund asset scale of 242 million CNY, achieving a best return of 5.74% and a worst return of 5.65% during her tenure [3]

Group 1 - The company held its third extraordinary board meeting for 2026, discussing the election of the chairman and vice-chairman of the third board, which may impact the company's future governance structure [1] - The company has a high overseas revenue proportion, reported at 99.49% in the 2024 annual report, indicating a strong reliance on international markets [2] - The independent operational capability of the production base in Vietnam and the layout of the health and wellness industry are factors that may influence the company's long-term development [2]

证券日报网讯 2月9日，匠心家居在互动平台回答投资者提问时表示，公司高度重视投资者关切，并严 格按照相关法律法规履行信息披露义务。业绩预告的披露将以是否达到监管要求为前提，并按规定及时 披露。目前公司经营情况整体稳健，主营业务持续推进。如后续触及业绩预告披露标准，公司将第一时 间履行公告义务。 （文章来源：证券日报） ...

Group 1: Industry Overview - The sleep industry is undergoing a transformative breakthrough with the integration of artificial intelligence into traditional mattresses, creating innovative products that offer health management and smart interaction features [1] - The Chinese sleep economy has grown from 261.6 billion yuan in 2016 to 377.8 billion yuan in 2020, with an average annual growth rate of 9.6%, and is expected to exceed 1 trillion yuan by 2030 [3] - The acceptance of smart mattresses among consumers is still in its early stages, with features like adjustable firmness, heating, ventilation, and massage functions becoming key drivers for purchasing decisions [3] Group 2: Company Developments - Xilinmen's smart sleep ecosystem brand, aise Baobao series, has achieved sales in the tens of millions, establishing a strong competitive position and positive brand image in the market [1] - In 2025, Xilinmen reported a revenue of 6.196 billion yuan, a year-on-year increase of 3.68%, and a net profit of 399 million yuan, up 6.45% [3] - Xilinmen has invested over 1.2 billion yuan in research and development over the past decade, successfully launching the aise Baobao smart mattress series [4] Group 3: Technological Advancements - The AI smart mattress T11+ launched by Mousse Co. in March 2025 claims to improve average sleep onset speed by nearly 50%, reduce turning frequency by 14.6%, and increase sleep duration by 38% [1][7] - The industry is witnessing a shift towards smart and health-oriented innovations, with companies focusing on technology research and scenario-based services to build brand competitive barriers [7] Group 4: Regulatory Environment - The national standard for smart mattresses (GB/T 46272—2025) was officially released in August 2025 and will be implemented in March 2026, providing a unified standard for the intelligence, functionality, and safety of smart mattress products [2] Group 5: Market Expansion - Xiangxin Home is expanding its investment in smart furniture production, including a new project in Cambodia with an investment of 150 million yuan, aimed at enhancing production capacity to meet growing market demand [8][9] - The North American market for functional sofas is projected to grow from approximately 12.55 billion USD in 2020 to about 15 billion USD by 2024, with a compound annual growth rate of around 4.6% [8]

来源：新浪证券-红岸工作室 2月9日，匠心家居涨1.37%，成交额7226.52万元，换手率0.57%，总市值193.61亿元。 异动分析 智能家居+人民币贬值受益+养老概念+一带一路 资金分析 今日主力净流入199.72万，占比0.03%，行业排名11/75，连续3日被主力资金增仓；所属行业主力净流 入-2.12亿，当前无连续增减仓现象，主力趋势不明显。 区间今日近3日近5日近10日近20日主力净流入199.72万360.05万711.16万1771.36万774.80万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额1604.48万，占总成交额的3.57%。 技术面：筹码平均交易成本为87.21元 1、公司的主营业务为从事智能电动沙发、智能电动床及其核心配件的研发、设计、生产和销售。公司 的主要产品为单椅、组合沙发、机构件、电机、电控装置。 2、根据2024年年报，公司海外营收占比为99.49%，受益于人民币贬值。 3、公司进军康养产业，产品有康养机构智能床，多体位康复治疗床，家里护用智能床等产品。 4、根据2025年4月11日互动易回复：公司越南生产基地自建成以来，始终坚持本地化建设、本地化运营 ...

Investment Rating - The report rates the light industry export chain as "Buy" [2] Core Insights - The growth potential of companies is derived from the alignment of industry characteristics and their own competitive advantages [3] - The report emphasizes that leading companies in niche markets can achieve differentiation and higher profitability due to limited competition and market capacity [6][7] - The report identifies key investment opportunities in companies such as Jiangxin Home, Gongchuang Lawn, Zhongxin Co., Gujia Home, Yingke Medical, Songlin Technology, Jianlin Home, Zhejiang Natural, and Yiyi Co. [4] Summary by Sections 1. Company Growth Sources: Industry Characteristics and Competitive Matching - Niche market leaders often achieve differentiation and alpha due to limited competition and high growth potential, with leading companies maintaining a market share of over 20% and net profit margins of 15%-20% [6][7] - Zhongxin Co. benefits from cost advantages through equipment optimization and raw material selection, achieving significant savings in fixed asset investment compared to peers [9] - Gongchuang Lawn excels in R&D innovation and comprehensive production efficiency, maintaining superior unit profit margins despite market price fluctuations [18][19] 2. Overseas Capacity Migration: Accelerated Diversification - The trend of sourcing from the U.S. is evident, with major retailers like Home Depot and Lowe's increasing their domestic procurement [4] - The report notes that U.S. tariffs and geopolitical factors are accelerating the shift of production capacity to North America, particularly in response to the 2025 tariff changes [4] 3. Investment Recommendations - The report suggests that leading companies in the export chain can achieve excess profits through precise positioning in niche markets, cost control, and differentiated product and channel operations [4] - The report highlights the importance of innovation and agile market response in driving product iterations, particularly for Jiangxin Home, which has rapidly developed new features in its product lines [27][30]

来源：新浪证券-红岸工作室 4、根据2025年4月11日互动易回复：公司越南生产基地自建成以来，始终坚持本地化建设、本地化运营 的原则，在人员管理、工艺制造、设备投入及供应链协同等方面，已具备完整的独立制造能力。公司核 心产品均在越南境内完成开发、加工与装配，不属于"转口贸易"模式。公司将继续秉持合规、透明、高 效的运营理念，持续提升全球供应链体系的稳定性与交付能力。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入92.59万，占比0.01%，行业排名25/75，连续2日被主力资金增仓；所属行业主力净流入 3864.52万，当前无连续增减仓现象，主力趋势不明显。 2月6日，匠心家居跌2.58%，成交额8782.32万元，换手率0.69%，总市值190.98亿元。 异动分析 智能家居+人民币贬值受益+养老概念+一带一路 1、公司的主营业务为从事智能电动沙发、智能电动床及其核心配件的研发、设计、生产和销售。公司 的主要产品为单椅、组合沙发、机构件、电机、电控装置。 2、根据2024年年报，公司海外营收占比为99.49%，受益于人民币贬值。 3、公司进军康 ...

证券日报网讯 2月5日，匠心家居发布公告称，公司于2026年2月5日召开了职工代表大会，选举王雪荣 女士为公司第三届董事会职工代表董事。 （文章来源：证券日报） ...

2025年前三季度，匠心家居实现收入25.11亿元，归母净利润6.58亿元。 匠心家居（301061）发布公告，公司于2026年2月5日召开职工代表大会，选举王雪荣为公司第三届董事 会职工代表董事。 2025年前三季度，匠心家居实现收入25.11亿元，归母净利润6.58亿元。 匠心家居（301061）发布公告，公司于2026年2月5日召开职工代表大会，选举王雪荣为公司第三届董事 会职工代表董事。 ...