1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The prices of petrochemical products are highly correlated with oil prices, and the gross margins of companies in the packaging, light - industry export, and personal care sectors are affected by oil price fluctuations. However, companies can end the negative correlation between gross margin and oil price through price - conduction mechanisms, cost - control optimization, and product - structure upgrading. There are significant differences in the performance of different companies in terms of gross margin and stock price [4][11]. 3. Summary by Relevant Catalogs 3.1 Petrochemical Raw Materials in Different Sectors - In the packaging sector, companies like New Giant Hand, Yongxin Co., Ltd., Jialian Technology Co., Ltd., Gongchuang Lawn Co., Ltd., and Tianzhen Co., Ltd. use polyethylene, PE film, PP, etc. as raw materials, with the proportion of petrochemical raw materials in operating costs ranging from 20% to 64% [3]. - In the light - industry export sector, companies such as Haixiang New Materials Co., Ltd., Aili Home Co., Ltd., Mengbaihe Co., Ltd., Yuma Sunshade Co., Ltd., and Zhejiang Natural Co., Ltd. use PVC resin powder, ether, TDI, etc., with the proportion of petrochemical raw materials in operating costs ranging from 22% to 36% [3]. - In the personal care sector, companies including Baiya Co., Ltd., Yiyi Co., Ltd., Keao Co., Ltd., and Mengyue Care Co., Ltd. use non - woven fabrics, PE film, SAP, etc., with the proportion of petrochemical raw materials in operating costs ranging from 39% to 48% [3]. 3.2 Oil Price Fluctuations and Company Gross Margins - The two recent periods of unilateral upward oil prices were from 2016Q2 - 2018Q3 and 2020Q3 - 2022Q3. In the second cycle, from 2020Q3 - 2022Q3, Brent crude oil rose by $71.1 per barrel, a 195% increase. The gross margin differentiation of relevant companies was more obvious than in the first cycle. For example, the gross margin declines of Yongxin Co., Ltd., Jialian Technology Co., Ltd., and Yuma Sunshade Co., Ltd. were significantly lower than those of other companies, and Baiya Co., Ltd. achieved an increase in gross margin [6][12]. - In 2020, due to the global pandemic and the price war among oil - producing countries, oil prices were at a historical low, but the profitability of the sector did not increase collectively. One reason was that most companies implemented the new revenue standard, including transportation, customs clearance, and port charges in costs. In addition, the appreciation of the RMB also had a negative impact on gross margin. From 2021 - 2022, with economic stimulus policies and high inflation, oil prices were high. In 2021, the profitability of the sector continued to be under pressure. In 2022, although oil prices continued to rise, thanks to price increases and the company's own management efforts, the overall profit - margin fluctuations began to narrow, and the profit margins of some companies started to reverse [9]. - From 2020Q3 - 2021Q4, the gross margins of relevant companies were affected by oil prices and declined unilaterally for multiple consecutive quarters. In 2022, although oil prices continued to rise in the first and second quarters, companies' gross margins generally improved quarter - on - quarter through price - conduction mechanisms, cost - control optimization, and product - structure upgrading, ending the negative correlation in advance [11]. 3.3 Raw Material Procurement and Product Pricing Mechanisms - Different companies have different raw - material procurement and product - pricing mechanisms. For example, New Giant Hand uses spot procurement with a short inventory cycle and determines prices with major customers at the end of each year; Yongxin Co., Ltd. purchases raw materials at market prices and adjusts product prices according to raw - material price ranges; Jialian Technology Co., Ltd. uses centralized procurement and determines prices through order negotiation [20]. 3.4 Companies with Stronger Profit - Margin Resilience - Yongxin Co., Ltd., Yuma Sunshade Co., Ltd., Zhejiang Natural Co., Ltd., and Baiya Co., Ltd. showed better profit - margin resilience. Yongxin Co., Ltd. extended its industrial chain and had pricing power; Yuma Sunshade Co., Ltd. had a large number of SKUs and strong pricing power for new products; Zhejiang Natural Co., Ltd. customized products and considered multiple factors for pricing; Baiya Co., Ltd. had stable profits in the consumer - goods model [24].

国投证券股份有限公司 关于浙江天振科技股份有限公司 使用暂时闲置募集资金进行现金管理的核查意见 国投证券股份有限公司关于浙江天振科技股份有限公司使用暂时闲置募集 资金进行现金管理事项的核查意见 国投证券股份有限公司（以下简称"国投证券"或"保荐机构"）作为浙江 天振科技股份有限公司（以下简称"天振股份"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《上市公 司募集资金监管规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业 板上市公司规范运作（2025 年修订）》等相关规定，对公司审议通过拟使用暂时 闲置的募集资金进行现金管理事项进行了核查，具体情况如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意浙江天振 科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕1855 号） 同意注册，公司向社会公开发行人民币普通股（A 股）3,000 万股，发行价格为 63 元/股，本次发行募集资金总额为 1,890,000,000.00 元，扣除发行费用 105,377,523.55 元（不含增值税）后，募集资金净额 ...

证券代码：301356 证券简称：天振股份 公告编号：2026-005 二、董事会会议审议情况 （一）审议通过《关于使用暂时闲置募集资金进行现金管理的议案》 董事会同意公司在不影响募集资金投资项目建设和公司正常经营的前提下， 使用最高不超过人民币 4 亿元的暂时闲置募集资金购买安全性高、流动性好、满 足保本要求、单笔期限不超过 12 个月的投资产品（包括但不限于协定性存款、 结构性存款、定期存款、通知存款、大额存单等）。在上述额度内,资金可以滚 动使用,使用期限自董事会审议通过之日起 12 个月内有效。同时，董事会同意授 权公司董事长在前述额度及决议的有效期内行使投资决策权、签署相关合同文件 等事宜，具体事项由公司财务部负责组织实施。 表决结果：同意 7 票，反对 0 票，弃权 0 票。 保荐机构国投证券股份有限公司出具了专项核查意见。 浙江天振科技股份有限公司 第二届董事会第二十五次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 浙江天振科技股份有限公司（以下简称"公司"）于 2026 年 2 月 23 日以通 讯方式向全 ...

浙江天振科技股份有限公司 关于取得发明专利证书的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、专利取得基本情况 证券代码：301356 证券简称：天振股份 公告编号：2026-007 专利期限：20 年 专利权人：浙江天振科技股份有限公司 本发明公开了一种悬浮瓷砖及其拼接方法，所述悬浮瓷砖包括：基材层，相 邻的两所述基材层之间可拆卸连接；瓷砖面层，固定设置在所述基材层的顶端面 上；悬浮结构，设置在所述基材层底端，适于使得所述基材层及所述瓷砖面层处 于悬浮状态，以避免水分对所述基材层的浸泡。本发明摒弃了传统铺装方式所带 来的一系列环境因素限制，增加了瓷砖拼接及拆卸的简易性，降低了人工成本， 使拆卸下来的瓷砖能够重复使用，增强了瓷砖的使用寿命。因本发明中地面与基 材层及瓷砖面层之间具有间距，进而避免了水分对基材层及瓷砖面层的浸泡，避 免了水分对基材层的腐蚀，延长了悬浮瓷砖本体的使用寿命。 二、对公司的影响 上述专利为公司自主研发取得，本次专利的取得不会对公司近期生产经营产 浙江天振科技股份有限公司（以下简称"公司"）近日收到欧洲专利局授予的 一项《发明专 ...

证券代码：301356 证券简称：天振股份 公告编号：2026-006 浙江天振科技股份有限公司 关于使用暂时闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江天振科技股份有限公司（以下简称"公司"或"天振股份"）于 2026 年 2 月 28 日召开第二届董事会第二十五次会议，审议通过了《关于使用暂时闲 置募集资金进行现金管理的议案》，同意在不影响募集资金投资项目建设和公司 正常经营的前提下，公司使用最高不超过人民币 4 亿元的暂时闲置募集资金（含 超募资金）进行现金管理，用于购买安全性高、流动性好、满足保本要求的理财 产品或存款类产品（包括但不限于协定性存款、结构性存款、定期存款、通知存 款、大额存单等），单笔理财产品期限最长不超过 12 个月。在上述额度和期限 内，资金可滚动使用。公司授权董事长行使该项投资决策权并签署相关合同文件， 授权期限自董事会审议通过之日起 12 个月内有效。 根据《上市公司募集资金监管规则》和《深圳证券交易所创业板股票上市规 则（2025 年修订）》《深圳证券交易所上市公司自律监管指引第 2 号— ...

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].

Core Viewpoint - The company, Tianzhen Co., Ltd., has made significant advancements in 3D printing technology, particularly in the application of PVC and PET flooring, enhancing product competitiveness and meeting diverse market demands [2]. Group 1: Company Performance - In the first nine months of 2025, Tianzhen Co., Ltd. achieved a revenue of 1.2 billion yuan, representing a year-on-year growth of 125.08% [8]. - The net profit attributable to the parent company for the same period was 85.24 million yuan, showing a substantial increase of 301.08% year-on-year [8]. - The company has distributed a total of 150 million yuan in dividends since its A-share listing [9]. Group 2: Market Position and Financials - As of September 30, 2025, the company had a market capitalization of 5.402 billion yuan, with a trading volume of 85.01 million yuan on February 26, 2024 [1]. - The company’s overseas revenue accounted for 98.25% of total revenue, benefiting from the depreciation of the Chinese yuan [3]. - The average trading cost of the stock is 23.78 yuan, with the current price near a support level of 24.57 yuan [7]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 3.02% to 14,900, while the average circulating shares per person increased by 3.11% to 3,690 shares [8]. - The second-largest circulating shareholder, Huaxia Xingyang Mixed Fund, reduced its holdings by 547,400 shares, while other significant shareholders also adjusted their positions [9].

Company Performance - Tianzhen Co., Ltd. reported a revenue of 1.2 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 125% [4] - The net profit attributable to the parent company reached 90 million yuan, showing a significant year-on-year increase of 301% [4] - The company is a leading exporter of PVC composite flooring, and its new RPET flooring has achieved mass production and received bulk orders [4] Stock Market Activity - On the day of reporting, Tianzhen's stock price closed at 24.78 yuan, with a daily increase of 8.16%, and the intraday high reached 25.46 yuan, resulting in a fluctuation of 11.92% [2] - The trading volume amounted to 173 million yuan, with a turnover rate of 12.84%, indicating a significant increase in trading activity [2] - Despite a net outflow of 5.5147 million yuan from institutional funds, retail investors contributed a net inflow of 550,500 yuan [3] Industry Outlook - The penetration rate of PVC flooring in the U.S. market continues to rise, and Chinese enterprises hold a competitive advantage in the supply chain [5] Technical Indicators - Technical indicators show that the stock price has broken through the 20-day moving average and the upper Bollinger Band, with the MACD histogram turning positive and the KDJ J value rising to 86.13, indicating strong short-term momentum [6] - However, the selling pressure is evident with a委比 of -72.91% [6]

为规范公司募集资金的使用与管理，提高募集资金的使用效率，防范资金使 用风险，确保资金使用安全，保护投资者的利益，根据《中华人民共和国公司法》、 《中华人民共和国证券法》《上市公司募集资金监管规则》《深圳证券交易所创 业板股票上市规则（2025 年修订）》等法律法规、规范性文件，以及《公司章 程》的要求，结合公司实际情况，公司制定了《募集资金管理制度》。 根据相关规定，公司对募集资金进行了专户存储，并与保荐机构、存放募集 资金的商业银行签订了《募集资金三方监管协议》。 证券代码：301356 证券简称：天振股份 公告编号：2026-004 浙江天振科技股份有限公司 关于部分首次公开发行募集资金专户销户完成的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金基本情况 经中国证券监督管理委员会《关于同意浙江天振科技股份有限公司首次公开 发行股票注册的批复》（证监许可〔2022〕1855 号）同意注册，公司向社会公 开发行人民币普通股（A 股）3,000 万股，发行价格为 63 元/股，本次发行募集 资金总额为 1,890,000,000.00 元，扣除 ...

Group 1 - The company, Tianzhen Co., expects a net profit attributable to shareholders of between 78 million and 100 million yuan, compared to a loss of 37.2464 million yuan in the same period last year [2]