行 轻工制造 2026 年 01 月 25 日 业 研 究 关轻注 工制造 地产预期改善，关注家居估值修复弹性 投资要点： 行 业 定 期 报 【周观点】①我们近期周报持续提示"家居板块估值处于历史低位，进入 2026 年，建议关注政策预期升温带动估值修复"，本周地产链情绪回暖， 家居龙头率先迎估值修复，持续推荐顾家家居、欧派家居、索菲亚、悍高 集团，建议关注低估值敏华控股、志邦家居。②1 月外盘浆价上涨，白卡 头部纸企发布年后涨价函，计划 2 月底 3 月初涨价 200 元/吨。 告 【周研究】①本周发布《敏华控股（1999.HK）：关注内外销积极的边际变 化》，我们预计 FY2026-FY2028 归母净利润分别为 20.7 亿港元、21.2 亿 港元、22.1 亿港元，目前股价对应 FY26、FY27 财年 PE 为 9X、8X，首 次覆盖给予"买入"评级。②《好孩子国际（1086.HK）：全球化婴童品牌 龙头，关注业绩改善弹性》，我们预计 2025-2027 年归母净利润分别为 1.50 亿港元、3.44 亿港元、3.85 亿港元，目前市值对应 25 年、26 年 PE 约 12X、 5X，公司当前估 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● "欧22转债"持有人可回售部分或全部未转股的可转换公司债券。"欧22转债"持有人有权选择是否进行 回售，本次回售不具有强制性。 ● 风险提示：可转债持有人选择回售等同于以100.73元人民币/张（含当期应计利息、含税）卖出持有 的"欧22转债"。截至目前，"欧22转债"的收盘价格高于本次回售价格，可转债持有人选择回售可能会带 来损失，敬请可转债持有人注意风险。 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2022]1328号"文核准，欧派家居集团 股份有限公司（以下简称"公司"）于2022年8月5日公开发行了2,000万张可转换公司债券，每张面值100 元，发行总额20.00亿元。根据战略规划和经营需要，公司于2026年1月21日召开2026年第一次临时股东 会，并于2026年1月15日至2026年1月21日召开适用简化程序的"欧22转债"2026年第一次债券持有人会 议，分别审议通过了《关于变更部分募投项目暨调整相关募投项目资产用途的议案》 ...

Core Insights - Successful companies in China should focus on niche markets where they can excel, as these small tracks offer significant opportunities [1] - Companies should avoid spending in areas where they cannot win and be willing to take bold risks in areas where they can succeed [1] Industry Trends - The efficiency of Chinese manufacturing has reached its peak, and mere cost advantages can no longer support brand growth. By 2026, Chinese brands will face challenges not just in production but in occupying industry ecological positions and selling brand value [4] - The next decade is seen as a golden era for lifestyle brands, particularly in sectors like beauty, home, dining, and fashion, where global markets are ripe for engagement [4] - Many Chinese companies struggle with price increases, consumer discount mentality, and lack of compelling brand narratives, which contrasts with the enduring success of European brands that leverage cultural empathy and scarcity [4] Learning Objectives - The three core elements of enduring European brands are: 1. Scarcity narrative: Transitioning from "selling products" to "selling dreams" [5] 2. Supply chain control: Defining industry gold standards [7] 3. Lifestyle definition: Redefining spaces and sensory experiences through design and innovation [9] Educational Experience - The program includes visits to prestigious institutions and brands such as LVMH, Kering, and L'Oréal, focusing on how they maintain their market positions through storytelling, craftsmanship, and technological innovation [6][13][15] - Participants will learn about the importance of brand origin stories and how to create an unassailable competitive moat [15] - The curriculum emphasizes the significance of standardization and globalization in culinary arts, as exemplified by Le Cordon Bleu, and how this can be applied to brand cultural output [16] Practical Applications - Insights from Loro Piana and other top suppliers will illustrate how controlling scarce resources can grant ultimate industry authority [20] - The program will also explore how design-driven manufacturing can elevate products from mere utility to art, achieving significant price premiums and profit margins [21]

Core Insights - The article discusses how certain industries are thriving despite a general perception of economic downturn, highlighting eight key sectors that present significant business opportunities in a low-desire society [3][4]. Group 1: Key Industries - **Second-Hand Economy**: The second-hand luxury market in Japan, represented by companies like Daikokuya, has seen a surge in revenue. In China, platforms like Hongbulin and Panghu are experiencing similar growth, indicating a shift in consumer spending towards second-hand goods [6][7][8][9]. - **Pet Economy**: With declining birth rates, young people are investing more in pets, leading to a boom in pet food and healthcare products. Companies like Inaba in Japan and Guobao in China are capitalizing on this trend [11][12][14][15]. - **Adult Care Products**: The adult diaper market in Japan has surpassed $10 billion, indicating a growing demand for adult care products in China, with companies like Kexin showing potential for growth [16][17][18]. - **Health Food and Beverages**: The rise in health consciousness has led to increased sales of sugar-free beverages and functional drinks in both Japan and China, with brands like Suntory and Dongpeng gaining traction [21][22]. - **Beauty Economy**: The demand for beauty products, including collagen supplements and at-home beauty devices, remains strong, with companies like Jinbo Biological achieving significant market valuations [23][25]. - **Outdoor Recreation**: The outdoor equipment market is thriving, with brands like Snow Peak in Japan and various Chinese brands experiencing rapid sales growth, as consumers seek leisure activities despite economic constraints [25][26][27]. - **Emotional Economy**: Brands that provide emotional comfort, such as Labubu and Rio, are gaining popularity, reflecting a consumer willingness to spend on small pleasures even in tough times [28][29][30]. - **Convenience Economy**: The demand for convenience products, such as frozen foods and smart home appliances, is increasing as younger generations prioritize time-saving solutions [33][35][36]. Group 2: Market Trends - The article emphasizes that the current low-desire economic environment does not equate to a lack of opportunities. Instead, it suggests that businesses that can identify and invest in counter-cyclical sectors will emerge as winners [39].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2026-018 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 关于"欧 22 转债"可选择回售的第一次提示性公告 "欧 22 转债"持有人可回售部分或全部未转股的可转换公司债券。"欧 22 转债"持有人有权选择是否进行回售，本次回售不具有强制性。 风险提示：可转债持有人选择回售等同于以 100.73 元人民币/张（含当期 应计利息、含税）卖出持有的"欧 22 转债"。截至目前，"欧 22 转债"的收盘价格 高于本次回售价格，可转债持有人选择回售可能会带来损失，敬请可转债持有人 注意风险。 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2022]1328 号"文核准，欧派家居集团股份有限公司（以下简称"公司"）于 2022 年 8 月 5 日公开发行了 2,000 万张可转换 ...

Core Viewpoint - The AI Fund Nuon New Power Flexible Allocation Mixed A (320018) reported a profit of 4.9971 million yuan for Q4 2025, with a weighted average profit per fund share of 0.2548 yuan. The fund's net value growth rate for the reporting period was 7.26%, and the fund size reached 65.8123 million yuan by the end of Q4 2025 [3][14]. Fund Performance - As of January 22, the unit net value of the fund was 3.565 yuan. The fund manager, Li Xiaojie, has managed four funds over the past year, all of which have yielded positive returns. The highest growth rate among these funds was 48.16% for Nuon Low Carbon Economy Stock A, while the lowest was 5.05% for Nuon Huili Mixed A [3]. - The fund's net value growth rates over various periods are as follows: 2.18% over the last three months (ranking 1015/1286), 2.83% over the last six months (ranking 1146/1286), 16.89% over the last year (ranking 980/1286), and -15.38% over the last three years (ranking 1190/1286) [3]. Investment Strategy - The fund's Q4 holdings were primarily in dividend-related assets such as banks, oil and petrochemicals, and non-bank financials. The fund reduced its allocation in the banking sector while increasing its positions in non-bank financials and oil and petrochemicals [3]. Risk Metrics - The fund's Sharpe ratio over the last three years was -0.0472, ranking 1192/1275 among comparable funds [8]. - The maximum drawdown over the last three years was 30.05%, with the largest single-quarter drawdown occurring in Q1 2022 at 17.43% [10]. Portfolio Composition - As of December 31, the fund's average stock position over the last three years was 74.15%, compared to the industry average of 72.57%. The fund reached a peak stock position of 79.28% at the end of 2021 and a low of 51.69% by the end of Q3 2022 [13]. - The top ten holdings of the fund as of Q4 2025 included China Ping An, China Pacific Insurance, China Petroleum, Oppein Home, China Shenhua, New China Life Insurance, Sinopec, Shaanxi Coal and Chemical Industry, Yili Group, and Jiangsu Bank [17].

Core Insights - The article emphasizes the importance of cultural empathy in brand building, suggesting that brands must evolve from merely selling products to selling dreams and experiences to resonate with consumers [6][7]. Group 1: Brand Evolution - Chinese brands are transitioning from a focus on production efficiency to establishing their ecological positions and selling brand value in a competitive market [6]. - The article highlights the "golden decade" for lifestyle brands, particularly in sectors like beauty, home, dining, and fashion, where global markets are ripe for engagement [6]. Group 2: Key Components of Successful Brands - The three core elements of enduring European brands are scarcity narrative, supply chain control, and lifestyle definition [7]. - Scarcity narrative involves transforming the sales approach from product-centric to dream-centric, enhancing emotional connections with consumers [7]. - Supply chain control is crucial for defining industry standards and ensuring quality, as demonstrated by companies like L'Oréal [9]. - Lifestyle definition focuses on using design and innovation to reshape consumer experiences and perceptions, as seen in brands like Prada [10]. Group 3: Educational Opportunities - The article promotes a study tour in Europe, where participants can learn from leading brands and institutions about luxury brand management and the integration of culture into branding strategies [8][14]. - The program includes visits to prestigious institutions like IFM and LCB, where participants can gain insights into luxury brand management and culinary standards [8][10][14]. Group 4: Practical Applications - The article outlines a detailed itinerary for the study tour, including visits to iconic locations and workshops that focus on brand storytelling and craftsmanship [13][16][19]. - Participants will explore how to leverage brand heritage and innovation to create competitive advantages in the luxury market [21][22].

根据《可转换公司债券管理办法》《公司债券发行与交易管理办法》《欧派家居集团股份有限公司公开 发行可转换公司债券募集说明书》《欧派家居集团股份有限公司公开发行可转换公司债券之债券持有人 会议规则》，公司于2026年1月15日至2026年1月21日召开了"欧22转债"2026年第一次债券持有人会议， 现将会议召开情况及决议公告如下： 一、债券基本情况 （一）发行人：欧派家居集团股份有限公司 （二）债券代码：113655 债券代码：113655 债券简称：欧22转债 关于"欧22转债"2026年 第一次债券持有人会议结果的公告 欧派家居集团股份有限公司可转换公司债券持有人： 欧派家居集团股份有限公司（以下简称"欧派家居"、"公司"或"发行人"）于2022年8月公开发行面值总 额20.00亿元可转换公司债券（以下简称"欧22转债"）。基于发展战略规划、募投项目建设进展及当前 市场环境的综合研判，公司经审慎评估后拟变更募投项目、调整相关募投项目资产用途，预计不会对公 司偿债能力和债券持有人权益保护造成重大不利影响。 4、债券利率：第一年为0.30%、第二年为0.50%、第三年为1.00%、第四年为1.50%、第五年为1 ...

Group 1 - The core viewpoint emphasizes that founders must have a strong cost awareness that permeates the entire organization, enabling employees to manage costs rigorously. This cost reduction is strategically driven to better allocate resources towards future growth areas, appearing as cost-saving but ultimately aimed at revenue generation [1] Group 2 - The article discusses the transition of Chinese brands from merely achieving production efficiency to occupying a significant ecological position in the industry and selling brand value. By 2026, the focus will shift from "can we produce it?" to "can we sell the brand value?" [5] - It highlights that the current decade is a golden era for lifestyle brands, particularly in sectors like beauty, home, dining, and fashion, where global markets are ripe for engagement. Brands that can emulate European brands' ability to elevate products into emotional connections with users will secure their ecological positions in a saturated market [5] - The article identifies three core elements of enduring European brands: scarcity narrative, control over the supply chain, and the definition of lifestyle [5] Group 3 - The article outlines a learning journey to Europe, focusing on luxury brand management, where participants will explore the origins and narratives of brands, the importance of emotional value, and how to reclaim pricing power through cultural storytelling [5][6][9] - Specific educational experiences include insights from L'Oréal on creating product value through a combination of technology, content, and distribution, and lessons from luxury brands like Louis Vuitton and Prada on maintaining heritage while innovating [12][20] - The program also emphasizes the significance of controlling the supply chain and understanding the materials that define luxury, as demonstrated by Loro Piana's mastery over high-quality fabrics [21]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 | 证券代码：603833 | 证券简称：欧派家居 | | 公告编号：2026-016 | | --- | --- | --- | --- | | 转债代码：113655 | 转债简称：欧 22 | 转债 | | 欧派家居集团股份有限公司 2026年第一次临时股东会决议公告 一、 会议召开和出席情况 (一) 股东会召开的时间：2026 年 1 月 21 日 (二) 股东会召开的地点：广州市白云区广花三路 366 号公司新总部办公楼 三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 244 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 470,008,630 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 77.5941 | | 份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的 ...