[Table_Page] 投资策略月报|纺织服饰 证券研究报告 [Table_Title] 纺织服饰行业 纺织服装与轻工行业数据月报 2.1-2.27 [Table_Summary] 核心观点： [Table_Gr ade] 行业评级 买入 前次评级 买入 报告日期 2026-03-02 [Table_Author] 分析师： 糜韩杰 SAC 执证号：S0260516020001 SFC CE No. BPH764 021-38003650 mihanjie@gf.com.cn 分析师： 曹倩雯 SAC 执证号：S0260520110002 SFC CE No. BWW545 021-38003621 caoqianwen@gf.com.cn 分析师： 左琴琴 SAC 执证号：S0260521050001 SFC CE No. BSE791 021-38003540 zuoqinqin@gf.com.cn 分析师： 李悦瑜 SAC 执证号：S0260524120002 021-38003784 liyueyu@gf.com.cn 分析师： 董建芳 SAC 执证号：S0260525060002 dongjian ...

行 30986 轻工制造 2026 年 03 月 01 日 业 研 究 关轻注 工制造 纸企发布 3 月涨价函，上海购房政策优化 投资要点： 行 业 定 期 报 告 【周观点】①文化纸企发布 3 月涨价函、涨幅 200 元/吨，玖龙多基地宣布 箱板瓦楞纸提价 50 元/吨，浆价回升叠加招标旺季背景下，预计木浆系纸 价有支撑，看好纸企 Q1 盈利环比改善，持续推荐太阳纸业，关注玖龙纸 业、博汇纸业。②上海进一步优化购房政策，带动家居估值修复，关注后 续楼市小阳春销售情况。③家得宝、劳氏 26 年展望同店持平至+2%低于市 场预期，反映对当前美国疲软的住房市场和高利率环境的谨慎态度。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关 ...

公司股价走弱主要受人民币升值影响，考虑25Q1仍为汇兑收益，26Q1利润同比增速预计低于收入。 25Q2无汇兑收益、25H2为汇兑损失，#后期汇兑同比压力大幅减轻。 中长期公司产品、品类、渠道和自有品牌扩张增长确定，伴随股价下跌，估值性价比提升。 依托全产业链布局优势，产品创新领先，影音沙发差异化产品销售持续向好，带动销售和盈利能力向上。 【申万轻工】匠心家居：短期汇率扰动预期，汇兑高基数效应逐季缓解；中长期产品+品类、自有品牌和区域扩张 空间广阔 公司股价走弱主要受人民币升值影响，考虑25Q1仍为汇兑收益，26Q1利润同比增速预计低于收入。 25Q2无汇兑收益、25H2为汇兑损失，#后期汇兑同比压力大幅减轻。 中长期公司产品、品类、渠道和自有品牌扩张增长确定，伴随股价下跌，估值性价比提升。 【申万轻工】匠心家居：短期汇率扰动预期，汇兑高基数效应逐季缓解；中长期产品+品类、自有品牌和区域扩张 空间广阔 #公司新产品和技术储备丰富，包括infinity drive功能沙发新品，及未来客餐厅空间新品类布局，将持续获客支撑增 长。 25年以来自有品牌店中店加速扩张，终端体验感反哺销售、#建立消费者品牌心智，中长期有 ...

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].

| 指数 涨跌 (%) | | --- | | 名称 | | 上证指数 4082 -1.26 -1.37 0.41 | | 深证综指 2680 -1.05 0.16 1.16 | | 风格指数 (%) | | | --- | --- | | 大盘指数 | 11.32 | | 中盘指数 1.78 | 26.74 | | 小盘指数 | 19.55 | | 涨幅居前 行业(%) | 昨日 | 近１个月 近６个月 | | | --- | --- | --- | --- | | 摩托车及其 114 | 3.01 | -2.59 | 2.47 | | 影视院线 | 2.7 | 15.61 | 28.26 | | 海小 | 2.5 | 1.64 | 11.89 | | 综合II | 2.06 | 11.75 | 55.72 | | 航海装备Ⅱ | 1.87 | 3.91 | -0.69 | | 跌幅居卸 行业(%) | | 昨日 近１个月 近６个月 | | | 玻璃玻纤 | -4.69 | 30.4 | 65.53 | | 工业金属 | -3.82 | 0.19 | ୧୦ ବଟ | | 小尖属工 | -3.8 | 12.8 ...

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]

Core Viewpoint - The company, Jiangxin Home, is experiencing growth driven by its focus on smart home products, benefiting from the depreciation of the RMB and expanding into the elder care sector [2][3]. Business Overview - Jiangxin Home specializes in the research, design, production, and sales of smart electric sofas, smart electric beds, and their core components, with main products including single chairs, combination sofas, mechanisms, motors, and control devices [2]. - The company's revenue composition includes 78.76% from smart electric sofas, 12.06% from components, 8.34% from smart electric beds, and 0.84% from other sources [7]. Financial Performance - For the period from January to September 2025, Jiangxin Home achieved a revenue of 2.511 billion yuan, representing a year-on-year growth of 35.80%, and a net profit attributable to shareholders of 658 million yuan, up 52.62% year-on-year [7]. - The company has distributed a total of 628 million yuan in dividends since its A-share listing, with 468 million yuan distributed over the past three years [8]. Market Position and Trends - As of February 9, the company's stock price increased by 1.37%, with a trading volume of 72.2652 million yuan and a market capitalization of 19.361 billion yuan [1]. - The company has a significant overseas revenue share of 99.49%, benefiting from the depreciation of the RMB [3]. Institutional Holdings - As of September 30, 2025, Jiangxin Home's top circulating shareholders include Yongying Ruixin Mixed A and Hong Kong Central Clearing Limited, with notable increases in their holdings [9].