（编辑 楚丽君） 证券日报网讯 1月8日，喜临门在互动平台回答投资者提问时表示，2025年，公司秉持稳健经营理念， 在持续夯实床垫主业核心竞争力的同时，积极布局智能睡眠科技领域，构建智能产品矩阵，并逐步实现 从传统家具制造商向科技型睡眠解决方案供应商的战略升级，为行业树立创新标杆。展望2026年，公司 将积极把握家居行业智能化升级、绿色化转型及睡眠经济蓬勃发展的时代机遇，以创新驱动为核心，持 续迭代健康睡眠产品体系，精准满足消费者日益多元化的睡眠需求。公司致力于通过高质量的产品与服 务，为股东创造可持续的价值回报，同时引领行业向更智能、更健康的方向迈进。 ...

【#褪黑素只对部分失眠人群有效##褪黑素治疗失眠切勿自行盲目加量#】#车厘子 褪黑素#话题冲上热 搜。褪黑素睡眠片、褪黑素软糖……为了改善自己的睡眠质量，褪黑素一直以来都是热销的助眠产品。 @扬子晚报 记者注意到有不少网友表示，他们感觉褪黑素吃多了好像反而睡不着。东南大学附属中大 医院心理精神科主任、中华医学会心身医学分会主任委员袁勇贵告诉记者，褪黑素治疗失眠针对的人群 有限，失眠患者切勿感觉使用效果不佳而自行盲目加量，及时去医院就诊才是正确的做法。人的一生， 大约1/3的时间都是在睡眠中度过的，好睡眠的重要性不言而喻。追求好睡眠的人们，也养育了一个庞 大的睡眠经济市场。安眠药、褪黑素等药物或保健品成了很多人快速治疗失眠的首选产品。"像褪黑素 类东西，虽然是保健品，但并不适用于所有人，它只对身体里缺少褪黑素的人有用。"袁勇贵在接受采 访时介绍，如果患者只需要一颗（褪黑素）的量，但是却吃了两颗、三颗，很可能就会出现副反应，比 如肝功能损害、恶心、想吐等等。"褪黑素可能只对1/4-1/3失眠的人群有效，而且是针对轻度失眠患 者，如果吃了几次不见效果，一定不要自行盲目加量，要去医院就诊。"除了借助外力，我们可以如何 ...

Investment Rating - The report rates the textile and apparel industry as "Positive" [1] Core Insights - The textile and apparel sector has underperformed the market, with a year-to-date increase of 12%, lagging behind the CSI 300 index by 4.1 percentage points, ranking 18th among 31 first-level industries [4][10] - The apparel and home textile segment has seen an 11.3% increase, while the textile manufacturing segment rose by 9.6%, and the accessories segment outperformed with a 17.4% increase [4][10] - The report highlights a potential recovery in demand for textile manufacturing due to stable domestic consumption and a resilient export market, particularly in the U.S. [4][19] - The sleep economy is expanding rapidly, driven by increasing health awareness and consumer spending on sleep-related products [4][63] - The gold and jewelry sector faces short-term demand suppression due to rising gold prices, but consumer spending on gold jewelry remains strong [4][63] Summary by Sections Market Overview - The textile and apparel sector has a TTM price-to-earnings ratio of 27.48, above the historical average since January 2020 [4][14] - The apparel and home textile segment has a TTM P/E ratio of 29.07, while the textile manufacturing segment stands at 23.9, and the accessories segment at 30.27, all above historical averages [4][14] Textile Manufacturing - Raw material prices are at historical lows, with cotton and synthetic fiber prices declining, while Australian wool prices have recently increased [4][19] - Domestic retail sales are showing steady growth, with apparel sales experiencing a slight recovery [4][30] - Export performance is affected by fluctuating tariffs and weak external demand, with a 4.4% year-on-year decline in apparel exports from January to November [4][43] Apparel and Home Textiles - The sleep economy is projected to grow significantly, with the market size expected to exceed 500 billion yuan in 2024, driven by increased consumer awareness and spending on sleep health products [4][66] - The outdoor sports market is also expanding, with a trend towards specialization and segmentation, supported by rising consumer income levels [4][63] Gold and Jewelry - Gold prices have surged over 50% this year, temporarily suppressing demand for gold jewelry, but overall consumer budgets for gold jewelry are increasing [4][63] - The report notes that consumer preferences are shifting towards lighter and more innovative gold products, with a focus on craftsmanship and cultural connections [4][63] Investment Strategy - The report recommends investing in leading companies with strong barriers in production capacity, technology, and customer relationships within the textile manufacturing sector, such as Shenzhou International and Huayi Group [4][63] - For the apparel and home textile sector, it suggests focusing on high-growth segments related to the sleep economy and outdoor sports [4][63]

Core Insights - The textile and apparel industry is expected to see a recovery in performance, particularly in the upstream textile manufacturing sector, with positive trends in wool prices and inventory appreciation benefiting leading companies like New Australia [5] - The report highlights potential growth in the downstream apparel and home textile sectors, driven by the rise of the sleep economy and the recovery of traditional businesses, with companies like Luolai Life and Jinhong Group being key focuses [5] - The textile and light industry sectors have shown mixed performance, with the textile sector rising by 0.91% and light industry by 2.65% during the reporting period [13][18] Textile and Apparel Industry Market Review - The Shanghai Composite Index increased by 2.31%, while the ChiNext Index rose by 3.02% during the period from December 22 to December 26, 2025 [13] - The textile and apparel sector ranked 22nd among 31 primary industries, while the light manufacturing sector ranked 11th [13] - The textile sector's latest PE (TTM) as of December 26, 2025, was 20.32X, with historical highs and lows of 57.80X and 14.44X respectively [15] Textile and Apparel Data Tracking - In the first nine months of 2025, China accounted for 17.10% of the EU's textile and apparel imports, followed by Bangladesh at 14.88% and Turkey at 6.18% [5] - The export values of Chinese cotton socks, zippers, and seamless apparel saw year-on-year declines of -3.40%, -0.65%, and -10.60% respectively in November 2025 [5] Light Industry Market Review - The light manufacturing sector's performance was bolstered by a favorable export environment, with key companies like Xiangxin Home and Yuanfei Pet showing potential for growth [5] - The report emphasizes the importance of monitoring the housing market, with a reported 8.46% year-on-year increase in transaction area for major cities during the period [5] Key Company Valuation and Financial Analysis - Notable companies in the textile and apparel sector include: - Mercury Home Textiles (603365.SH) with a target price of CNY 23.08 and a current PE of 13.38X for 2025E [6] - Anta Sports (02020.HK) with a target price of HKD 105.00 and a current PE of 17.09X for 2025E [6] - Li Ning (02331.HK) with a target price of HKD 20.22 and a current PE of 19.79X for 2025E [6]

纺织服员饰 2025 年 12 月 28 日 滔搏 FY26Q3 运营稳健,期待 Nike 复苏带动产业链 -纺织服装行业周报 20251228 相关研究 《滔搏 (06110) 点评：三季度基本符合 预期，经营指标健康，需求仍待回暖》 2025/12/23 《 Nike 连续两个财季正增长，澳毛涨价周 期持续强化——纺织服装行业周报 20251221》 2025/12/21 《寒潮催化下看好波司登，Nike 修复看好 运动制造 -- 纺织服装行业周报 20251214》 2025/12/14 证券分析师 申万宏源研究微信服务号 本期投资提示: 王立平 A0230511040052 wanglp@swsresearch.com 求佳峰 A0230523060001 qiujf@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 请务必仔细阅读正文之后的各项信息披露与声明 朱本伦 A0230125090001 zhubl@swsresearch.com 联系人 朱本伦 A0230125090001 zhubl@swsresearch.com ...

[Table_scodeMsg1] 公司研究丨深度报告丨水星家纺（603365.SH） [Table_Title] 观"潮"系列 5——水星家纺：被子大王，星辰 璀璨 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 家纺行业近年来规模保持稳定，但伴随大单品引爆市场，行业发展出现新机遇。水星家纺作为 深耕家纺行业近 40 年的领军企业，凭借产品结构持续升级、电商渠道领先布局以及围绕大单 品持续发力构建了差异化的竞争能力。本篇报告主要围绕水星家纺产品、渠道及营销策略，分 析公司如何在行业出清与大单品重塑增长逻辑的交汇点上，把握结构性机会并持续稳健发展。 分析师及联系人 [Table_Author] 于旭辉 柯睿 陈信志 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 水星家纺（603365.SH） cjzqdt11111 [Table_Titl ...

Group 1 - The core viewpoint of the article is that Amazon's report on global e-commerce trends highlights emerging consumer demands and market opportunities driven by technology and emotional needs [1][2][39]. Group 2 - Trend 1: AI Quality Space - Consumers are willing to spend more on smart home products that enhance emotional interaction and comfort, with over 65% of consumers in Europe and the US expressing this willingness [4][6]. - Trend 2: Sleep Economy - 37% of American adults reported a decline in sleep quality in 2023, indicating a growing market for sleep-related products and services [10][11]. - Trend 3: Happy Office - There is an increasing demand for ergonomic office furniture and environments that enhance comfort and productivity [13][14]. - Trend 4: Subtle Technology - Consumers are seeking technology that seamlessly integrates into their lives, enhancing quality without being intrusive [15]. - Trend 5: Pet Economy - The global pet industry is expected to grow by 45% over the next six years, with 55% of pet owners in developed markets willing to invest more in pet health and wellness [16][17][19]. - Trend 6: Outdoor Cooking - The rise of camping and outdoor cooking reflects a demand for products that enhance social experiences and lifestyle [20][22]. - Trend 7: Mobile Treasure Chest - Vehicles are evolving into multifunctional spaces, with consumers looking for comfort and efficiency in their car environments [23][27]. - Trend 8: Generation Z Consumers - This demographic values sustainability, personalization, and emotional connection in their purchasing decisions [28][29]. - Trend 9: Fitness Pioneers - There is a growing focus on personalized and efficient fitness solutions, supported by technology [31][34]. - Trend 10: E-sports Enthusiasts - Emerging markets are seeing rapid growth in e-sports, with consumers seeking high-performance equipment and immersive experiences [35][37].

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the home furnishing and light industry sectors, highlighting the impact of real estate downturns on furniture manufacturing and related businesses [1][5][6]. Core Insights and Arguments - **Revenue and Profit Decline**: In the first three quarters of 2025, the furniture manufacturing industry experienced a revenue decline of 6.7% and a profit drop of 19.1%, with 30% of companies reporting losses [1][5]. - **Government Support**: The Chinese government has allocated 150 billion yuan in 2024 for consumer goods replacement programs, with retail sales in the home furnishing sector expected to grow by 3.6% [1][5][6]. - **Market Adaptation**: Leading home furnishing companies are expanding their product offerings and services, focusing on comprehensive design and one-stop services, while also increasing their international presence [1][6]. - **Smart Mattress Market Growth**: The smart mattress market is projected to reach nearly 60 billion yuan by 2030, with a compound annual growth rate (CAGR) of 15% [1][7]. - **Packaging Industry Dynamics**: The packaging sector is facing challenges due to raw material cost fluctuations and competition, but consolidation efforts are expected to improve profitability [3][8]. Additional Important Content - **Toy Market Growth**: The toy market in China is experiencing growth, driven by IP culture, with retail sales of licensed products reaching 140.4 billion yuan in 2023, a 0.8% increase year-on-year [3][11]. - **Durable Consumer Goods Export Outlook**: The export chain for durable consumer goods is expected to perform well due to recovering demand and depleted overseas inventories, with key companies to watch including Yongxin Co., Hengli Co., and Songlin Technology [3][14]. - **Market Performance Comparison**: From the beginning of 2025 to the present, the light manufacturing sector has seen a performance increase of 16.83%, closely mirroring the 16.85% increase of the CSI 300 index [4][13]. Investment Recommendations - **Focus on Leading Companies**: Investment recommendations include leading custom home furnishing companies such as Oppein Home, Sophia, and Zhihong Home, as well as soft furniture companies like Kuka Home and Mousse [3][13]. - **Emerging Opportunities**: Companies with strong international growth potential in the toy industry, such as Pop Mart and Blukoo, are highlighted for their robust overseas performance [3][12].

Core Insights - The mattress giant is rebranding to better reflect its strategic positioning and business development needs, indicating a significant brand renewal aimed at reshaping user perception and enhancing brand premium [3] - The transition from traditional mattress sales to health sleep technology solutions signifies a shift towards comprehensive sleep health management through smart monitoring and personalized adjustments [3][4] - The sleep economy in China has surpassed 400 billion yuan, with over 300 million people suffering from sleep disorders, highlighting a growing market demand for improved sleep quality [3] Group 1 - The rebranding effort is interpreted as a move to capture the future smart home ecosystem and to provide technology-driven sleep solutions rather than just physical products [3] - Consumer demand is evolving from merely "sleeping" to "sleeping well," indicating a shift towards personalized and proactive health management in sleep [3][4] - The integration of technology such as smart sleep monitoring and environmental controls is becoming standard in sleep products, reflecting a broader trend in the industry [3] Group 2 - The global competition in sleep technology is intensifying, with leading brands in the U.S. establishing technological advantages, prompting Chinese companies to build their own technological moats [4] - The proposed rebranding marks the entry of the Chinese sleep industry into a technology-driven phase, transforming the perception of sleep from a simple rest activity to a measurable and manageable health metric [4] - Future collaborations between sleep technology companies and healthcare institutions are anticipated, aiming to provide more professional sleep improvement solutions as part of the broader health strategy in China [4]

Core Insights - The report is optimistic about the recovery of upstream orders and emphasizes the importance of brands that can adapt and innovate in response to consumer needs [2][19]. Brand Apparel - The domestic brand apparel industry has entered a phase of stock competition, with limited growth opportunities. The performance of leading brands is increasingly reliant on their ability to attract consumers rather than on channel expansion [2][19]. - Three key areas for growth are identified: new home textiles, functional apparel, and strongly differentiated brands. Notable recommendations include: - New Home Textiles: Driven by the sleep economy and self-care consumption, brands like Mercury Home Textiles and Luolai Life are expected to perform well [2]. - Functional Apparel: Brands such as Anta Sports, Li Ning, and Bosideng are positioned to benefit from the growing health and outdoor lifestyle trends [2]. - Strongly Differentiated Brands: Companies like Cotton Era, focusing on 100% cotton products, are experiencing rapid growth [2]. - High dividend stocks recommended include Hailan Home, Luolai Life, and Semir Apparel [2]. Textile Manufacturing - The report notes a decrease in uncertainty regarding tariff policies, stabilization in European and American retail, and low inventory levels among international brands, suggesting a potential recovery in upstream orders [2][19]. - Recommendations for textile manufacturing companies include Shenzhou International, Weixing Co., and Huali Group, with a focus on high dividend stocks like Yuyuan Group and Jingyuan International [2]. Market Performance Review - The textile and apparel sector has seen a slight underperformance compared to the broader market, with a year-to-date increase of 12.45% as of December 9, 2025, compared to a 16.84% increase in the CSI 300 index [7][10]. - The apparel and home textile segments have shown similar performance, while the accessories segment has outperformed, with a 17.1% increase [13][14]. Consumer Environment - The domestic consumption environment remains weak, with apparel retail performance lagging behind overall retail growth. For instance, the cumulative year-on-year growth for apparel retail was only 2.9% from January to October 2025 [27][23]. - The consumer confidence index has shown a slight recovery but remains at historical low levels, indicating ongoing challenges in consumer spending [25][27]. Company Performance - The report highlights that many key apparel companies have experienced revenue declines, while a few have maintained growth. For example, companies like Anta, Li Ning, and Bosideng have shown consistent revenue expansion [30][32]. - The profitability of the brand apparel sector has been under pressure, with net profits not keeping pace with revenue growth in many cases [28][32].