行业观点更新： 投资建议 风险因素 地产竣工恢复速度低于预期；原材料价格大幅上涨；新品推广不及预期；汇率大幅波动。 敬请参阅最后一页特别声明 1 家居板块：1）内销方面，需求端相对上周企稳，跌幅一定程度收窄，截至 10 月 17 日，本周 30 大中城市成交面 积当周同比-22.46%，14 城二手房成交面积当周同比-20.75%。2）外销方面，9 月跨境电商亚马逊整体表现亮眼， 多企业海外站点同比增速回正，其中表现最优站点分别为：梦百合美国站 GMV 为 996 万美元，同比+82.0%，致欧 科技英国站 GMV 为 884 万英镑，同比+37.1%，恒林股份美国站点 GMV 为 3574 万美元，同比+30.9%；10 月 14 日美 国针对进口橱柜、浴室柜及软包木家具的 25%新关税已正式生效，但部分头部企业仍具备应对关税风险的能力， 主系关税可由客户提价转嫁给消费者，且部分企业已布局海外产能；此外，根据 CME 跟踪，10 月美国降息概率为 100%，降息有望带动海外需求回暖，一定程度利于海外家居需求修复。整体来看，内销板块重点关注 25 年业绩 增长确定性高并且具备相对高股息支撑的内销龙头企业。外销 ...

Group 1 - The third round of the Shanghai household appliances and home goods trade-in subsidy program will accept applications from October 18, 0:00 to October 20, 20:00 [1] - After the application period, consumer information will be provided to a third-party notary agency for a limited lottery draw to select winning consumers [1] - Winning results will be notified to consumers through the original application channel and SMS, and consumers can also check the results through the original application channel [1] Group 2 - Winning consumers must collect their subsidy qualification vouchers between October 23, 0:00 and October 24, 24:00, or they will forfeit their eligibility [1] - The subsidy qualification vouchers are valid for 14 days from the date of collection, and failure to redeem them within this period will also result in forfeiture [1] - Consumers can choose to redeem the vouchers at participating merchants either online or offline [1]

Core Viewpoint - Filinger's major shareholder, Filinger Holdings Limited, has transferred 49,760,000 shares, representing 14.00% of the company's total equity, to Shaanxi International Trust Co., Ltd. through a single fund trust [2] Group 1 - The transfer of shares was confirmed by the China Securities Depository and Clearing Corporation Limited [2] - The completion of the share transfer registration procedures occurred on October 16, 2025 [2]

Core Insights - The Frankfurt Exhibition Group is enhancing its position as a global hub for lifestyle, holiday decorations, and creative DIY sectors through three major trade shows scheduled for February 2026 [2][5] - The events aim to provide year-round networking opportunities and personalized supply-demand matching, adapting to the rapidly changing market environment [4][5] Event Highlights - The three interconnected events include Ambiente, Christmasworld, and Creativeworld, which will showcase innovations and expand into key growth areas such as HoReCa (Hotel, Restaurant, and Catering), interior design, and furniture [5][8] - Christmasworld will feature a fully booked exhibition space with leading companies and new exhibitors, expanding product categories to include party supplies and festive products [6][7] - Creativeworld will serve as a platform for the creative industry, introducing a certified training program and interactive areas to enhance visitor engagement [7][8] Digital Innovations - A new digital matchmaking tool integrated into the event's website will facilitate year-round business connections based on user interests and company profiles [6] - Exhibitors will have access to LeadSuccess, a digital tool for managing potential customer contacts collected during the event [6] Special Features - Ambiente will introduce a cooking show and a dedicated area for hotel and restaurant professionals, enhancing the B2B focus of the event [10][11] - The "Interior Design & Architecture Hub" will be designed by renowned designer Katty Schiebeck, emphasizing immersive experiences for industry professionals [12]

Group 1 - China COSCO Shipping Group's subsidiary is a leading integrated port and shipping enterprise in Hainan [2] - The company has a new duty-free pickup point, which is part of the duty-free business supply chain [2] Group 2 - Spot gold has risen to $4,330 per ounce, reaching a historical high [3] - Baoding Technology's wholly-owned subsidiary Hexi Gold Mine is engaged in gold mining and sales, with a metal reserve of 4.536 tons [3] - The company has a production capacity of 500 tons of silver annually [3] Group 3 - Tesla will hold a shareholder meeting to showcase new developments in robotics [5] - Pioneering Electronics, through its subsidiary, holds an indirect stake in Benmo Technology, which is rapidly developing in the robotics sector [5] - The company anticipates significant revenue growth in 2024 compared to 2023 [5] Group 4 - Guangdong Mingzhu expects a net profit increase of 858.45%-1071.44% in the first three quarters due to improved operational performance [6] - The actual controller of Cangzhou Mingzhu is set to change to the Guangzhou State-owned Assets Supervision and Administration Commission [6] Group 5 - The company is the first listed firm to produce electronic-grade phosphoric acid [7] - The company is a core supplier for military and armed police procurement, specializing in nuclear pollution prevention technology [7]

Core Viewpoint - Kuka Home, a leading soft furniture company, is accelerating its expansion by issuing A-shares to raise approximately 1.997 billion yuan, primarily for smart home R&D and digital transformation projects [1][3]. Group 1: Financing and Shareholding - Kuka Home plans to issue up to 104 million shares, not exceeding 30% of the total share capital before the issuance, with the funds aimed at various projects including smart production line upgrades and digital transformation [3][4]. - The controlling shareholder, He Jianfeng, will increase his stake to 37.37% post-issuance, reinforcing his control over the company [5][6]. Group 2: Financial Performance - In the first half of 2025, Kuka Home reported revenue of 9.801 billion yuan, a year-on-year increase of 10.02%, and a net profit of 1.021 billion yuan, up 13.89% [1][6]. - The company faced challenges in 2024, with revenue declining by 3.81% to 18.48 billion yuan and net profit down 29.38% to 1.417 billion yuan, marking the first simultaneous decline in both metrics since its listing [6][7]. Group 3: Product and Market Development - Kuka Home's retail transformation has led to significant growth, with smart product sales increasing 18 times year-on-year and functional product sales rising over 50% in the first half of 2025 [2][7]. - The company has invested heavily in R&D, with cumulative expenses reaching 1.045 billion yuan from 2022 to the first half of 2025, resulting in innovative technologies that enhance market competitiveness [7]. Group 4: Asset Growth - Kuka Home's total assets reached a record high of 18.31 billion yuan by mid-2025, reflecting a year-on-year increase of 16.29% [6][7].

Core Insights - Aishida (002403) has reached a deep strategic cooperation consensus with JD Retail, establishing a solid foundation for future win-win development [1] - The collaboration will focus on product innovation, marketing promotion, and channel construction, aiming to explore new directions in the kitchenware and home industry [1] - The partnership is expected to enhance consumer experience by delivering more high-quality products [1]

Core Viewpoint - Gujia Home intends to issue A-shares to a specific group, raising up to 199,699.06 million yuan for various projects including smart production line upgrades and digital transformation [1][3][4] Trading Information Summary - On October 16, Gujia Home's stock closed at 30.39 yuan, down 1.65%, with a turnover rate of 0.39% and a trading volume of 31,800 shares, amounting to 97.3735 million yuan [1] - The net outflow of main funds was 1.799 million yuan, accounting for 1.85% of total trading volume, while retail funds saw a net outflow of 0.2813 million yuan [1] Company Announcement Summary - Gujia Home plans to issue up to 104,281,493 A-shares at a price of 19.15 yuan per share, with the funds allocated for smart production line upgrades, expansion of functional iron frame production lines, smart home product R&D, AI and retail digital transformation, and brand enhancement projects [1][2][3][4] - The issuance has been approved by the board and shareholders, pending review by the Shanghai Stock Exchange and registration with the China Securities Regulatory Commission [2][4] Financial Performance Summary - For the first half of 2025, Gujia Home reported revenue of 980,105.68 million yuan and a net profit of 102,055.87 million yuan [1][4] - The 2024 annual revenue was reported at 1,847,971.72 million yuan, with a net profit of approximately 1,416.54 million yuan [2]

从资金流向上来看，当日家居用品板块主力资金净流出1.69亿元，游资资金净流入7674.15万元，散户资 金净流入9193.55万元。家居用品板块个股资金流向见下表： 证券之星消息，10月16日家居用品板块较上一交易日下跌0.65%，梦天家居领跌。当日上证指数报收于 3916.23，上涨0.1%。深证成指报收于13086.41，下跌0.25%。家居用品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003012 | 东鹏控股 | 8.10 | 10.05% | 46.66万 | 3.72亿 | | 002571 | 德力股份 | 9.15 | 9.98% | 5.97万 | 5463.37万 | | 603389 | *ST亚振 | 42.98 | 4.85% | 7.28万 | 3.10亿 | | 920765 | 美之高 | 23.60 | 3.51% | 5.62万 | 1.46亿 | | 001221 | 悍高隼团 | 68.85 | 3.05% | 4.47万 | ...

央视网消息：国家税务总局发布的最新数据显示，随着大规模设备更新和消费品以旧换新政策加力扩围，前三季度，全国企业设备更新加 快推进。 目前，消费品以旧换新政策成效明显。国家税务总局发布的最新数据显示，今年前三季度，家电和家居产品消费走高，需求稳步释放。 此外，企业数字化设备更新动力较足。今年前三季度，全国企业采购数字化设备金额同比增长18.6%，反映数字化转型成为企业重要的发 展方向。其中，一些高端制造行业加快数字化投入提升自身竞争力，船舶制造、计算机行业采购数字化设备同比分别增长17.3%和22.7%。 民营企业设备更新支撑作用也更加凸显。增值税发票数据显示，今年前三季度，民营企业采购机械设备类金额同比增长13%，均高于国有 和外资企业。一些创新类行业民营经济保持较高动力，民营企业互联网、智能无人飞行器领域采购机械设备类金额同比分别增长32.8%和 70.5%。 前三季度"以旧换新"成效明显 增值税发票数据显示，今年前三季度，工业企业采购机械设备类金额同比增长9.4%。其中，高技术制造业保持良好增长势头，采购机械 设备类金额同比增长14%；电力热力燃气及水生产和供应业采购机械设备类金额同比增长10.5%。 同 ...