研 行 行业周报 业 美国关税政策再生变，对华关税迎边际下降 ——轻工制造&纺织服饰行业周报 | 究 | 分析师： | 袁艺博 | SAC | NO： | S1150521120002 | 2026 | 年 02 | 月 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 轻工制造 纺织服饰 | | 投资要点： | | | | | | | | | | | 行业要闻  | | | | | | | | | 证券分析师 | | （1）美国最高法院裁定特朗普政府大规模关税政策违法。 | | | | | | | | | 袁艺博 | | | | | | | | | | | yuanyb@bhzq.com 022-23839135 | | （2）特朗普新加征关税税率加码至 | | 15%。 | | | | | | | 研子究行助业理评级 | | 重要公司公告  | | | | | | | | 证 | 家居用品 造纸 | 中性 中性 | （1）探路者：公司拟对 万股股权激励。 72 | | 名员工进行 672.68 | | ...

北交所策略专题报告 北交所 ESG 信披体系再完善：聚焦绩优股，掘金 ESG 组合领先的超额收益 北交所研究团队 ——北交所策略专题报告 | 诸海滨（分析师） | 余中天（分析师） | | --- | --- | | zhuhaibin@kysec.cn | yuzhongtian@kysec.cn | | 证书编号：S0790522080007 | 证书编号：S0790525050003 | 事件：北交所增补三项环境议题指南，ESG 披露框架持续完善 2026 年 1 月 30 日，沪深北交易所修订发布《上市公司可持续发展报告编制指南》， 增补《第三号 污染物排放》《第四号 能源利用》《第五号 水资源利用》三项议 题指南。北交所于 2025 年 1 月 17 日首次发布《指南》及其附件《第一号 总体 要求与披露框架》《第二号 应对气候变化》。北交所表示，本次修订在保持原有 框架基础上，新增《第三号 污染物排放》《第四号 能源利用》《第五号 水资 源利用》三个应用指南，进一步细化环境维度披露要求，为上市公司提供更清晰、 可操作的披露指引。三份指南主要内容均分为相关风险和机遇评估、核算、披露 要点三大板块。《第 ...

摩根士丹利分析师在一份报告中写道，最高法院推翻美国总统特朗普全球关税的裁决所带来的后续影响 尚不明朗，且该政府已表示将寻求其他授权来源来征收关税。不过，这些分析师预计，长期来看关税将 普遍减轻，并指出，对于不太可能受到更窄关税制度影响的股票，存在潜在的有利因素。他们写道，属 于这一类别的某些板块包括来自欧盟的 化妆品和个人护理产品，以及来自加拿大的 家居用品。（智通 财经） ...

Group 1 - The article discusses the evolving lifestyle trends for 2025, highlighting the integration of AI and the importance of everyday items that enhance quality of life [1] - It emphasizes the significance of comfort and aesthetics in daily living, showcasing products that contribute to a more fulfilling lifestyle [1][2] - The article presents a curated list of essential items that reflect the ideal living standards for the upcoming year, focusing on their functionality and emotional impact [1][48] Group 2 - The article features various brands and products that embody the philosophy of comfort and elegance, such as the Raindance Alive shower series and the Aesop fragrance [15][7] - It highlights the craftsmanship behind traditional items, like the mother-of-pearl jewelry box, which requires meticulous handwork and showcases rich textures [5] - The narrative includes innovative products like the dynamic ergonomic chair from Qingxian Smart, designed to enhance comfort during prolonged sitting [59] Group 3 - The article mentions the growing trend of personalized and meaningful gifts, such as the LEGO rose bouquet, which allows for shared experiences and emotional connections [17] - It discusses the appeal of high-quality food and beverages, including Chilean cherries and limited-edition caviar, as popular choices for festive occasions [29][31] - The importance of aesthetics in home decor is underscored with products like Baccarat crystal vases, which enhance the beauty of everyday spaces [19] Group 4 - The article notes the rise of technology in daily life, with products like the PLAUD Note Pro AI recording pen that streamline tasks and improve efficiency [71] - It highlights the emotional connection fostered by smart companions like the LOVOT robot, which provides comfort and companionship [69] - The integration of innovative coffee machines, such as the Alpro BES876, reflects the trend of elevating home experiences through technology [55]

公司2025年前三季度实现营收60.82亿元，同比增长6.18%；归母净利润为2.72亿元，同比下降2.09%。 应收账款同比增幅显著，需关注年报披露后的财务表现。 以上内容基于公开资料整理，不构成投资建议。 公司股份回购方案已实施完毕，累计回购股份2,905,400股，占总股本的0.72%。剩余股份计划在回购完 成后的36个月内用于股权激励或员工持股计划，若未及时使用将予以注销。 业绩经营情况 经济观察网致欧科技（301376）股份回购方案已实施完毕，部分股份已用于员工持股计划。公司拟向全 体股东每10股派发现金股利2元(含税)。2025年前三季度营收60.82亿元，同比增长6.18%；归母净利润 2.72亿元，同比下降2.09%。 公司状况 ...

Group 1 - The core point of the news is that Seagull Home (002084) announced that its wholly-owned subsidiary, Zhuhai Chengou Bathroom Products Co., Ltd., has been recognized as a high-tech enterprise, which will allow it to enjoy a 15% corporate income tax rate for three years starting from 2025, potentially enhancing the company's profitability [1] Group 2 - In the recent stock performance, Seagull Home's stock price has shown a downward trend over the last seven trading days, with a cumulative decline of 3.08% from February 9 to February 12, 2026 [2] - The closing prices during this period were 4.27 yuan on February 9, 4.24 yuan on February 10, 4.19 yuan on February 11, and 4.09 yuan on February 12, indicating a consistent decrease [2] - On February 12, the trading volume was approximately 69.12 million yuan, with a turnover rate of 2.59%, and the stock is under short-term technical pressure with a support level around 3.88 yuan [2] - During the same period, the home goods sector declined by 0.59%, while the Shenzhen Composite Index increased by 0.86%, indicating that the company's performance was weaker than both the industry and the broader market [2]

Group 1: Financial Performance - The company, Feiling'er, expects a net profit loss attributable to shareholders of the parent company ranging from 65 million to 85 million yuan for the year 2025, with a net profit loss excluding non-recurring gains and losses estimated between 90 million and 70 million yuan [2] - The anticipated revenue for the same period is projected to be between 340 million and 370 million yuan, influenced by adjustments in the real estate sector, weak demand in home decoration, declining gross margins, and asset impairment provisions [2] Group 2: Corporate Governance - A temporary shareholders' meeting held on December 23, 2025, reviewed the election of a new non-independent director and re-voted on related party transactions totaling 321 million yuan from 2020 to 2023, addressing previous procedural flaws [3] - The execution of this event may continue to impact the company's governance structure [3] Group 3: Capital Movement - In January 2026, the company experienced a net outflow of principal funds, with a net outflow of 12.154 million yuan on January 7 and 8.922 million yuan on January 8, indicating cautious short-term market sentiment [4] - The capital flow is associated with the company's loss status, industry conditions, and valuation pressures [4]

Macroeconomic Insights - January non-farm employment data exceeded expectations with an increase of 130,000 jobs, significantly higher than the anticipated 65,000[2] - The unemployment rate unexpectedly dropped to 4.3%, despite a rise in labor participation rate[2] - The Federal Reserve may pause interest rate cuts until June, with market expectations for a rate cut probability of less than 6% in March[3] Inflation and Economic Trends - The U.S. economy is transitioning from a "K-shaped" recovery to a "re-inflation" phase, with high-net-worth individuals stabilizing the economy through refinancing[6] - Inflation expectations are self-reinforcing, with actual mortgage rates at a three-year low, contributing to a recovery in the housing sector[8] - The housing affordability index remains above 100, indicating that median-income households can still afford homes despite high prices[21] Industry-Specific Developments - The traditional electronic fabric market is experiencing accelerated price increases due to supply shortages, with prices rising by 0.5-0.6 RMB/m[43] - The AI electronic fabric sector is expected to see significant growth in 2026, driven by demand from AI chips and consumer electronics[46] - The coal industry is projected to benefit from a resurgence in coal power in the U.S., with companies like Peabody Energy and China Shenhua expected to gain[51]

Group 1 - The first extraordinary general meeting of shareholders for 2026 was held on February 9, 2026, at the Meike Building in Urumqi, Xinjiang [2] - The meeting was convened by the board of directors and chaired by Mark Feng, with all procedures complying with the Company Law and the Articles of Association [2][3] - All 8 current directors attended the meeting, with the chairman participating online due to work reasons [3] Group 2 - Two non-cumulative voting proposals were approved during the meeting: one regarding the application for a comprehensive bank credit limit for 2026 and another concerning the guarantee plan for 2026 [4] - The meeting was witnessed by Beijing Guofeng Law Firm, confirming that all procedures and voting results were legal and valid [5]

Investment Rating - The report maintains an investment rating of "A" for the textile and apparel industry [1] Core Insights - The textile and apparel industry has shown a weak recovery, with a focus on consumer performance at the retail end, innovation in major home textile products, and the IP economy [10] - The report highlights significant sales growth in certain brands and sectors, indicating potential investment opportunities [10] Summary by Sections Recent Observations - Under Armour reported a 5% year-over-year revenue decline in FY2026Q3, with revenues of $1.3 billion and a net loss of $431 million [19] - North American revenue fell by 10% to $757 million, while international revenue grew by 3% to $577 million, with EMEA up 6% and Latin America up 20% [4][19] Market Performance - The SW textile and apparel sector rose by 1.32%, outperforming the Shanghai Composite Index by 2.66 percentage points [21] - The SW textile manufacturing sub-sector increased by 2.18%, while the apparel and home textile sub-sector rose by 2.25% [22] Company Performance - Notable companies in the textile and apparel sector include Cai Bai Co., which saw a 30.39% increase in stock price, and Bangjie Co., which rose by 25% [32] - Conversely, China Gold experienced a significant decline of 22.21% in stock price [32] Industry Data Tracking - In December 2025, China's retail sales reached 4.51 trillion yuan, a year-over-year increase of 0.9% [55] - The textile and apparel retail sector saw a modest growth of 0.6% year-over-year in 2025 [56] Investment Recommendations - The report recommends focusing on brands like Bosideng, which is committed to product innovation and channel quality improvement, and companies like Ge Li Si and Jiangnan Buyi, which have shown stable operational performance [10] - In the home textile sector, attention is drawn to companies like Luolai Life and Mercury Home Textile, which are driving growth through major product innovations [10] Material Prices - As of February 6, 2026, the price index for cotton in China was 16,025 yuan per ton, reflecting a 1.0% decrease [36] - The gold price was reported at 1,093.85 yuan per gram, down 6.02% [36] Export Data - In 2025, China's textile and apparel exports amounted to $1,425.85 billion and $1,511.82 billion, showing a year-over-year growth of 0.5% and a decline of 5.0%, respectively [47] Retail Sector Insights - The report emphasizes the importance of direct-to-consumer (DTC) channels, with brands like Zegna showing positive growth in this area [69]