Core Viewpoint - The U.S. government, under President Trump, is implementing new tariffs on heavy trucks and furniture to protect domestic manufacturers from foreign competition, citing national security concerns [1][4]. Group 1: Tariff Details - Starting from October 1, a 25% tariff will be imposed on heavy trucks manufactured overseas [1][3]. - Additionally, a 50% tariff will be applied to cabinets and sinks, while upholstered furniture will face a 30% tariff [1][3]. - The U.S. Department of Commerce initiated an investigation into the import situation of medium and heavy trucks in April, with heavy trucks defined as those weighing over 26,000 pounds (approximately 11.7 tons) [3]. Group 2: Domestic Manufacturing Protection - Trump emphasized that the tariffs aim to protect American manufacturers such as Mack Trucks, Kenworth, and Peterbilt from foreign competition [3]. - The focus on tariffs for furniture products aligns with previous discussions about imposing tariffs on wood products, including furniture made from wood [3]. Group 3: Political Implications - The furniture manufacturing hubs are primarily located in swing states like North Carolina and Michigan, which are critical for electoral votes [3].

Group 1: Tariffs on Heavy Trucks - President Trump announced a 25% tariff on imported heavy trucks, which follows an investigation by the U.S. Department of Commerce to assess whether such imports pose a national security threat [4] - The tariffs aim to protect U.S. truck manufacturers like Peterbilt, Kenworth, and Freightliner from foreign competition, although previous tariffs on steel and aluminum have already increased production costs for U.S. manufacturers [4][5] - Mexico is the largest exporter of medium and heavy trucks to the U.S., with a significant increase in imports since 2019, raising concerns about the impact of tariffs on the supply chain [5][3] Group 2: Pharmaceutical Tariffs - A new 100% tariff on all imported brand and patented drugs will apply unless companies have already begun construction of manufacturing plants in the U.S. [7] - The pharmaceutical industry has seen a decline in stock prices in Asia following the announcement, with companies like Sumitomo Pharma and CSL experiencing significant drops [7] - Major pharmaceutical companies have committed to investing over $350 billion in U.S. manufacturing and R&D by the end of the century, indicating a shift towards domestic production in response to tariff threats [8][9] Group 3: Furniture Tariffs - Trump stated that tariffs on imported furniture are necessary to restore U.S. manufacturing strength, particularly in states like North Carolina and South Carolina [12] - The furniture and wood products manufacturing sector has seen a significant decline in jobs, with employment halved since 2000 [12] - Recent tariffs have led to a 4.7% increase in overall furniture prices, with living and dining room furniture prices rising by 9.5% over the past year [12][13]

Group 1: Tariffs on Heavy Trucks and Furniture - President Trump announced a 25% tariff on all imported heavy trucks, effective from October 1, 2025, as part of a broader strategy to protect U.S. manufacturers [1][3] - The U.S. Department of Commerce had previously initiated an investigation into whether the import of medium and heavy trucks poses a national security threat [3] - The tariffs aim to bolster U.S. truck manufacturers like Peterbilt, Kenworth, and Freightliner, but previous tariffs on steel and aluminum have already increased production costs for American truck manufacturers [4][5] Group 2: Impact on the Mexican Truck Manufacturing Industry - Mexico is the largest exporter of medium and heavy trucks to the U.S., with 95% of its exports going to the U.S. market [5][6] - The U.S. imported nearly $128 billion worth of heavy vehicle parts from Mexico last year, indicating a significant reliance on Mexican manufacturing [5] - The tariffs may affect companies like Stellantis, which produces heavy Ram trucks in Mexico, and Volvo Group, which is investing $700 million in a new heavy truck factory in Monterrey, Mexico [4] Group 3: Pharmaceutical Industry Implications - Trump announced a 100% tariff on all imported brand-name and patented drugs unless companies have already begun construction of manufacturing plants in the U.S. [7] - The pharmaceutical industry has been responding to potential tariffs by announcing significant investments in U.S. manufacturing, with over $350 billion pledged by various companies [8][9] - The tariffs could hinder the development of new drugs in the U.S. due to increased costs, potentially leading to greater reliance on foreign research and development [9] Group 4: Furniture Industry and Inflation - Trump stated that tariffs on furniture are necessary to restore the strength of U.S. manufacturing, with previous tariffs already pushing furniture prices higher [10][11] - The furniture manufacturing sector has seen a significant decline in jobs, with employment halved since 2000, currently standing at approximately 340,000 [11] - The U.S. imported about $25.5 billion worth of furniture in 2024, a 7% increase from 2023, with around 60% of imports coming from countries like Vietnam [12]

9月26日，我乐家居涨5.47%，截至发稿，报8.68元/股，成交4196.41万元，换手率1.55%，总市值27.70 亿元。 资料显示，南京我乐家居股份有限公司位于江苏省南京市江宁经济技术开发区清水亭西路218号，成立 日期2006年6月19日，上市日期2017年6月16日，公司主营业务涉及从事整体厨柜、全屋定制家具产品的 设计、研发、生产、销售及相关服务。主营业务收入构成为：全屋定制82.18%，整体厨柜17.82%。 从我乐家居十大流通股东角度 数据显示，中欧基金旗下1只基金位居我乐家居十大流通股东。中欧价值智选混合A（166019）二季度 减持138.72万股，持有股数136.07万股，占流通股的比例为0.43%。根据测算，今日浮盈赚取约61.23万 元。 中欧价值智选混合A（166019）成立日期2013年5月14日，最新规模34.28亿。今年以来收益35.88%，同 类排名2548/8171；近一年收益61.53%，同类排名2055/8004；成立以来收益537.41%。 中欧价值智选混合A（166019）基金经理为袁维德。 截至发稿，袁维德累计任职时间8年275天，现任基金资产总规模102.2 ...

□胡立彪 前不久，市场监管总局（国家标准委）批准发布《适老家具 设计指南》（以下简称《指南》）国家标 准（将于2026年2月1日正式实施）。该标准立足老年人的实际需求与生理心理特点，从适老家具的外观 材料、智能化、功能配置等维度提出细化设计要求，旨在提升家具产品与老年人需求的适配度，提高老 年人的生活品质。 出台适老家具相关标准，与我国加速进入老龄化社会的时代背景直接相关。数据显示，截至2024年底， 全国60周岁及以上老年人口达3.1亿人，占总人口的22.0%。与老年人口规模不断扩大相伴，该群体对居 住环境的安全性、便利性、舒适性的要求也日益提高。一些家具企业抓住这一市场契机，推出大量满足 老年人需求的家具产品，推动适老家具市场快速火起来。天眼查数据显示，目前我国与适老家具相关的 企业约4.5万家，其中今年新增超7200家相关企业，相比去年同期增长18.6%。从成立时间看，七成以上 的企业成立于5年内。 标准发布如同播下了种子，但要收获适老化家具产业硕果，还需要政策、市场、社会观念等多方土壤的 共同滋养。政策层面，可在标准基础上推出认证激励制度，对超越基本标准、体现人文关怀的产品给予 支持；市场层面，家居卖 ...

Core Viewpoint - The company Kuka Home has launched a "Full Leather Sofa Popularization Storm," offering a significant benefit of upgrading to a full leather sofa for 899 yuan, aiming to break the price barrier and make high-quality full leather sofas accessible to ordinary consumers [1][3]. Group 1: Market Trends and Consumer Behavior - The trend in home furnishing consumption is shifting from "having" to "quality," with over 84.81 million users interested in leather furniture and a 30% increase in related search volume over the past year [1]. - Full leather sofas are gaining popularity due to their superior texture and durability, but consumers face challenges such as high costs and a lack of standardized quality assessment for leather [1][3]. Group 2: Company Strategy and Innovations - Kuka Home has updated over ten core processes required for upgrading from genuine leather to full leather sofas, demonstrating internal mechanism innovation to meet consumer demand for high-quality living [3]. - The company has optimized production costs through strong supply chain integration and lean production management, leveraging large-scale procurement of cowhide [3][4]. Group 3: Consumer Experience and Market Positioning - The "Full Leather Sofa Popularization Storm" enhances home aesthetics and significantly improves user experience, shifting the perception of full leather sofas from luxury items to practical household goods [4]. - Kuka Home's initiative represents a "value return" revolution, focusing on quality-to-price ratio and transparent consumption, thereby gaining market leadership and accelerating the popularization of full leather sofas [4]. Group 4: Industry Impact and Future Outlook - The full leather upgrade strategy positions Kuka Home as a leader in the transformation of the Chinese home furnishing industry towards higher quality and sustainability [4]. - This industry change, driven by "full leather quality," is reshaping product value standards and shifting competition from price to value, marking a new chapter in the quality upgrade of the home furnishing sector [4].

晨会纪要 证券研究报告 2025 年 09 月 25 日 核心结论 分析师 【机械设备】航空发动机&燃气轮机专题报告：AIDC 供电和民航客机需求 同增，两机共链产业配套壮旺 产业链：不管是航空发动机还是燃气轮机，均为坡长雪厚赛道，需要技术与 长时间产业积累，短期看头部主机厂均为海外公司，航空发动机主要为 GE、 PW、R&R 等，燃气轮机主要为三菱重工、西门子能源、GEVernova 和贝 克休斯等公司。产业链配套主要为 PCC、HWM、KHI、MTU 等也为巨头公 司，在需求扩张叠加产能扩充不及时的情况下，国内公司或能拿到更多订单。 投资建议：建议重点关注两机领域海外配套企业。 【非银金融】中信金融资产（2799.HK）首次覆盖报告：中信入主，开启涅 槃重生之路 2022 年中信集团入主后中信金融资产走上新的发展之路。一方面公司聚焦 不良资产主业发展，已完成旗下大部分金融子公司的处置，实现"轻装上阵"； 另一方面公司积极开展优质上市公司的长期股权投资，持有中国银行、中信 股份、光大银行等核心优质资产，长股投资产未来将为公司提供稳定回报， 平滑经济周期波动带来的影响。我们看好公司整体划转至中信后长期股权投 ...

十月金秋将至，伴随着英超联赛的火热进行，作为曼联官方全球床垫与沙发产品合作伙伴，MLILY梦 百合重磅宣布开启一年一度的曼联季活动。相比往年，MLILY梦百合今年的曼联季活动将力度更大、 范围更广、形式更新，力求通过曼联这一国际化IP，在充分促进中外足球文化交流的同时，将科学睡眠 理念与优质产品带给更广泛的用户与球迷，为用户打造多方位的0压生活体验。 亮点一：发布全新品牌大片，彰显品牌国际化高度 近日，MLILY梦百合官宣发布与曼联合作的新赛季品牌大片，标志着本届曼联季活动的盛大启幕。该 品牌大片邀请曼联球星卢克·肖、布鲁诺·费尔南德斯、本杰明·塞斯科共同出镜，通过球星日常训练与赛 后休憩的真实场景，展现梦百合0压床垫如何通过多层材质结构及非温感®0压绵实现运动散热、静音承 托、分散压力等效果，进而发挥体能恢复的作用，帮助运动员提升竞技表现。 通过该品牌大片，MLILY梦百合不仅向更多消费者普及科学的睡眠观念，更彰显了梦百合以国际化视 野，与世界顶级体育IP深度绑定、共同定义高品质睡眠标杆的战略体现。 亮点二：邀约曼联传奇球星空降7城，构建全国互动网络 今年，MLILY梦百合曼联季实现了一次重要的升级：从往年 ...

*ST亚振再度涨停，5个交易日内录得4个涨停，累计涨幅为15.59%，累计换手率为7.33%。截至9:32， 该股今日成交量123.45万股，成交金额3861.45万元，换手率0.47%。最新A股总市值达83.37亿元。 （文章来源：证券时报网） 据天眼查APP显示，亚振家居股份有限公司成立于2000年08月15日。注册资本26275.2万人民币。（数 据宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.09.23 | -4.88 | 3.39 | -2949.43 | | 2025.09.22 | 4.99 | 0.78 | -25.26 | | 2025.09.19 | 5.00 | 1.44 | -969.88 | | 2025.09.18 | 4.99 | 1.24 | 225.66 | | 2025.09.17 | 0.92 | 1.09 | -182.18 | | 2025.09.16 | 0.18 | 1.26 | -277.75 | | 2025.09.15 | 3.31 | ...

中国质量新闻网讯 近日，南京市市场监督管理局通报2025年第2批市级产品质量监督抽查情况。本次抽查10批次床垫，未发现不合格产品。 2025年南京市床垫产品质量监督抽查检验结果汇总表 | 样 | 南京市 | 南京市 | 检验结 | 不合 | 序 | 品 | 电商 | 样品名称 | 规格型号 | 批号 | 商标 | 受检单位 | 所属行 | 生产单位 | 所属行 | 论判定 | 格项 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 来 | 平台 | 政区域 | 政区域 | 类型 | 目 | 源 | | | | | | | | | | | | | 南京金榜麒麟 | 生 | 江北新 | 江北新 | 未发现 | 1 弹簧软床垫 | 2000mm*1500mm | QLBE0515346944 —— | —— | —— | —— | 家居股份有限 | 产 | 区 | 区 | 不合格 | | | | | 公司 | 生 | ...