具体而言，我们将重点关注以下方向：受益于国内产业升级与标准提升的专业技术服务领域；行业集中度持续提升、龙头具备强大现金流生成能力的现代服 务业；虽与地产链相关但已逆势增长、具备品牌和渠道优势的消费品行业；经历行业出清、估值极端低位且基本面出现拐点的周期性子行业。这些企业普遍 盈利质量高、股东回报意识强，其价值有望随经济周期见底回升、市场情绪修复及自身盈利能力改善而重估。 截至1月21日，中欧养老混合A近三个月复权单位净值增长率为9.28%，位于同类可比基金82/185；近半年复权单位净值增长率为8.43%，位于同类可比基金 159/185；近一年复权单位净值增长率为19.55%，位于同类可比基金164/183；近三年复权单位净值增长率为-2.46%，位于同类可比基金143/176。 AI基金中欧养老混合A（001955）披露2025年四季报，第四季度基金利润2516.53万元，加权平均基金份额本期利润0.0497元。报告期内，基金净值增长率为 1.61%，截至四季度末，基金规模为13.64亿元。 该基金属于偏股混合型基金。截至1月21日，单位净值为3.163元。基金经理是许文星，目前管理的5只基金近一年均为正 ...

开年以来，公募基金新发市场持续升温，首发募集规模超过70亿元的权益基金开始出现。1月21日，广 发研究智选混合基金发布基金合同生效公告，基金发行规模为72.21亿元。这也是2022年11月以来，首 只发行规模超70亿元的主动权益类基金。除了广发研究智选混合基金，年内还有多只主动权益类基金发 行规模超10亿元。其中，易方达平衡精选混合基金发行规模为34.08亿元，汇添富科技领先混合基金发 行规模为27.04亿元，永赢价值核心混合基金发行规模为16.72亿元。（上证报） 头部私募大手笔加仓 谋攻2026结构性机会 2026年开年首周，头部私募便显现攻势。私募排排网最新统计数据显示，截至2026年1月9日，股票私募 仓位指数再度站上81%以上的位置，相较于2025年底提升超1个百分点，结束此前连续三周的回落态 势。其中，百亿级私募加仓步伐更大，首周加仓幅度接近8个百分点。用业内人士的话来说，不管是外 部不确定性趋缓，还是低利率环境下居民和机构资产的重新配置，亦或是上市公司盈利周期底部的进一 步夯实，都将推动2026年资本市场结构性行情持续演绎，保持较高仓位、锚定业绩确定性寻找机会才是 今年获取超额收益的"最佳姿势" ...

值得注意的是，在家居消费场景下，家政服务已从"偶尔应急"走进"日常规划"。2025年，越来越多家庭 将"买服务"纳入常态化支出，"上门服务""洁净细致""深度清洁"成为消费者核心关注点。这一变化折射 出人们对生活效率与品质的双重追求，随着生活节奏加快，更多人愿意通过付费服务解放双手，将时间 投入更具价值的生活体验。 从"有地住"到"住得舒心"，从"走得了"到"走得惬意"，住行消费持续迭代升级，悄然改变人们的日常生 活。如今，越来越多人在住行选择上告别"凑合"心态，转向对品质、体验与情感价值的追求，住行消费 升级不仅源自于生活水平的提升，更展现了人们对美好生活的向往。 出行消费则告别"抵达即目的"的简单认知，提升出行体验成为消费者关注的焦点。2025年，随着观看演 唱会、追逐体育赛事、体验非遗、短途旅行等多元出行需求的增长，越来越多消费者愿意为更好的出行 体验付费——旅行包车、定制化出行等服务成交额增长亮眼；汽车相关消费则从单次购买转向长期服务 绑定，消费者在保养时关注驾驶安全与专业检测，洗车时看重双重洁净与杀菌消毒，"商品+服务"一体 化的体验模式越来越受欢迎，这意味着消费者更注重消费全周期的品质保障，也倒逼 ...

（文章来源：证券日报） 证券日报网讯 1月22日，皮阿诺在互动平台回答投资者提问时表示，截至2026年1月20日，公司股东总 户数为12218户。 ...

一、展会基本信息 - 展会名称：2026印度尼西亚进出口品牌博览会（Indonesia Import & Export Branding Showcase 2026） -主办单位：马来西亚马讯展览有限公司 印尼是东南亚最大经济体，2024年GDP约1.4万亿美元，人均GDP超4500美元。中产阶级群体持续扩 大，消费升级趋势明显。 -参展品类： - 举办时间：2026年6月18日-20日 - 举办地点：印尼国际会展中心（ICE BSD City） 1.大健康、传统医药及美容：和设备、精油供应商、健身记和运动设施、护发产品保健食品制造商、医 疗器械、有机食品和饮料供应商、水疗椅和桌子、纯素和素色产品，美容及护理产品、身体护理产品、 中药饮片/饰品、燕窝等 2.电子消费品，智能用品：智能保安系统，远程遥控，智能照明，智能防盗，智能听、智能音箱、智能 摄橡头、智能手表、家用煤气检测仪、智能门铃等 3.食品及饮品、茶文化：糖及糖食（糖果），糕点及饼干，食品添加剂、咖啡、茶其它茶叶及相关产 品，果汁、饮用水、农产品、食品包装及相关产品、、食用油与调味品等 4.时尚服装布料及皮制品：提包、腰带、皮革物品、服饰首饰、围巾、 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降50%以上。 ● 预计2025年度实现归属于上市公司股东的净利润17,000.00万元到22,000.00万元，同比减少42.92%到 55.89%。 ● 预计2025年度实现归属于上市公司股东的扣除非经常性损益的净利润11,000.00万元到15,000.00万元， 同比减少55.82%到67.60%。 一、本期业绩预告 （一）业绩预告期间 2025年1月1日至2025年12月31日。 证券代码：603801 证券简称：志邦家居 公告编号：2026-005 债券代码：113693 债券简称：志邦转债 （一）归属于母公司所有者的净利润：38,541.67万元。归属于母公司所有者的扣除非经常性损益的净利 润：33,951.46万元。 （二）每股收益：0.8896元。 三、本期业绩预减的主要原因 2025年度，一方面受新房交付量持续收缩影响，公司大宗业务结构性调整，导致同比规模下滑。另一方 面，在经济不确 ...

Core Viewpoint - The home furnishing industry is experiencing a wave of control changes among companies, driven by a need for restructuring due to mismatches in supply and demand, leading to a shift from scale expansion to quality competition [1][3][5]. Group 1: Control Changes - In early 2026, several home furnishing companies announced significant changes in control, including *ST Dongyi completing its restructuring and adopting a "home decoration + computing power" operational model [2][3]. - Other companies, such as Yibang Ceiling and Keli Da, are also undergoing control changes, with Yibang Ceiling's actual controller planning to transfer control to Shicheng Group's founder [3][4]. - The trend of control changes is seen as a necessary response to the industry's adjustment period and declining terminal demand, indicating a shift towards self-rescue and proactive transformation among traditional home furnishing enterprises [3][5]. Group 2: Performance Challenges - Many home furnishing companies are facing declining performance, with *ST Dongyi reporting a revenue drop of 52.02% year-on-year to 544 million yuan in the first three quarters of 2025, alongside a net loss of 58 million yuan [4]. - Other companies, such as Pinao and Yibang Ceiling, also reported significant revenue declines, with Pinao's revenue decreasing by 37.27% and Yibang Ceiling's by 20.59% in the same period [4]. Group 3: Industry Restructuring - The influx of new controlling parties is bringing cross-industry resources and strategies, with a focus on integrating AI technology into traditional business models, as seen with *ST Dongyi's new operational approach [6][7]. - The home furnishing industry is attracting new players from technology and capital sectors, which is expected to drive a transformation from product manufacturing to intelligent solution service providers [6][7]. - The ongoing control changes are accelerating industry reshuffling, concentrating advantageous resources among high-quality enterprises, while companies lacking core technology and operational capabilities face potential elimination from the market [6][7].

Investment Rating - The industry is rated as "positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [7]. Core Insights - The report highlights a significant growth trend in the electronic cigarette sector, with an expected increase of 28% in export value by December 2025. Additionally, the corrugated box category is projected to grow by 12% [1][2]. - The paper industry shows a mixed performance, with corrugated boxes achieving double-digit growth (+12%), while the demand for bleached paper and paperboard has slightly declined (-7%). The performance of pulp and paper products remains stable with a minor decrease of -1% [2][6]. - The home furnishings sector is experiencing a notable decline, particularly in spring mattresses, which are under short-term pressure with a decrease of -3%. Other categories such as bathroom fixtures, office furniture, sofas, and PVC flooring are facing significant demand challenges, with declines ranging from -14% to -28% [2][6]. - The report also notes that other categories, including thermal cups and plastic tableware, are experiencing slight declines of -14% and -9%, respectively, while electronic cigarettes continue to show robust growth [2][6]. Summary by Relevant Sections Paper Industry - Corrugated boxes are expected to see a growth of +12% - Bleached paper and paperboard are facing a decline of -7% - Pulp and paper products are stable with a decrease of -1% [2][6] Home Furnishings - Spring mattresses are under pressure with a decline of -3% - Significant declines in demand for bathroom fixtures (-28%), office furniture (-18%), sofas (-15%), and PVC flooring (-14%) [2][6] Other Categories - Electronic cigarettes are projected to grow by +28% - Thermal cups and plastic tableware are experiencing declines of -14% and -9% respectively [2][6]

证券之星消息，1月21日家居用品板块较上一交易日上涨0.95%，梦百合领涨。当日上证指数报收于 4116.94，上涨0.08%。深证成指报收于14255.12，上涨0.7%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 603313 | 梦百合 | 10.58 | 9.98% | 27.10万 | | 2.78亿 | | 603216 | 梦天家居 | 57.60 | 7.66% | 9.97万 | | 5.67亿 | | 6605099 | 并创意球 | 45.67 | 7.46% | 7.13万 | | 3.17亿 | | 002798 | 帝欧水华 | 7.19 | 6.36% | 1 26.93万 | | 1.91亿 | | 301595 | 太力科技 | 57.50 | 6.32% | 6.95万 | | 3.98(Z | | 300749 | 顶固集创 | 13.97 | 6.16% | 15.71万 | | 2.19亿 | | 002 ...

Core Viewpoint - Zhigang Home (603801) expects a significant decline in net profit for the fiscal year 2025, projecting a range of 170 million to 220 million yuan, which represents a year-on-year decrease of 42.92% to 55.89% [1] Group 1: Company Performance - The anticipated decline in net profit is attributed to a continuous reduction in new housing deliveries, leading to structural adjustments in the company's bulk business and a corresponding decrease in scale [1] - Increased economic uncertainty has intensified competition within the industry, resulting in a temporary decline in the company's overall gross profit margin, further compressing profit margins [1] Group 2: Market Conditions - The demand for existing housing renovations and overseas market demand is gradually being released but is not sufficient to fully offset the downward pressure from the main sales channels [1]