关税政策本想帮忙，结果帮倒忙。从2018年开始加关税，到2025年扩展到钢铁、电子产品，税率25%到60%不等。企业成本直线上升，美国商会报告说， 89%的制造商成本涨了。消费者呢？额外支出每年3800美元左右。 说起美国制造业回流，这几年闹得沸沸扬扬，尤其是特朗普那时候推的关税政策，总想着用高关税把工厂逼回本土。结果呢，现实骨感得很。2025年都过了 一大半了，看看数据，制造业就业岗位不升反降，8月份丢了1.2万个工作，全年下来已经少了7.8万个。局劳工统计局的数据摆在那儿，不是随便说说的。工 厂想回来，劳动力从哪儿来？基础设施跟得上吗？供应链一断就乱套。这些问题堆在一起，回流听起来像个笑话。 先说劳动力这事儿。美国制造业现在缺人缺得慌。2025年2月份，就有48.2万个岗位空着没人干。制造业研究所和德勤的报告估摸着，到2033年，这个缺口 能到190万个。为什么？年轻人不爱进厂啊。现在的工厂不像以前那么简单，自动化到处都是，需要懂软件、数据分析、编码这些玩意儿。以前的蓝领工人 转不过弯来，新一代更愿意去科技公司或者服务行业混。 制造业平均时薪30多美元，听着不错，但比起硅谷那些高薪岗位，吸引力差远了。结果 ...

丨证券研究报告丨 [Table_scodeMsg1] 港股研究丨公司点评丨敏华控股（01999.HK） [Table_Title] 敏华控股中报点评：经营存韧性，盈利略有提升 分析师及联系人 [Table_Author] 蔡方羿 米雁翔 SAC：S0490516060001 SAC：S0490520070002 SFC：BUV463 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 报告要点 [Table_Summary] 公司发布FY2026H1业绩（2025年4月至2025年9月），实现主营收入/归母净利润80.45/11.46 亿港元，同比-3%/+1%。内销收入略有下降，外销稳健：1）H1 家具内销业务同降 6%，其中 线下/线上同比+14%/-12%。分品类，沙发及配套品/床垫及配套品分别同降 6%/7%；2）H1 外 销收入同比增长 1%，其中北美/欧洲及其他市场/Home Group 同增 0.3%/4%/2%。 [Table_scodeMsg2] 敏华控股（01999.HK） cjzqdt11111 [Table_Title2] 敏华控股中报点评： ...

然而，2022年，顾家集团以88亿元的价格把顾家家居的控股权卖给了美的集团创始人何享健的儿子何剑锋。彼时，顾家集团已渐渐因经营不善陷入困境， 还背上了巨额债务。 2024年1月，宁波盈峰睿和投资入主顾家家居，当年9月，创始人顾江生卸任顾家家居董事长职务，继续担任董事至今。 2025年9月15日，顾家集团有限公司悄然更名杭州德烨嘉俊企业管理有限公司。该公司和TB HOME，至今仍持有顾家家居15.72%股份（均被冻结及标 记）。 11月20日，顾家家居公告，持股5%以上的股东杭州德烨嘉俊企业管理有限公司（原名顾家集团有限公司），于2025年10月15日向法院提出重整申请。申 请理由为该公司不能清偿到期债务且资产不足以清偿全部债务，但具备重整原因、价值及可行性。杭州市钱塘区人民法院已裁定受理该重整申请。 公告称，此次重整不会影响顾家家居的控制权，因为杭州德烨不属于公司的控股股东或实际控制人，故不会导致公司控制权的变更。同时，公告中明确指 出，重整不会对顾家家居的日常经营和管理造成影响。顾家家居将继续关注重整进展，并及时履行信息披露义务，确保投资者和市场能够获得最新信息。 顾家家居强调，尽管股东层面的重整正在进行， ...

天眼查App显示，近日，佛山市南海区志振景包装制品经营部（个体工商户）成立，注册资本1万人民 币，经营范围为一般项目：包装材料及制品销售；塑料制品销售；互联网销售（除销售需要许可的商 品）；销售代理；国内贸易代理；食品用塑料包装容器工具制品销售；家具销售；日用品批发；五金产 品零售；五金产品批发；金属制品销售；纸制品销售；软木制品销售。（除依法须经批准的项目外，凭 营业执照依法自主开展经营活动）。 ...

深圳海关统计分析处综合科副科长 于浩：前10个月，深圳累计进出口规模保持内地城市首位。得益于 人工智能技术加快应用，相关电子零部件进口快速增长。前10个月，深圳进口机电产品1.2万亿元，增 长8.5%。进口农产品822.6亿元，增长10%。 （央视财经《经济信息联播》）开放大市场的活力，不仅体现在领跑全球的亮眼数据中，更藏在每个繁 忙的港口、每座通畅的口岸里。作为改革开放的前沿阵地，深圳正成为中国连接世界的"国际性枢纽"。 这里既有外贸大港昼夜繁忙，也有全球友人奔赴而来，一起来感受中国大市场强大的磁吸力。 总台央视记者 刘小寒：眼前这艘来自欧洲的巨轮，正在卸载500多个标准箱的进口家具和冷冻品。2025 年至今，盐田港新增了14条国际航线，覆盖北美、欧洲及亚洲等区域，每周百条航线通达全球，扩大经 贸朋友圈。 在盐田港的控制中心内，操作员轻推操纵摇杆，通过屏幕实时监控堆场作业情况。数字化运营，高效的 流程，让丰富多样的国际商品以最快速度流转，快速送达企业生产线和消费者手中，为国内大市场注入 多元活力。 中国已连续16年稳居全球第二大进口国。14亿多人口、超4亿中等收入群体催生出每年超20万亿元的进 口体量，为世 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 21.18 CNY per share [2][8]. Core Insights - The company reported steady revenue growth in Q3 2025, with total revenue reaching 21.76 million CNY, a year-on-year increase of 7.78%. However, the net profit for the same quarter decreased by 6.10% to 1.33 million CNY [2][8]. - The company is transitioning into a sleep technology enterprise, enhancing its product matrix with AI-driven solutions. It has expanded its distribution channels both domestically and internationally, including entry into the Middle East market [8]. - The gross margin for Q3 2025 was 35.6%, reflecting a slight decline due to increased promotional activities. The net profit margin for the quarter was 6.1%, down by 0.9 percentage points year-on-year [8]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenues of 619.6 million CNY, with a year-on-year growth of 3.68%. The net profit attributable to the parent company was 39.9 million CNY, up 6.45% year-on-year [2][4]. - The financial forecasts indicate a projected revenue growth from 8,729 million CNY in 2024 to 10,462 million CNY by 2027, with corresponding net profits expected to rise from 322 million CNY to 644 million CNY over the same period [4][9]. - The company’s earnings per share (EPS) is projected to increase from 0.88 CNY in 2024 to 1.75 CNY in 2027, with a price-to-earnings (P/E) ratio decreasing from 22 to 11 over the same timeframe [4][9].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 17.3 yuan per share [2][8]. Core Views - The company's performance is under short-term pressure, with expectations for market recovery in the future [2][8]. - The company reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 31 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 12.38% and 65.53% respectively [2][8]. - In Q3 2025, the company achieved a revenue of 435 million yuan, with a net profit of 7 million yuan, showing a year-on-year decrease of 16.44% and 85.40% respectively [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1.91 billion, 1.727 billion, 1.964 billion, and 2.152 billion yuan respectively, with year-on-year growth rates of -15.7%, -9.5%, 13.7%, and 9.6% [4][9]. - Net profit attributable to shareholders is projected to be 81 million, 54 million, 147 million, and 191 million yuan for the same years, with year-on-year growth rates of -62.9%, -32.5%, 171.1%, and 29.5% [4][9]. - The company’s gross margin for Q3 2025 was 29.2%, down 4.9 percentage points year-on-year, while the net profit margin was 1.5%, down 7.3 percentage points year-on-year [8][9]. Market Performance - The company is actively promoting channel transformation and smart home business, optimizing its store system, and continuously empowering distributors [8][9]. - The company has opened 1983 distribution stores and 2 direct sales stores by the end of Q3 2025, reflecting a year-to-date increase of 135 and a decrease of 7 respectively [8][9].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16.0 CNY per share [2][7]. Core Insights - The company reported a turnaround in Q3 2025, achieving a non-GAAP net profit of 0.01 billion CNY, compared to a loss in the previous year. However, the overall revenue for the first three quarters of 2025 decreased by 37.27% year-on-year [2][3]. - The company is strategically reducing its exposure to high-risk bulk business, focusing instead on enhancing cash flow and improving operational quality. The net cash flow from operating activities turned positive at 0.1689 billion CNY, a significant improvement from a negative cash flow of 0.6334 billion CNY in the previous year [2][7]. - The report anticipates a gradual recovery in profitability, projecting net profits of -0.02 billion CNY, 0.67 billion CNY, and 1.00 billion CNY for 2025, 2026, and 2027, respectively [2][7]. Financial Summary - For 2025, the company is expected to generate total revenue of 6.27 billion CNY, a decrease of 29.2% compared to 2024. The net profit is projected to be -0.02 billion CNY, showing a significant recovery in subsequent years [3][8]. - The gross margin for Q3 2025 was reported at 26.9%, reflecting a year-on-year increase of 2.7 percentage points. The overall gross margin for the first three quarters was 24.7%, up by 1.1 percentage points year-on-year [7][8]. - The company’s total assets are projected to be 14.08 billion CNY in 2025, with a debt-to-equity ratio of 5.1% [8].

证 券 研 究 报 告 欧派家居（603833）2025 年三季报点评 强推（维持） Q3 业绩短期承压，大家居战略持续深化 目标价：64.86 元 事项： ❖ 公司公布 2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母 净利润 132.14/18.32/17.12 亿元，同比-4.79%/-9.77%/-2.90%。25Q3，公司实现 营业收入/归母净利润/扣非归母净利润 49.73/8.14/7.69 亿元，同比-6.10%/- 21.79%/-22.03%。 评论： ❖ 风险提示：宏观经济影响需求；原材料价格波动风险；渠道拓展不及预期等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,925 | 18,293 | 19,267 | 20,428 | | 同比增速(%) | -16.9% | -3.3% | 5.3% | 6.0% | | 归母净利润(百万) | 2,599 | 2,430 | 2,634 ...

证 券 研 究 报 告 尚品宅配（300616）2025 年三季报点评 强推（维持） Q3 业绩扭亏为盈，期间费用率收窄 目标价：17.9 元 事项： ❖ 公司公布 2025 年三季报。前三季度，公司实现营业收入/归母净利润/扣非归母 净利润 25.5/-0.79/-0.91 亿元，同比-6.7%/亏损收窄/亏损收窄。25Q3，公司实现 营业收入/归母净利润/扣非归母净利润 10.0/0.01/-0.03 亿元，同比-2.3%/扭亏为 盈/亏损收窄。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,789 | 3,583 | 3,689 | 3,849 | | 同比增速(%) | -22.7% | -5.4% | 3.0% | 4.4% | | 归母净利润(百万) | -215 | -43 | 62 | 107 | | 同比增速(%) | -432.1% | 79.9% | 243.8% | 72.5% | | 每股盈利(元 ...