昨天，在位于南湖区余新镇的慕思智能家居华东区生产基地内，智能仓储系统的机械臂精准穿梭于货架 间存取物料，在智能制造生产线上，机器人与工人协同完成床垫加工全流程，为寝具生产提质增效。 ■摄影 记者 俞中岳 通讯员 钮宇萍 （来源：嘉兴日报） 转自：嘉兴日报 ...

融资方面，喜临门当日融资买入3366.90万元。当前融资余额6.64亿元，占流通市值的8.84%，融资余额 超过近一年90%分位水平，处于高位。 融券方面，喜临门1月8日融券偿还4800.00股，融券卖出1300.00股，按当日收盘价计算，卖出金额2.65 万元；融券余量2.53万股，融券余额51.64万元，低于近一年10%分位水平，处于低位。 1月8日，喜临门跌1.16%，成交额3.29亿元。两融数据显示，当日喜临门获融资买入额3366.90万元，融 资偿还2587.40万元，融资净买入779.49万元。截至1月8日，喜临门融资融券余额合计6.65亿元。 资料显示，喜临门家具股份有限公司位于浙江省绍兴市斗门镇三江路13-1号喜临门袍江工厂B楼，成立 日期1996年11月6日，上市日期2012年7月17日，公司主营业务涉及床垫、软床及酒店家具的研发、生产 和销售。文化传媒相关业务。主营业务收入构成为：床垫60.37%，软床及配套27.93%，沙发8.24%，木 质家具1.91%，其他(补充)1.55%。 截至10月31日，喜临门股东户数1.60万，较上期增加0.00%；人均流通股23049股，较上期减少0.8 ...

（编辑 楚丽君） 证券日报网讯 1月8日，喜临门在互动平台回答投资者提问时表示，2025年，公司秉持稳健经营理念， 在持续夯实床垫主业核心竞争力的同时，积极布局智能睡眠科技领域，构建智能产品矩阵，并逐步实现 从传统家具制造商向科技型睡眠解决方案供应商的战略升级，为行业树立创新标杆。展望2026年，公司 将积极把握家居行业智能化升级、绿色化转型及睡眠经济蓬勃发展的时代机遇，以创新驱动为核心，持 续迭代健康睡眠产品体系，精准满足消费者日益多元化的睡眠需求。公司致力于通过高质量的产品与服 务，为股东创造可持续的价值回报，同时引领行业向更智能、更健康的方向迈进。 ...

Core Insights - The report emphasizes the importance of capitalizing on emotional consumption trends and reassessing cyclical value in the light of the 2026 investment strategy for the light industry sector [1][3]. 2025 Sector Review - In 2025, the light industry sector experienced relatively flat performance, with traditional cyclical and manufacturing companies facing valuation pressure. However, packaging and printing sectors benefited from price increases and cross-industry transformations, leading to better stock performance [4]. - The export sector showed some differentiation due to tariff policy disruptions, with companies that had balanced production capacity and strong demand performing better. The personal care sector saw excess returns in the first half of the year but faced valuation digestion in the second half due to intensified e-commerce competition [4][5]. - The report suggests a dual focus for stock selection in 2026: on one hand, to pay attention to undervalued cyclical assets for valuation recovery; on the other hand, to balance the valuation and growth potential of new consumption and export sectors [4]. Stock Selection Strategy - The report recommends four main lines for stock selection: 1. Gradually focus on undervalued cyclical stocks, particularly in the paper sector, which is expected to see price increases driven by seasonal demand and low channel inventory [4]. 2. Maintain a high allocation to export stocks with strong demand resilience and manufacturing capabilities, especially those less affected by tariffs [4]. 3. Invest in high-quality domestic personal care brands benefiting from product structure optimization and channel expansion [4]. 4. Explore new consumption trends in categories like AI glasses, new tobacco products, pet supplies, and trendy toys, which are expected to see significant growth [4]. Recommended Stocks - The report lists several recommended stocks, including: - Sun Paper Industry (002078.SZ) - Bohui Paper Industry (600966.SZ) - Weigao Medical (300888.SZ) - Baiya Co., Ltd. (003006.SZ) - Nobon Co., Ltd. (603238.SH) - Yiyi Co., Ltd. (001206.SZ) - Mengbaihe (603313.SH) - Gujia Home (603816.SH) [4]. 2025 Sector Performance Data - As of December 31, 2025, the SW light industry manufacturing sector had an overall increase of 20.1%, outperforming the Shanghai Composite Index by 1.7 percentage points. The packaging and printing sector performed particularly well with a 35.4% increase [12]. - The report highlights that the packaging sector benefited from price increases and cross-industry transformations, while the home and entertainment sectors also saw significant gains [12][14]. Export Sector Insights - The report notes that from November 2025, the U.S. reduced tariffs on Chinese imports to 20%, leading to a gradual recovery in orders. The fluctuations in tariff policies had previously caused delays in orders from U.S. buyers [76]. - The report indicates that the export sector is expected to see a return to competitive pricing against ASEAN countries following the tariff adjustments, which may accelerate industry consolidation [76][81]. Personal Care Sector Trends - The personal care sector is experiencing product structure upgrades and channel benefits, with brands focusing on high-demand segments such as oral care and women's hygiene products [31][50]. - The report forecasts that the market for women's hygiene products will reach 1079.6 billion yuan in 2025, with a compound annual growth rate (CAGR) of 3.0% from 2025 to 2029 [50][51]. Baby Care Market Dynamics - The baby care market is projected to grow at a CAGR of 3.1% from 2025 to 2029, with a focus on premiumization and specialized products to counteract declining birth rates [59][66]. - The report highlights that single-child consumption is increasing, which helps mitigate the impact of declining birth rates on the market [69].

喜临门今年以来股价涨0.49%，近5个交易日跌10.87%，近20日跌6.62%，近60日涨22.06%。 今年以来喜临门已经1次登上龙虎榜，最近一次登上龙虎榜为1月6日，当日龙虎榜净买入-5513.76万 元；买入总计9410.26万元 ，占总成交额比13.09%；卖出总计1.49亿元 ，占总成交额比20.76%。 1月7日，喜临门盘中下跌2.00%，截至13:28，报20.58元/股，成交3.63亿元，换手率4.70%，总市值75.79 亿元。 资金流向方面，主力资金净流出852.27万元，特大单买入924.38万元，占比2.55%，卖出1926.70万元， 占比5.31%；大单买入9579.68万元，占比26.40%，卖出9429.63万元，占比25.98%。 资料显示，喜临门家具股份有限公司位于浙江省绍兴市斗门镇三江路13-1号喜临门袍江工厂B楼，成立 日期1996年11月6日，上市日期2012年7月17日，公司主营业务涉及床垫、软床及酒店家具的研发、生产 和销售。文化传媒相关业务。主营业务收入构成为：床垫60.37%，软床及配套27.93%，沙发8.24%，木 质家具1.91%，其他(补充)1.55 ...

一位作家朋友睡眠有点障碍，对床垫格外挑剔。超市里售卖各种价位、款式的床垫，都能试睡，但他 说："只躺一下，根本试不出差别。就算睡上一两晚，感觉还是模糊，分不出好坏。"他挑选的床垫，睡 上一周、一个月，甚至一年，才会慢慢生出"还可以""还好吧"的感觉。真正认清这份好，往往是在换床 甚至换房之时：当他离开那张熟悉的床垫，睡到另一张普通床垫上，不用一晚，就一刻的功夫，便会辗 转反侧，浑身难受。此时他猛然明白：那个"还好吧"，那个说不出哪里好的好，才是踏实的好，是身体 最诚实的回应。 身边一位90后同乡爱喝咖啡，偏爱一款小众的浅烘豆。第一次品尝时，并没什么特别的感觉，既不浓烈 也不清甜，只觉得"喝着舒服"。日子一天天"喝"过去，咖啡的醇厚和回甘渐渐浸润了她的日常。直到偶 然尝过一杯速溶咖啡，酸涩寡淡的口感很是不适，她在比较中突然发觉，自己的味蕾和心境，早已在许 多个平淡的早晨被一种味道所驯化。那些日复一日的舒服，不是简单的习惯，而是深藏在心底的妥帖。 然而，生活中更多的好感，并非初见之喜、乍见之欢，而是在不知不觉、不声不响中悄然生长，起初甚 至难以名状，只是在日复一日的磨合里，渐渐显露出不一样的温度。 好感，本是比较 ...

Core Viewpoint - The company, Mengbaihe, is adjusting its overseas expansion strategy in response to a slowing global economy and fluctuations in the home furnishing market, focusing on building an e-commerce warehouse in the U.S. instead of expanding production capacity [1][2]. Group 1: Investment Adjustments - Mengbaihe plans to invest approximately 1.7 billion yuan in a new e-commerce warehouse project in the U.S. East, utilizing funds from previous projects that were not fully spent [1]. - The company will supplement the funding gap for the new warehouse project with its own or self-raised funds, as the total funding from previous projects is about 1.55 billion yuan [1]. - The expansion of the Arizona production base, originally planned to increase mattress production capacity, has been delayed from March 2024 to May 2027 [1]. Group 2: Market Dynamics - The U.S. mattress market has seen a decline, with its size dropping from 10.8 billion USD in 2023 to 10.4 billion USD in 2024, influenced by economic slowdown, policy uncertainties, and inflation pressures [2]. - Mengbaihe's existing production capacity is deemed sufficient to meet current market demands, prompting the shift in investment focus to enhance risk resilience and improve capital efficiency [2]. Group 3: E-commerce Growth - Mengbaihe's overseas online business revenue surged from 263 million yuan in 2021 to 1.436 billion yuan in 2024, reflecting a compound annual growth rate of 76.09% [3]. - The company aims to establish a self-controlled overseas warehouse to meet the growing demands of its online business, as the current rental-based warehouse network is insufficient for efficient operations [3][4]. Group 4: Industry Trends - The share of e-commerce in U.S. indoor furniture retail sales has increased significantly from 15% in 2019 to 34% in 2024, indicating a strong trend towards online sales [4]. - The macroeconomic environment, characterized by high inflation and interest rates, has led to fluctuations in furniture consumption, making it more prudent for companies to invest in enhancing online operational efficiency rather than blindly expanding production capacity [5].

摘要 在消费升级与家居零售业态深刻变革的背景下，消费者选购床垫等大件家居产品时，正从单一的价格比 较转向对一站式解决方案、沉浸式场景体验与可靠售后保障的综合考量。决策者面临的核心焦虑在于： 如何在信息过载的市场中，精准识别那些能够将海量品牌选择、前沿产品体验与无缝线上线下服务真正 融合的零售终端，从而高效、安心地完成置家决策。根据全球知名行业分析机构欧睿国际的零售趋势报 告，家居产品的消费决策链路日益延长，体验与服务的权重显著提升，线下零售场景的体验重构已成为 关键增长动力。当前市场格局呈现多元化态势，传统建材市场、连锁家居卖场与新兴的融合型体验店并 存，服务标准、品牌矩阵与数字化程度差异显著，导致了消费者面临选择困境与体验割裂。为此，我们 构建了覆盖"品牌与商品矩阵"、"场景化体验深度"、"全渠道服务融合能力"及"专项解决方案针对性"的 多维评测体系，对主流床垫零售渠道进行横向比较。本报告旨在通过系统化的客观对比与事实呈现，为 消费者在2025年末的床垫选购决策中，提供一份基于市场现状与实体验证的清晰参考指南，助力识别最 适配自身需求的购物目的地。 评选标准 本报告服务于计划在实体卖场购买床垫，并注重品牌选 ...

南方财经12月31日电，梦百合(603313.SH)12月30日公告，公司将结项"智能化、信息化升级改造项 目"，并变更"美国亚利桑那州生产基地扩建项目"的部分计划，将两个项目产生的剩余募集资金合计约 1.55亿元，投向全新的"美东工厂电商仓库建设项目"。 此次涉及变更的募集资金总额占公司2021年向特定对象发行股票募集资金净额的约19.60%。其中，"智 能化、信息化升级改造项目"已按期达到预定可使用状态，通过加强成本控制和依托现有技术团队，形 成了约4143.42万元的节余资金。而"美国亚利桑那州生产基地扩建项目"的变更则主要源于外部市场环 境的显著变化。公告指出，受经济增速放缓、通胀压力等因素影响，美国床垫市场规模在2024年出现回 落。面对市场需求的波动，公司现有产能已能满足阶段性需要，因此决定审慎调整原产能扩张计划，将 剩余资金约1.13亿元用于更紧迫的电商仓储能力建设。 新项目"美东工厂电商仓库建设项目"总投资额预计为1.7亿元，实施主体为公司旗下 HEALTHCAREUSCO.,LTD，地点位于美国南卡罗来纳州的美东工厂内。项目主要建设内容为一座可存 储约19.4万张床垫厚垫的电商仓库，其投资将 ...

Investment Rating - The report maintains a positive outlook on the paper and light industry sectors, highlighting high dividend safety margin assets and companies with strong growth potential [1][2]. Core Insights - The report emphasizes the importance of focusing on high dividend safety margin assets in the packaging and home furnishing sectors, benefiting from the appreciation of the RMB and the expected decrease in paper procurement costs [2][4]. - It identifies key companies in the packaging sector such as Yongxin Co., Yutong Technology, Huawang Technology, and Meiyingsen, as well as home furnishing leaders like Kuka Home, Mousse, Oppein, and Sophia [2][4]. - The paper industry is expected to benefit from rising wood pulp prices and seasonal demand, with companies like Sun Paper, Nine Dragons Paper, and Bohui Paper being highlighted for their potential [2][4]. - The report also discusses the export sector, noting the impact of RMB appreciation and the importance of supply chain and brand expansion for companies like Jiangxin Home, Yongyi Co., Jiayi Co., and Zhongxin Co. [2][4]. Summary by Sections Packaging Sector - The packaging industry is characterized by a mature competitive landscape, with leading companies reducing capital expenditures and demonstrating advantages in overseas markets [5][6]. - Yongxin Co. is noted for its stable high dividend policy and strong performance in soft packaging and film business, with a dividend rate of 84% to 81% from 2020 to 2024 [5]. - Yutong Technology has expanded its global supply chain, enhancing its operational efficiency and increasing its dividend rate to 70% by 2025 [6]. - Huawang Technology is positioned well in the decorative paper market, with expectations of improved profitability due to limited new supply and rising demand [7]. - Meiyingsen is recognized for its strategic overseas expansion and high dividend yield, with a focus on emerging markets [8]. Home Furnishing Sector - The home furnishing industry is experiencing accelerated consolidation, with a positive outlook driven by supportive real estate policies and improving consumer confidence [9][10]. - Companies like Kuka Home and Sophia are expected to benefit from the increasing demand for home renovation and the implementation of "old-for-new" policies [10][23]. - The report highlights the importance of retail capabilities and supply chain improvements for companies to enhance their market share and profitability [23][24]. Paper Industry - The paper industry is anticipated to see a recovery in demand and pricing, supported by strong control over production by overseas pulp mills [11][13]. - Companies such as Sun Paper and Nine Dragons Paper are expected to benefit from the stabilization of pulp prices and improved supply-demand dynamics [11][13]. - The report notes that the industry has been at a low point for several years, but a mid-term recovery is expected as demand gradually increases [11][13]. Export Sector - The export sector is influenced by the global economic environment, with a focus on companies that are expanding their international presence and brand recognition [14][15]. - Jiangxin Home is noted for its innovative product offerings and strong growth in customer numbers, while Yongyi Co. is positioned to capitalize on the growing demand for ergonomic chairs [15][16]. - Jiayi Co. is recognized for its strategic expansion in the insulated cup market, while Zhongxin Co. is highlighted for its growth potential in the pulp molding sector [16][17]. Pet Products Sector - The pet products sector is experiencing robust growth, with companies like Yiyi Co. and Yuanfei Pet benefiting from strong export performance and brand development [18]. - Yiyi Co. is expected to see significant revenue growth due to its acquisition strategy and strong sales performance [18]. - Yuanfei Pet is noted for its rapid growth in the domestic market and expansion of its product offerings [18]. Light Industry Sector - The report emphasizes the importance of monitoring changes in the light industry, with companies like Anfu Technology and Jianlin Home focusing on strategic acquisitions and technological advancements [19][20]. - Anfu Technology is expected to enhance its profitability through increased ownership in Nanfeng Battery and expansion into new business areas [19]. - Jianlin Home is transitioning towards smart robotics, leveraging its existing technology and market position [20].