9月26日，天振股份涨5.17%，截至发稿，报26.26元/股，成交1.25亿元，换手率9.10%，总市值56.72亿 元。 银华价值优选混合（519001）基金经理为苏静然。 截至发稿，苏静然累计任职时间8年49天，现任基金资产总规模27.54亿元，任职期间最佳基金回报 102.02%， 任职期间最差基金回报-18.61%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，浙江天振科技股份有限公司位于浙江省安吉经济开发区健康产业园(安吉县递铺街道阳光大 道398号)，成立日期2003年1月16日，上市日期2022年11月14日，公司主营业务涉及新型PVC复合材料 地板的研发、生产和销售。主营业务收入构成为：SPC地板57.42%，WPC地板20.05%，RPET地板 16.26%，LVT地板4.54%，其他产品1.73%。 从天振股份十大流通股东角度 数据显示，银华基金旗下1只基金位居天振股份十大流通股东。银华价值优选混合（519001）二 ...

9月25日，天振股份涨5.17%，截至发稿，报25.22元/股，成交3370.93万元，换手率2.49%，总市值54.48 亿元。 资料显示，浙江天振科技股份有限公司位于浙江省安吉经济开发区健康产业园(安吉县递铺街道阳光大 道398号)，成立日期2003年1月16日，上市日期2022年11月14日，公司主营业务涉及新型PVC复合材料 地板的研发、生产和销售。主营业务收入构成为：SPC地板57.42%，WPC地板20.05%，RPET地板 16.26%，LVT地板4.54%，其他产品1.73%。 从天振股份十大流通股东角度 数据显示，银华基金旗下1只基金位居天振股份十大流通股东。银华价值优选混合（519001）二季度减 持39.28万股，持有股数143.13万股，占流通股的比例为2.61%。根据测算，今日浮盈赚取约177.48万 元。 银华价值优选混合（519001）成立日期2005年9月27日，最新规模17.62亿。今年以来收益14.04%，同类 排名5343/8173；近一年收益27.91%，同类排名5054/8003；成立以来收益636.26%。 银华价值优选混合（519001）基金经理为苏静然。 截至发 ...

Group 1 - The core point of the news is that Tianzhen Co., Ltd. experienced a 5.07% drop in stock price, closing at 21.36 yuan per share, with a trading volume of 155 million yuan and a turnover rate of 13.09%, resulting in a total market capitalization of 4.614 billion yuan [1] - Tianzhen Co., Ltd. is located in Anji Economic Development Zone, Zhejiang Province, and was established on January 16, 2003. The company went public on November 14, 2022, and its main business involves the research, production, and sales of new PVC composite flooring materials [1] - The revenue composition of Tianzhen Co., Ltd. includes SPC flooring at 57.42%, WPC flooring at 20.05%, RPET flooring at 16.26%, LVT flooring at 4.54%, and other products at 1.73% [1] Group 2 - From the perspective of the top ten circulating shareholders, a fund under Yinhua Fund is among the top shareholders of Tianzhen Co., Ltd. Yinhua Value Select Mixed Fund (519001) reduced its holdings by 392,800 shares in the second quarter, holding 1.4313 million shares, which accounts for 2.61% of the circulating shares [2] - The estimated floating loss for Yinhua Value Select Mixed Fund (519001) today is approximately 1.6317 million yuan [2] - Yinhua Value Select Mixed Fund (519001) was established on September 27, 2005, with a latest scale of 1.762 billion yuan. Year-to-date returns are 11.73%, ranking 5529 out of 8184 in its category, while the one-year return is 26.01%, ranking 5066 out of 7971 [2]

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Core Viewpoint - The article highlights the journey of Tianzhen Co., led by Chairman Fang Qinghua, in developing environmentally friendly flooring materials, particularly focusing on the innovative RPET (recycled polyester) flooring, which has successfully replaced traditional wood flooring and is now entering international markets [4][7]. Company Development - Tianzhen Co. started as a bamboo flooring manufacturer in Anji, Zhejiang, and has evolved into a leading provider of comprehensive eco-friendly decorative materials [4][5]. - The company was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in November 2022, marking a new chapter in its growth [7]. Innovation and Technology - Tianzhen has pioneered the mass production of RPET flooring, becoming the first in the industry to achieve this milestone [7]. - The company has developed several core technologies, including WPC composite flooring, soundproof and waterproof technologies, and SPC extrusion molding processes, which contribute to its competitive edge [6]. Market Trends - The demand for non-PVC flooring materials is increasing in the European and American markets due to stricter plastic regulations, prompting Tianzhen to focus on RPET flooring [7][9]. - The company reported a significant increase in revenue and net profit in the first quarter of 2025, indicating a strong recovery and growth potential for new products [9]. Environmental Commitment - Tianzhen's RPET flooring is made from recycled plastic bottles, emphasizing the company's commitment to sustainability and reducing deforestation [8]. - The company aims to maintain its focus on environmental protection while expanding its product offerings and market reach [9].

Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 358 million, representing a year-on-year increase of 888.91% and a quarter-on-quarter increase of 62.79% [3] - In Q3 2024, the company reported a revenue of 220 million, with a year-on-year growth of 839.41% and a quarter-on-quarter growth of 37.65% [8] - In Q1 2025, the company recorded a revenue increase of 168.73% year-on-year [8] Group 2: Strategic Initiatives - The company plans to apply for a comprehensive credit line of 3 billion from banks, primarily for daily operational needs, with no immediate acquisition plans [1] - The company is focusing on optimizing supply chains, expanding product lines, and enhancing customer acquisition to drive business recovery [3] - Future R&D investments will prioritize new products and materials, including RPET and outdoor composite flooring [5] Group 3: Market Positioning - The company aims to transition from a PVC flooring manufacturer to a comprehensive provider of new eco-friendly decorative materials [5][7] - The domestic market for PVC flooring is expected to grow as consumer acceptance increases, driven by changing consumer attitudes and stricter regulations [4] - The company is exploring market strategies tailored to domestic consumer preferences [4] Group 4: Challenges and Responses - The company has adjusted its domestic production capacity from 30 million square meters to 15 million square meters, reallocating funds to U.S. projects due to unfavorable trade conditions [6] - The company has faced significant challenges due to U.S. government restrictions on PVC flooring imports but remains committed to innovation and quality improvement [7]