行 业 及 产 业 轻工制造 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 黄莎 A0230522010002 huangsha@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 张海涛 A0230524080003 zhanght@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 A0230525010001 weiyc@swsresearch.com 2026 年 02 月 26 日 关注关税政策变化、AI 眼镜新品催 化；家居和内需消费有望边际改善 看好 ——造纸轻工周报 2026/02/09-2026/02/23 本期投资提示： ⚫ 重点提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 汇率大幅波动的风险；关税预期波动的风险 ⚫ 1）出口：关税政策变化，海外下游存补库预期，推荐 Alpha ...

2月25日，晨光股份涨0.22%，成交额1.07亿元。两融数据显示，当日晨光股份获融资买入额898.69万 元，融资偿还579.58万元，融资净买入319.11万元。截至2月25日，晨光股份融资融券余额合计1.64亿 元。 资料显示，上海晨光文具股份有限公司位于上海市松江区新桥镇千帆路288弄5号，成立日期2008年7月 18日，上市日期2015年1月27日，公司主营业务涉及晨光品牌书写工具、学生文具、办公文具等产品的 设计、研发、制造和销售。主营业务收入构成为：办公直销56.70%，办公文具14.86%，学生文具 13.27%，书写工具10.51%，其他产品4.41%，其他(补充)0.23%，加盟管理费0.00%。 截至9月30日，晨光股份股东户数4.00万，较上期增加2.23%；人均流通股23002股，较上期减少2.19%。 2025年1月-9月，晨光股份实现营业收入173.28亿元，同比增长1.25%；归母净利润9.48亿元，同比减少 7.18%。 融资方面，晨光股份当日融资买入898.69万元。当前融资余额1.63亿元，占流通市值的0.66%，融资余 额低于近一年40%分位水平，处于较低位。 融券方面 ...

| 盒马牌悬挂式多功能厨房 | / | 180抽 | 2025-01- | 生产企业：江阴云智医疗无纺布 | 上海盒马网络科技有限公 | 上海市长宁区长宁路1123号 | / | | --- | --- | --- | --- | --- | --- | --- | --- | | 纸巾 | | | 09// | 制品有限公司 | 司长宁第三分公司 | (E)B1层10号 / / | | | 护舒宝®未来感极护液体 | 护舒宝 | 10片 | 2025-07- | 生产企业名称（产品责任单 | 上海盒马网络科技有限公 | 上海市长宁区长宁路1123号 | / | | 卫生巾 | | | 23// | 位）：广州宝洁有限公司 | 司长宁第三分公司 | (E)B1层10号 / / | | | 舒洁®牛乳系列乳霜纸面 巾口袋包 | 舒洁 | 7抽×10包 | 2025-05- 09// | 责任单位名称（委托方）：金佰 利（中国）有限公司 | 上海盒马网络科技有限公 司长宁第三分公司 | 上海市长宁区长宁路1123号 (E)B1层10号 / / | / | | | | | 2025-07- | | | | | | ...

2026年01月29日，晨光股份股价上涨2.07%，报28.07元/股，成交额1.08亿元；主力资金净流出123.54万 元，近5日累计下跌0.88%，但今年以来股价累计上涨3.73%。 业绩经营情况 2025年1-9月，公司营业收入为173.28亿元，同比增长1.25%；归母净利润9.48亿元，同比减少7.18%；每 股收益1.04元，市盈率(TTM)为19.21倍。 经济观察网晨光股份（603899）近期股价上涨，前三季度营收微增但净利润同比下滑。 股票近期走势 截至2025年9月30日，股东户数4.00万，景顺长城等机构位列前十大流通股东。 当前公开资料中未明确提及晨光股份在2026年02月14日后有特定重大事件(如财报发布或股东大会)的公 告。未来事件可能包括年度报告披露等常规事项。 以上内容基于公开资料整理，不构成投资建议。 机构持仓分析 ...

Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

Market Overview - The entertainment products sector increased by 0.43% on January 23, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] Stock Performance - Qixin Group (002301) closed at 8.38, up 3.08%, with a trading volume of 368,300 shares and a transaction value of 306 million yuan [1] - Tongda Chuangzhi (001368) closed at 28.90, up 2.30%, with a trading volume of 35,300 shares and a transaction value of 101 million yuan [1] - Huali Technology (301011) closed at 28.15, up 1.88%, with a trading volume of 28,800 shares and a transaction value of 80.81 million yuan [1] - Mingyue Optical (301101) closed at 44.80, up 1.86%, with a trading volume of 39,400 shares and a transaction value of 176 million yuan [1] - Zhejiang Zhengte (001238) closed at 57.41, up 1.79%, with a trading volume of 6,672 shares and a transaction value of 38.09 million yuan [1] Capital Flow - The entertainment products sector experienced a net outflow of 165 million yuan from institutional investors, while retail investors saw a net inflow of 145 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors are actively buying [2] Individual Stock Capital Flow - Qixin Group had a net inflow of 26.39 million yuan from institutional investors, but a net outflow of 2.38 million yuan from speculative funds [3] - Yingpais (002899) saw a net inflow of 12.42 million yuan from institutional investors, while retail investors had a net outflow of 16.35 million yuan [3] - Guangbo Co. (002103) had a net inflow of 5.94 million yuan from institutional investors, with a net outflow of 11.49 million yuan from retail investors [3]

Market Performance - The entertainment products sector increased by 0.36% on January 22, with Yingpais leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Yingpais (002899) closed at 34.19, up 4.30%, with a trading volume of 51,600 shares and a transaction value of 173 million yuan [1] - Other notable performers included Guangyuanqufen (300220) at 15.88, up 1.73%, and Chenguang Co. (6688809) at 28.32, up 1.51% [1] Capital Flow Analysis - The entertainment products sector experienced a net outflow of 4.3585 million yuan from institutional investors, while retail investors saw a net outflow of 31.0272 million yuan [2] - Conversely, speculative funds recorded a net inflow of 35.3857 million yuan [2] Detailed Capital Flow for Selected Stocks - Guangbo Co. (002103) had a net inflow of 26.7538 million yuan from institutional investors, while retail investors faced a net outflow of 23.8108 million yuan [3] - Yingpais (002899) saw a net inflow of 13.7134 million yuan from institutional investors, with retail investors experiencing a net outflow of 9.2404 million yuan [3]

Market Overview - The entertainment products sector increased by 0.01% on January 20, with Qixin Group leading the gains [1] - The Shanghai Composite Index closed at 4113.65, down by 0.01%, while the Shenzhen Component Index closed at 14155.63, down by 0.97% [1] Top Performers - Qixin Group (002301) closed at 8.19, up by 3.02%, with a trading volume of 407,800 shares and a transaction value of 330 million yuan [1] - Chenguang Group (6688809) closed at 28.25, up by 1.99%, with a trading volume of 79,000 shares and a transaction value of 221 million yuan [1] - Source Medical (001222) closed at 23.92, up by 1.57%, with a trading volume of 29,400 shares and a transaction value of 70.11 million yuan [1] Underperformers - Hailun Piano (300329) closed at 15.20, down by 5.00%, with a trading volume of 86,000 shares and a transaction value of 132 million yuan [2] - Zhejiang Natural (605080) closed at 25.80, down by 4.83%, with a trading volume of 77,600 shares and a transaction value of 202 million yuan [2] - Gaole Shares (002348) closed at 6.02, down by 3.22%, with a trading volume of 314,400 shares and a transaction value of 192 million yuan [2] Capital Flow - The entertainment products sector saw a net inflow of 3.75 million yuan from institutional investors, while retail investors experienced a net outflow of 101 million yuan [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying and retail selling [2] Individual Stock Capital Flow - Mingyue Lens (301101) had a net inflow of 27.42 million yuan from institutional investors, while retail investors saw a net outflow of 26.08 million yuan [3] - Qixin Group (002301) experienced a net inflow of 25.44 million yuan from institutional investors, with retail investors facing a net outflow of 44.78 million yuan [3] - Guangbo Shares (002103) had a net inflow of 17.20 million yuan from institutional investors, while retail investors saw a net outflow of 31.73 million yuan [3]

Group 1 - The core viewpoint of the news is that Morning Glory Co., Ltd. has shown a slight increase in stock price and trading volume, but the financing and margin trading data indicate a low level of investor activity and interest in the stock [1][2]. Group 2 - As of January 15, Morning Glory's stock price increased by 1.30%, with a trading volume of 139 million yuan. The financing buy amount was 7.60 million yuan, while the financing repayment was 12.69 million yuan, resulting in a net financing outflow of 5.09 million yuan [1]. - The total financing and margin trading balance for Morning Glory as of January 15 is 169 million yuan, with the financing balance at 164 million yuan, accounting for 0.64% of the circulating market value, which is below the 40th percentile level over the past year [1]. - The margin trading data shows that on January 15, there were no shares repaid, and 400 shares were sold short, amounting to 11,200 yuan. The margin balance is 4.33 million yuan, which is also below the 50th percentile level over the past year [1]. Group 3 - As of September 30, the number of shareholders for Morning Glory reached 40,000, an increase of 2.23%, while the average circulating shares per person decreased by 2.19% to 23,002 shares [2]. - For the period from January to September 2025, Morning Glory reported a revenue of 17.33 billion yuan, representing a year-on-year growth of 1.25%. However, the net profit attributable to shareholders decreased by 7.18% to 948 million yuan [2]. Group 4 - Morning Glory has cumulatively distributed dividends of 4.70 billion yuan since its A-share listing, with 2.12 billion yuan distributed over the past three years [3]. - As of September 30, 2025, the second-largest circulating shareholder is Invesco Great Wall New Growth Mixed Fund, holding 31.50 million shares, unchanged from the previous period. The third-largest shareholder, Hong Kong Central Clearing Limited, holds 27.67 million shares, a decrease of 1.13 million shares from the previous period [3].

Market Overview - The entertainment products sector experienced a decline of 1.04% on January 15, with Sanbaisuo leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Stock Performance - Notable gainers in the entertainment products sector included: - Tongda Chuangzhi (001368) with a closing price of 26.19, up 2.46% [1] - Zhejiang Zhengte (001238) at 52.75, up 2.19% [1] - Chenguang Co. (6688809) at 27.96, up 1.30% [1] - Significant decliners included: - Sanbaisuo (001300) at 17.00, down 4.97% [2] - Chuangyuan Co. (300703) at 26.98, down 4.66% [2] - Qunxing Toys (002575) at 6.41, down 3.75% [2] Capital Flow - The entertainment products sector saw a net outflow of 208 million yuan from institutional investors, while retail investors had a net inflow of 161 million yuan [2] - The sector's capital flow details indicate: - Yingpais (002899) had a net inflow of 19.16 million yuan from institutional investors [3] - Shuhua Sports (605299) saw a net inflow of 18.11 million yuan from institutional investors [3] - Morning Light Co. (603899) had a net inflow of 5.89 million yuan from institutional investors [3]