4个 下载 11 2026 年 02 月 12 日 证券分析师 券研究报 重点提示：1）家居：板块估值底部，地产政策有望催化估值向上，行业整合加速，关 注具备高股息安全边际的【顾家家居】【索菲亚】【欧派家居】【慕思股份】【喜临 门】; 2) 造纸:短期箱板瓦楞价格稳定,中期供求格局有望优化、提升行业盈利中 枢;玖龙纸业业绩超预期; 3)公牛集团: 地产及消费边际改善,传统主业有望稳健修 复;出海加速、智能照明、新能源等新业务打开成长空间;4)消费情绪反弹,重视布 局个护成长性标的，关注【百亚股份】【登康口腔】【倍加洁】【中顺洁柔】。 ● 1) 家居: 地产链情绪升温, 地产供需后续有望逐渐改善, 促进房地产市场止跌回稳, 扭转悲观预期，推动家居行业估值底部向上。二手房占比保持提升，领先修复提振家居 需求端 Beta, 消费信心提振、消费力向上, 存量换新需求支撑行业长期扩容。2025 年 以来行业整合加速，中腰部企业退出，盈峰等产业资本入局溢价入股家居头部，推动行 业集中化。看好家居企业估值修复【顾家家居】【索菲亚】【欧派家居】【慕思股份】【喜 临门】。 2）造纸：短期箱板瓦楞价格稳定,中期供求格局有望优化、 ...

行 业 及 产 业 轻工制造 证券分析师 庞盈盈 A0230522060003 pangyy@swsresearch.com 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@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 行 业 研 究 / 行 业 点 评 2026 年 02 月 12 日 顺周期布局家居、造纸及消费；关 注海外包装公司业绩 看好 ——造纸轻工周报 2026/02/02-2026/02/06 本期投资提示： 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 证 券 研 究 报 告 相关研究 - ⚫ 重点提示：1）家居：板块估值底部，地产政策有望催化估值向上，行业整合加速，关 注具备高股息安全边际的【顾家家居】【索菲亚】【欧派家居】 ...

Company Overview - Chongqing Dengkang Oral Care Products Co., Ltd. has a history of 87 years, evolving from a local toothpaste factory to a publicly listed company, establishing a strong foundation for its core competitiveness through technological accumulation and brand trust [2][3][4]. Core Competitiveness - The company’s core competitiveness is built on three pillars: 1. **Technological Accumulation**: Leading R&D capabilities with a focus on continuous innovation in oral care products [3][4]. 2. **Brand Trust**: The flagship brand "Ling Suan Ling" holds over 60% market share in the sensitive toothpaste segment, establishing deep emotional connections with consumers [3][4]. 3. **Strategic Resilience**: The company has successfully navigated various economic phases, maintaining a focus on oral health and achieving a successful IPO in 2023 [3][4]. Financial Performance - In 2024, the company reported revenue of CNY 1.56 billion, a year-on-year increase of 13.4%, with a gross margin of 49.4% [16][17]. - The net profit growth outpaced revenue growth, driven by product structure upgrades and channel optimization, with high-margin e-commerce revenue accounting for 31% of total income [17]. Market Position and Strategy - The company aims to achieve a doubling of revenue and profit during the "14th Five-Year Plan" period, focusing on four key areas: oral care, oral medical, smart oral, and innovative business [24]. - The "8462" leap action plan will guide the company’s strategic initiatives, emphasizing collaboration across these sectors to enhance overall competitiveness [24]. Product Development and Innovation - The company has established a robust product matrix with multiple brands, including "Ling Suan Ling" for adults and "Bei Le Le" for children, addressing diverse market segments [12][21]. - Innovative products such as dual-action desensitizing agents and smart oral care devices are being developed, with a focus on user needs and technological advancements [14][22]. Digital Transformation - The "Smart Dengkang" platform integrates marketing, R&D, and production, enhancing operational efficiency and long-term competitiveness through data-driven decision-making [25][26]. - The company is leveraging digital tools to optimize product development cycles and improve customer engagement through personalized marketing strategies [25][26]. Social Responsibility and Future Outlook - Dengkang is committed to promoting oral health awareness and has plans to integrate social responsibility into its business model, aiming to ensure that citizens maintain at least 20 healthy teeth by the age of 80 [26]. - The company is focused on expanding its presence in the oral healthcare market while maintaining a balance between high-end and cost-effective products to cater to diverse consumer needs [23][26].

Group 1 - The Chongqing state-owned enterprise reform sector increased by 0.61% compared to the previous trading day, with Qianli Technology leading the gains [1] - On the same day, the Shanghai Composite Index closed at 4131.98, up 0.09%, while the Shenzhen Component Index closed at 14160.93, down 0.35% [1] - The trading volume and turnover for Qianli Technology were 347,300 shares and 369 million yuan, respectively, with a price increase of 2.22% [1] Group 2 - The net outflow of main funds in the Chongqing state-owned enterprise reform sector was 2.3995 million yuan, while retail investors saw a net inflow of 4.728 million yuan [2] - The trading data indicates that Qianli Technology had a net inflow of 25.4663 million yuan from main funds, while retail investors had a net outflow of 1.3324 million yuan [3] - The overall performance of stocks in the sector showed mixed results, with some stocks like Qianli Technology and Sanfeng Environment experiencing gains, while others like Chongqing Port and Chongqing Water experienced losses [3]

Group 1 - The Tianhe District Market Supervision Administration has released information on qualified cosmetic products for 2025, indicating a focus on product safety and compliance in the cosmetics industry [1][2][3] - The report includes various cosmetic products such as mascara, toothpaste, and hair dye, highlighting the diversity of products being monitored [1][2] - Specific brands mentioned include MINISO, Watsons, and Perfect Diary, showcasing the competitive landscape within the cosmetics market [1][2] Group 2 - The report details the specifications of products, including weight and batch numbers, which are essential for tracking and quality assurance [1][2] - Compliance dates for the products are set for 2025, indicating a proactive approach to regulatory standards in the cosmetics sector [1][2] - The document emphasizes the importance of consumer safety and product efficacy, reflecting industry trends towards transparency and accountability [1][2]

Meeting Overview - The first extraordinary general meeting of shareholders for Chongqing Dengkang Oral Care Products Co., Ltd. was held on February 10, 2026, at 14:30 [2] - The meeting was conducted in a hybrid format, combining on-site and online voting [4] Voting Details - The on-site meeting took place at the company's office building in the report hall located at 389 Haier Road, Liangjiang New Area, Chongqing [5] - Online voting was available through the Shenzhen Stock Exchange trading system from 9:15 to 15:00 on the same day [3] Attendance - A total of 89 shareholders and their proxies attended the meeting, representing 134,881,568 shares, which is 78.3404% of the total voting shares [7] - Out of these, 4 shareholders attended the meeting in person, representing 118,673,400 shares (68.9265% of the total voting shares) [8] - 85 shareholders participated via online voting, representing 16,208,168 shares (9.4138% of the total voting shares) [9] Resolutions Passed - The meeting approved the proposal regarding the use of temporarily idle self-owned funds for cash management, with 134,860,968 shares in favor (99.9847% of the valid votes) [11] Legal Opinion - The legal opinion provided by Shanghai Jintiancheng (Guangzhou) Law Firm confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [12]

上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2026 年第一次临时股东会的 法律意见书 地址：广州市天河区珠江西路 5 号广州国际金融中心第 60 层 电话：020-8928 1168 传真：020-8928 5188 邮编：510623 上海锦天城（广州）律师事务所 法律意见书 上海锦天城（广州）律师事务所 关于重庆登康口腔护理用品股份有限公司 2026 年第一次临时股东会的 法律意见书 致：重庆登康口腔护理用品股份有限公司 上海锦天城（广州）律师事务所（以下简称"本所"）接受重庆登康口腔护 理用品股份有限公司（以下简称"公司"）委托，就公司召开 2026 年第一次临时 股东会（以下简称"本次股东会"或"本次会议"）的有关事宜，根据《中华人民 共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简 称"《证券法》"）和《上市公司股东会规则》（以下简称"《股东会规则》"）、 《深圳证券交易所上市公司股东会网络投票实施细则》等法律、法规、规章和 其他规范性文件以及《重庆登康口腔护理用品股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，出具本法律意见书。 对本 ...

证券代码：001328 证券简称：登康口腔 公告编号：2026-007 重庆登康口腔护理用品股份有限公司 2026年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1. 本次股东会无否决议案或修改议案的情况； 2. 本次股东会上没有新提议案提交表决； 3. 本次股东会不涉及变更前次股东会决议的情况； 4. 本次股东会采取现场方式召开，采用现场投票和网络投票相结合的方式进行表 决。 一、会议召开情况 （一）会议召开时间 重庆登康口腔护理用品股份有限公司（以下简称"公司"）董事会。 （四）现场会议召开地点 公司办公楼一楼报告厅（重庆市两江新区海尔路389号）。 - 1 - 1. 现场会议召开时间：2026年2月10日（星期二）14:30。 2. 网络投票时间： （1）深圳证券交易所交易系统进行网络投票的具体时间为2026年2月10日 9:15— 9:25，9:30—11:30和13:00—15:00； （2）深圳证券交易所互联网投票系统投票的具体时间为2026年2月10日 9:15- 15:00。 （二）会议召开和表决方式 本 ...

Group 1 - The State Council will hold a press conference regarding the "Accelerating the Cultivation of New Growth Points in Service Consumption Work Plan" on February 6 at 3 PM [1] Group 2 - On February 6, a total of 7 companies will have their restricted shares unlocked, with a total unlock volume of 33.61 million shares, amounting to a market value of 5.243 billion yuan [2] - The companies with the highest unlock volumes are Xinghuan Technology-U, Dengkang Dental, and Hansan Technology, with unlock shares of 27.16 million, 2.99 million, and 1.52 million respectively [2] - In terms of unlock market value, Xinghuan Technology-U, Dengkang Dental, and Hansan Technology lead with values of 4.985 billion yuan, 130 million yuan, and 8.616 million yuan respectively [2] Group 3 - Eight companies disclosed stock repurchase progress on February 6, with 2 companies announcing new repurchase plans, 2 companies having their plans approved by shareholders, and 4 companies completing their repurchase plans [3] - The newly announced repurchase plans include Haizheng Pharmaceutical and Huatong Cable, with intended repurchase amounts of up to 726,400 yuan and 296,800 yuan respectively [3] - The companies that received shareholder approval for their repurchase plans are Hengtong Co. and Hongtai Sun, with intended repurchase amounts of up to 100 million yuan and 215,000 yuan respectively [3]

Market Overview - The Chongqing state-owned enterprise reform sector declined by 0.7% compared to the previous trading day, with Chongqing Pharmaceutical Holdings leading the decline [1] - The Shanghai Composite Index closed at 4128.37, up 0.13%, while the Shenzhen Component Index closed at 14210.63, up 0.02% [1] Stock Performance - Notable stock performances include: - Shanghai Sanmao (600689) closed at 14.29, up 0.78% with a trading volume of 30,300 shares and a turnover of 43.27 million yuan - Chongqing Construction (600939) closed at 3.23, up 0.31% with a trading volume of 133,800 shares and a turnover of 43.05 million yuan - Chongqing Pharmaceutical Holdings (000950) closed at 5.90, down 1.83% with a trading volume of 366,700 shares and a turnover of 218 million yuan [1][2] Capital Flow - The Chongqing state-owned enterprise reform sector experienced a net outflow of 119 million yuan from institutional investors, while retail investors saw a net inflow of 62.65 million yuan [2] - The capital flow for individual stocks shows: - Jieling Pickled Vegetables (002507) had a net inflow of 5.71 million yuan from institutional investors, but a net outflow of 13.01 million yuan from retail investors [3] - Chongqing Water (601158) had a net outflow of 3.40 million yuan from institutional investors, with a net inflow of 1.18 million yuan from retail investors [3]