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 ...

[Table_ReportInfo] 2026 年 02 月 26 日 证券研究报告•金融工程报告 机器学习金融工程月报 机器学习因子选股月报（2026 年 3 月） 截至 2026年 2月 25日，2月当期多头组合超额收益最高的五个行业（除综合） 分别为石油石化、通信、电子、有色金属、计算机，多头组合相对行业指数超 额收益分别为 7.91%、3.11%、3.06%、2.78%以及 2.78%。 [Table_Summary] GAN_GRU 因子：基于前期报告《量价时序特征挖掘模型在深度学习因子中 的应用》（2024年 7月 11日）中提到的 GAN_GRU模型，定期更新 GAN_GRU 因子自 2024年以来表现情况。其中 GAN_GRU因子为利用生成式对抗神经网 络 GAN 模型进行量价时序特征处理后再利用 GRU 模型进行时序特征编码得 到的选股因子。 表现跟踪：自 2019 年 2月至 2026 年 2月，月频调仓的基础上，GAN_GRU 因子在全 A 范围内 IC均值 0.1096***，多头组合年化超额收益率 22.32%；截 至 2026年 2月 25日，GAN_GRU 最新一期 IC为-0. ...

Group 1 - The core point of the article is that Yongxin Co., Ltd. (002014.SZ) experienced a stock price increase of 1.2%, reaching a historical high of 12.660 yuan, with a total market capitalization of 7.754 billion yuan [1]

Core Insights - The soft packaging composite film industry has achieved significant development driven by technological innovation and market demand, with a projected market size growth from 19.855 billion yuan in 2015 to 47.317 billion yuan by 2025, reflecting a compound annual growth rate (CAGR) of 9.1% [1][8]. Industry Overview - Soft packaging composite films are functional films made from flexible materials such as plastics, aluminum foil, and paper, characterized by high barrier properties, tear resistance, and lightweight features, primarily used to extend product shelf life and enhance packaging efficiency [3]. - The industry is influenced by increasing consumer demands for safety, environmental sustainability, and functionality in packaging products, alongside government policies promoting circular economy and biodegradable materials [1][4]. Industry Chain - The soft packaging composite film industry chain consists of upstream raw material suppliers, midstream manufacturing enterprises, and downstream application sectors, with plastic films being a primary raw material [6]. - The production of plastic films in China reached 16.9536 million tons in 2023, showing a slight increase of 0.1% year-on-year, with expectations to surpass 17 million tons in 2024, ensuring supply for the soft packaging composite film sector [6]. Competitive Landscape - The competitive landscape includes both international companies like DuPont and BASF, which leverage strong technological capabilities and brand influence, and domestic firms such as Yongxin Co. and Hongyu Packaging, which capitalize on cost advantages and regional characteristics [9]. - Yongxin Co. reported a revenue of 2.706 billion yuan in the first three quarters of 2025, a year-on-year increase of 6.56%, while Hongyu Packaging achieved 283 million yuan in revenue for its composite packaging products in the first half of 2025, up 3.92% year-on-year [9][10]. Development Trends - Market demand for soft packaging composite films is expected to continue growing, particularly in the food, beverage, and cosmetics sectors, with applications expanding into industrial and agricultural packaging [10]. - The industry is witnessing advancements in new materials and processes, such as solvent-free and multi-layer co-extrusion technologies, which enhance production efficiency and product stability [11]. - Increasing consumer demand for diverse and personalized packaging solutions is driving innovation within the industry, prompting the development of safer and more environmentally friendly packaging options [12].

Core Insights - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 30, 2026, showcasing significant price movements and dividend yields [1][5]. Group 1: Stock Performance - China Gold (600916.SH) leads with a daily increase of 8.74% and a year-to-date increase of 80.12%, with a dividend yield of 2.59% [1][5]. - Jian Sheng Group (603558.SH) follows with a daily rise of 4.01% and a year-to-date increase of 6.23%, offering a dividend yield of 4.91% [1][5]. - China National Foreign Trade Transportation Group (601598.SH) shows a daily increase of 3.10% but a year-to-date decline of 1.32%, with a dividend yield of 5.00% [1][5]. Group 2: Dividend Yields - The average dividend yield for the index is reported at 4.76%, with an expected price-to-earnings ratio of 11.07 times [2]. - Notable dividend yields include Semir Apparel (002563.SZ) at 9.12% and China Shenhua Energy (601088.SH) at 7.83% [1][5]. Group 3: Market Signals - The article mentions the formation of a MACD golden cross signal, indicating positive momentum for the stocks listed [4][8].

Group 1 - The core viewpoint of the article highlights a decline in China's plastic products production, with a reported decrease of 3.5% year-on-year in December 2025, totaling 759 million tons [1] - Cumulative production of plastic products in China for the entire year of 2025 reached 7,919.9 million tons, reflecting a slight decline of 0.2% compared to the previous year [1] - The article references a market analysis report by Zhiyan Consulting, which provides insights into the plastic products industry in China from 2026 to 2032, including investment scale forecasts [1] Group 2 - Listed companies mentioned include Guoen Co., Ltd. (002768), Jinfat Technology (600143), Fosl Plastic Technology (000973), Cangzhou Mingzhu (002108), Yongxin Co., Ltd. (002014), Wangzi New Materials (002735), Honghe Technology (603256), Daoming Optical (002632), Yuxing Co., Ltd. (300305), and Yinxin Technology (300221) [1] - The data source for the production statistics is the National Bureau of Statistics, with the analysis compiled by Zhiyan Consulting [1]

Core Viewpoint - The report highlights a decline in the export value of China's printing and recording media copying industry, indicating potential challenges for companies in this sector [1]. Industry Summary - By December 2025, the export value of the printing and recording media copying industry in China is projected to be 5.19 billion yuan, reflecting a year-on-year decrease of 5.5% [1]. - The cumulative export value for the entire year of 2025 is expected to reach 59.96 billion yuan, which represents a year-on-year decline of 3.2% [1]. - A statistical chart from 2019 to 2025 illustrates the trends in export value for the printing and recording media copying industry [1]. Company Summary - Listed companies mentioned include Zhuhai Zhongfu (000659), Shaanxi Jinye (000812), Yongxin Co., Ltd. (002014), Donggang Co., Ltd. (002117), Jinjia Co., Ltd. (002191), Hexing Packaging (002228), Haishun New Materials (300501), Longlide (300883), Shanghai Ailu (301062), Xiyue Zhixing (301198), Jinghua Laser (603607), Dashengda (603687), Fangda New Materials (838163), Hujing Materials (870204), and Zhongrong Co., Ltd. (301223) [1].

Group 1 - The core viewpoint of the article highlights the growth in the printing and recording media replication industry in China, with an increase in the number of enterprises in this sector [1] - As of January-November 2025, there are 7,130 enterprises in the printing and recording media replication industry, which is an increase of 117 enterprises compared to the same period last year, representing a year-on-year growth of 1.67% [1] - The printing and recording media replication industry accounts for 1.36% of the total industrial enterprises in China [1] Group 2 - The report referenced is the "2026-2032 China Printing Industry Market Special Survey and Investment Prospect Analysis Report" published by Zhiyan Consulting [1] - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in deep industry research and providing comprehensive consulting services for investment decisions [1]

Core Viewpoint - Yongxin Co., Ltd. is currently producing two types of film materials for the electronics sector, which contribute a relatively low percentage to the company's total revenue [1] Group 1: Product Offerings - The first type of product involves providing intermediate products to clients, which are then processed using specialized techniques for application in electronic devices [1] - The second type consists of protective films produced by the company, which are used to protect displays during the production and transportation processes [1] Group 2: Revenue Contribution - The revenue generated from these two types of films currently represents a low proportion of the company's overall revenue [1]

Group 1 - The company Yongxin Co., Ltd. (002014) is currently debugging its backend systems and is working to restore its website as soon as possible [1]