Macro and Strategy Research - Long-term care insurance (referred to as "long-term care insurance") is designed to mitigate the financial risks associated with long-term disabilities, providing economic security or service payments to individuals requiring ongoing personal care and medical assistance. There are three models in practice: social insurance, commercial insurance, and care allowances. To address the medical care needs arising from an aging population, China's long-term care insurance system has been piloted in 49 cities, transitioning from a "pilot" phase to a "promotion" phase during the 14th Five-Year Plan period [2][4]. - Japan's long-term care insurance was implemented in 2000, mandating that individuals over 40 must enroll. Funding is shared equally between public funds (taxes) and insurance premiums. Care service costs are generally covered 90% by the insurance, with individuals responsible for 10%, and some high-income groups covering 20-30%. The application process for care services follows a detailed recognition process, ensuring that public resources are prioritized for those in greatest need. As of April 2024, approximately 6.7% of the insured population utilizes care services, indicating that the insurance primarily addresses the low-frequency, high-risk care needs of the elderly [3]. - Currently, China's long-term care insurance system is still in the "pilot" stage, with only 0.8% of beneficiaries among participants as of 2024. Under the directive to "promote long-term care insurance" during the 14th Five-Year Plan, provinces like Hainan, Yunnan, and Hebei have released implementation plans. The insured groups include employees, retirees, flexible workers, and unemployed rural residents, with payment ratios of approximately 70% for employees and around 50% for non-employed rural residents [4]. - In comparison, there are notable differences between China's long-term care insurance and Japan's system in terms of funding sources, insured groups, benefit systems, and protected populations. Japan's long-term care insurance has undergone eight rounds of reforms, emphasizing a "prevention-first" approach, which can help control costs and establish community prevention and intervention systems for mild disabilities, serving as a significant reference for China's long-term care insurance system [5]. Fund Research - The public fund market saw a total scale exceeding 280 billion yuan, with the equity market experiencing a downturn. During the week from February 2 to February 6, 2026, all major equity indices declined, with the largest drop being 5.76% in the STAR 50 index. Among 31 primary industries, 18 saw gains, with the top five performing sectors being food and beverage, beauty care, electrical equipment, comprehensive, and transportation [6][8]. - The average decline for equity funds was 2.27%, with only 18.81% achieving positive returns. Fixed-income plus funds fell by an average of 0.23%, with 40.77% showing positive returns. Pure bond funds increased by 0.08%, with a remarkable 98.70% positive return rate. The average decline for pension target funds was 0.73%, with only 3.52% achieving positive returns. QDII funds also saw an average decline of 2.54%, with 13.95% showing positive returns [8]. - The ETF market experienced a net inflow of 14.899 billion yuan, with only cross-border ETFs achieving net inflows of 21.624 billion yuan. The average daily trading volume in the ETF market reached 619.629 billion yuan, with an average turnover rate of 9.49% [8]. Industry Research - The report highlights the importance of the upcoming Spring Festival consumption, with a focus on the potential recovery of valuations in the home furnishing sector. Nine departments have jointly issued a document to create a festive consumption atmosphere during the Spring Festival [10][13]. - From February 2 to February 6, the light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points, while the textile and apparel sector outperformed by 2.66 percentage points [10]. - The Ministry of Commerce and other departments have launched the "2026 'Happy Shopping Spring' Special Activity Plan," which will take place from February 15 to 23, aiming to stimulate consumption through innovative cross-sector collaborations and incentives to enhance consumer participation. This policy is expected to positively impact the consumption of home appliances and home decoration products during the implementation period [13].

Investment Rating - The investment rating for the light industry manufacturing and textile apparel sectors is maintained at "Neutral" [7][43]. Core Insights - The report highlights the upcoming "2026 'Le Gou New Spring' Special Activity Plan" issued by nine departments, aimed at boosting consumption during the Spring Festival from February 15 to 23, which is expected to stimulate demand in key consumer sectors such as home furnishings, home appliances, and home decoration [6][42]. - The report notes a price increase of 50 yuan/ton for various paper products, including kraft and corrugated paper, effective from March 2, driven by changes in market supply and demand dynamics [6][15]. - The light industry manufacturing sector outperformed the CSI 300 index by 2.29 percentage points during the period from February 2 to February 6, with a sector performance of 0.96% compared to the CSI 300's -1.33% [4][35]. - The textile and apparel sector also outperformed the CSI 300 index by 2.66 percentage points during the same period, with a sector performance of 1.32% [4][39]. Summary by Sections Industry News - The "2026 'Le Gou New Spring' Special Activity Plan" aims to enhance consumption through innovative cross-sector collaborations and incentives to stimulate immediate consumer spending [6][15]. - The report mentions a price adjustment in the paper industry, indicating a recovery in the corrugated paper market due to various factors including reduced production and low inventory levels [6][15]. Key Company Recommendations - The report recommends "Buy" ratings for companies such as Oppein Home (603833), Sophia (002572), and Semir Apparel (002563) [4][43]. - The report also highlights the performance of companies like Tianan New Materials and Jian Sheng Group, noting their recent share buybacks and shareholder actions [3][34]. Market Performance - The light industry manufacturing sector's performance was bolstered by factors such as changes in control and acquisitions, while some companies faced adjustments due to previous overvaluation [4][36]. - The textile and apparel sector saw significant gains in specific companies, with notable increases in stock prices for firms like Cai Bai Co. and Bang Jie Co. [4][39].

行 行业月报 业 地产链估值修复可延续，白卡、瓦楞纸迎涨价 研 ——轻工制造&纺织服饰行业 2 月投资策略展望 | | | 袁艺博 | SAC | NO： | S1150521120002 | | 年 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 分析师： | | | | | | | | | | | | | | | | 2026 | | | | | | | | | | | | 02 | | | | | | | | | | | | 月 03 | | | 究 | | | | | | | | | | 轻工制造 纺织服饰 投资要点： 行业要闻 证券分析师 （1）多家房企称已不被要求上报三道红线，仍需提交资产负债率指标。 袁艺博 yuanyb@bhzq.com （2）2025 年造纸和纸制品业实现利润总额 443.0 亿元，同比下降 13.6%。 022-23839135 行业发展情况 研子究行助业理评级 （1）2025 年，社会消费品零售总额家具类为 2,091.90 亿元，同比增长 14.62%。 证 家居用品 中 ...

Group 1 - On January 30, Semir Apparel's stock rose by 1.09%, with a trading volume of 230 million yuan. The margin trading data indicated a financing buy amount of 29.93 million yuan and a financing repayment of 47.93 million yuan, resulting in a net financing buy of -17.99 million yuan. As of January 30, the total margin trading balance was 200 million yuan [1] - The financing balance of Semir Apparel on January 30 was 200 million yuan, accounting for 1.34% of the circulating market value, which is above the 70th percentile level over the past year, indicating a relatively high position [1] - In terms of securities lending, on January 30, Semir Apparel repaid 103,900 shares and sold 10,100 shares, with a selling amount of 56,000 yuan. The remaining securities lending volume was 49,300 shares, with a balance of 273,100 yuan, which is below the 10th percentile level over the past year, indicating a low position [1] Group 2 - As of September 30, the number of shareholders of Semir Apparel was 49,900, an increase of 20.28% compared to the previous period. The average circulating shares per person decreased by 16.86% to 44,299 shares [2] - For the period from January to September 2025, Semir Apparel achieved an operating income of 9.844 billion yuan, a year-on-year increase of 4.74%. However, the net profit attributable to the parent company was 537 million yuan, a year-on-year decrease of 28.90% [2] - Since its A-share listing, Semir Apparel has distributed a total of 12.585 billion yuan in dividends. In the past three years, the cumulative dividend distribution was 2.694 billion yuan [3]

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].

证券日报网讯1月29日，森马服饰（002563）在互动平台回答投资者提问时表示，关于公司2025年末股 东情况请关注公司2025年度报告。 ...

Core Viewpoint - The company emphasizes a collaborative and long-term approach to business, focusing on value creation and brand development while fostering a positive work culture [1] Group 1: Business Philosophy - The company adheres to the principle of "small rivers have water, big rivers are full," promoting win-win cooperation with employees and partners [1] - The company is committed to long-termism, continuously investing in brand building to provide better products and services to consumers [1] Group 2: Cultural Values - The company advocates for a new cultural value system that emphasizes equality and openness in the workplace, aiming to create a warm and humanized institutional environment [1] - The company focuses on a consumer-centric approach and aims for long-term maximization of its interests through innovation and growth [1] Group 3: Employee Management - The company implements a talent attraction and retention strategy that balances internal fairness with external competitiveness, guided by performance orientation and cost budget considerations [1] - The company adopts a scientific and systematic compensation strategy based on principles of pay for position, pay for person, and pay for performance [1]

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors [53] - Specific companies such as Oppein Home (603833), Sophia (002572), Explorer (300005), Semir Apparel (002563), Guai Bao Pet (301498), and Zhongchong Co. (002891) are rated as "Buy" [53] Core Insights - Major paper companies are set to increase white card paper prices by 200 yuan/ton after the Spring Festival, driven by rising operational costs and a reduction in supply due to maintenance shutdowns [16][9] - The domestic consumption market is projected to exceed 4 trillion yuan, with retail sales of consumer goods expected to grow by 3.7% in 2025, supported by policies promoting consumption [10][52] - The report highlights a positive trend in the light industry, with the sector outperforming the CSI 300 index by 5.10 percentage points from January 19 to January 23 [46][49] Industry News - White card paper prices are currently stable at 4,560 yuan/ton, with expectations for an increase due to upcoming maintenance periods in major paper companies [9][52] - Bubble Mart has repurchased shares totaling nearly 350 million Hong Kong dollars, indicating strong market confidence [16] Important Company Announcements - Zhihong Home expects a decline in net profit attributable to shareholders by 42.92%-55.89% in 2025 [4][46] - Lutai A anticipates a net profit increase of 38.92%-53.54% in 2025 [5][46]

截至本公告日，刘海波先生未持有公司股份。刘海波先生不存在未履行完毕的公开承诺事项。 公司董事会对刘海波先生在担任公司独立董事期间尽职勤勉、辛勤付出及为公司健康发展所作出的杰出 贡献表示衷心感谢！ 浙江森马服饰股份有限公司董事会 关于公司独立董事离任的公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 浙江森马服饰股份有限公司(以下简称"公司")董事会近期收到公司独立董事刘海波先生送达书面申请： 刘海波先生因其个人原因，申请辞去公司独立董事职务及提名委员会委员职务。 刘海波先生原定任职期间为2025年12月25日至2028年12月24日，根据《公司法》《公司章程》相关规 定，刘海波先生的辞职不会导致公司董事会人数低于法定最低人数，不会对公司日常经营管理造成重大 影响。刘海波先生的离任申请将在公司选举产生新任独立董事后生效。刘海波先生离任生效后，将不再 在公司担任任何职务。在此期间，刘海波先生仍将按规定继续履行相关职责。公司将尽快完成新任独立 董事的提名及选举程序。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002563 证券简称：森马服饰 公告 ...

证券代码：002563 证券简称：森马服饰 公告编号：2026-01 董事会 浙江森马服饰股份有限公司 二〇二六年一月二十三日 关于公司独立董事离任的公告 截至本公告日，刘海波先生未持有公司股份。刘海波先生不存在未履行完毕的公开承 诺事项。 公司董事会对刘海波先生在担任公司独立董事期间尽职勤勉、辛勤付出及为公司健康 发展所作出的杰出贡献表示衷心感谢！ 浙江森马服饰股份有限公司 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 浙江森马服饰股份有限公司(以下简称"公司")董事会近期收到公司独立董事刘海波 先生送达书面申请：刘海波先生因其个人原因，申请辞去公司独立董事职务及提名委员会 委员职务。 刘海波先生原定任职期间为 2025 年 12 月 25 日至 2028 年 12 月 24 日，根据《公司法》 《公司章程》相关规定，刘海波先生的辞职不会导致公司董事会人数低于法定最低人数， 不会对公司日常经营管理造成重大影响。刘海波先生的离任申请将在公司选举产生新任独 立董事后生效。刘海波先生离任生效后，将不再在公司担任任何职务。在此期间，刘海波 先生仍将按规定继续履行相关 ...