北京商报讯（记者 翟枫瑞）2月25日，装修建材板块增长，以18828.69点收盘，涨幅为2.12%。在板块 带动下，多只装修建材股股价实现增长。科顺股份以8.19元/股收盘，涨幅为14.23%，领涨装修建材 股。美克家居以2.85元/股收盘，涨幅为10.04%，涨幅位列装修建材股第二。东方雨虹以18.75元/股收 盘，涨幅为9.08%，涨幅位列装修建材股第三。除此之外，悦心健康以5.27元/股收盘，跌幅为7.22%， 领跌装修建材股。森鹰窗业以36.43元/股收盘，跌幅为3.24%，跌幅位列装修建材股第二。好莱客以 15.06元/股收盘，跌幅为2.59%，跌幅位列装修建材股第三。 华福证券在研报中表示，在反内卷加速供给侧改革预期下，建材产能周期有望迎来拐点。预期来看，利 率下行有利购房意愿修复，收储及城改有助购房能力修复，购房意愿及能力边际修复预期预计推动房地 产市场基本面企稳概率增加，亦有望推动地产后周期需求修复。 ...

证券研究报告·黑龙江省资本市场跟踪报告 2026 年 2 月 3 日 江海证券研究发展部 执业证书编号：S1410524040001 机械军工行业研究组 黑龙江省资本市场跟踪双周报 — — 分析师：张诗瑶 （2026.1.18-2026.1.31） 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 黑龙江省资本市场跟踪报告 1. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.21-2026.1.3)–2026.01.05 2. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.12.7-2025.12.20)–2025.12.22 3. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.11.23-2025.12.6)–2025.12.08 4. 江海证券-黑龙江省资本市场跟踪-黑龙 江省资本市场跟踪双周报— （2025.1 ...

志邦家居：2025年归母净利润为1.7亿元到2.2亿元 1月21日，志邦家居发布2025年业绩预告。根据公告，志邦家居预计2025年度实现归属于母公司所有者的净利润1.7亿元到2.2亿元。预计2025年度实现归属 于上市公司股东的扣除非经常性损益的净利润1.1亿元到1.5亿元。 尚品宅配预计2025年净利润亏损2.5亿元至2亿元 尚品宅配公告，预计2025年度归母净利润亏损2.5亿元至2亿元，上年同期为亏损2.15亿元。受房地产市场持续低迷的传导拖累，家居行业整体需求端持续 承压。面对行业下行压力，公司主动出击、积极破局，在AI技术深化应用、门墙柜一体化布局、渠道结构优化升级、整装业务模式革新、海外布点加速 等关键领域持续发力，同时坚定不移推进降本增效与精细化费用管控，以一系列务实举措稳步积蓄发展动能。但受房地产行业下行态势的持续影响，公司 整体经营业绩承压，营业收入同比有所下滑；叠加部分成本具有刚性特征，毛利率面临一定压力，最终导致净利润仍然亏损。 | म् 目 | | 本报告期 | | 上年同期 | | --- | --- | --- | --- | --- | | 归属于上市公司 | -25,000 | ...

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [3] Core Insights - The sentiment in the real estate chain continues to improve, leading to a significant recovery in the valuations of leading home furnishing companies. Recommendations include Gujia Home, Oppein Home, and others, while also monitoring undervalued companies like Minhua Holdings and Zhibang Home [2] - Suzano, a Brazilian company, plans to increase the price of hardwood pulp by $10 per ton starting in February, which is expected to support paper prices. Continued recommendations include Sun Paper and attention to Jiulong Paper and Bohui Paper [2] Summary by Sections Home Furnishing - The home furnishing sector is experiencing a valuation recovery due to improved policy expectations and a rebound in second-hand housing transactions. In 2025, Shanghai's second-hand home transactions reached 254,000 units, the highest in four years, indicating a marginal improvement in supply-demand dynamics [6][12] - The sector's valuation and institutional holdings are at historical lows, suggesting a potential for short-term recovery in valuations [6] Paper Industry - As of January 30, 2026, the prices for various paper types remained stable, with double glue paper at 4725 CNY/ton, copper plate paper at 4660 CNY/ton, and white card paper at 4269 CNY/ton. However, box board paper saw a slight decrease to 3517.2 CNY/ton, while corrugated paper increased to 2676.25 CNY/ton [6][53] - The paper industry is expected to benefit from the price increase in hardwood pulp, with a projected rise of $10 per ton in Asian markets [6] Packaging - Xianggang Technology forecasts a net profit of 100 million to 138 million CNY for the year, representing a year-on-year increase of 52.14% to 109.95% [6] - The company has received global certification for its PHA film products, enhancing its market position [6] Export Chain - The export chain is facing pressure due to the depreciation of the dollar and high performance baselines from the previous year. However, there is potential for recovery as U.S. interest rates decrease and real estate sales improve [6] Light Industry Consumption - Zhongshun Jierou expects a net profit of 300 million to 330 million CNY for 2025, a year-on-year increase of 289% to 328%, driven by lower raw material costs and improved operational efficiency [6] - Recommendations include focusing on dental care leader Dengkang Oral and medical products driven by high growth in cotton soft towels and sanitary napkins [6] New Tobacco Products - Altria reported a net revenue of $23.279 billion for 2025, a decrease of 3.1%, primarily due to significant non-cash impairment charges in its e-cigarette business [6] Textile and Apparel - Huafu Fashion anticipates a net profit of 55 million to 75 million CNY for 2025, with a year-on-year growth of 126.47% to 136.10% [6]

1月30日，A股主要指数1月份集体上涨，沪指涨3.76%报4117.95点，深证成指涨5.03%报14205.89点，创业板指涨4.47%报 3346点；北证50指数涨6.33%，科创50指数涨12.29%。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 板块方面，近20个交易日涨幅前五的板块为：贵金属涨85.06%、油气开采及服务涨37.2%、小金属涨26.33%、工业金属涨 21.17%、半导体涨20.84%；同期，跌幅前五的板块为：机场航运跌4.76%、银行跌2.66%、汽车整车跌2.34%、汽车服务及 其他跌0.8%、证券跌0.27%。 个股方面，1月涨幅前五的个股为：C恒运昌涨352.74%、志特新材涨234.08%、锋龙股份涨213.97%、科马材料涨207.63%、 湖南白银涨175.14%；同期，跌幅前五的个股为：*ST奥维跌57.14%、*ST万方跌47.65%、天普股份跌44.16%、荣科科技跌 36.8%、森鹰窗业跌34.59%。 ...

Core Viewpoint - Harbin Senying Window Industry Co., Ltd. expects a net profit loss of 42 million to 53 million yuan for 2025, indicating a similar level of loss compared to the previous year [1] Financial Performance - The company anticipates a net profit loss attributable to shareholders of 42 million to 53 million yuan for 2025, compared to a loss of 42.19 million yuan in the same period last year [1] - The expected net profit loss after deducting non-recurring gains and losses is projected to be between 56 million and 67 million yuan, compared to a loss of 56.74 million yuan in the previous year [1] Business Operations - The company states that new products such as plastic windows and entrance doors, as well as overseas market operations, have not yet generated significant revenue [1] - During the channel transformation phase, while operating revenue and gross margin have shown some recovery, the low capacity utilization rate continues to impact overall profitability [1]

Core Viewpoint - The company, Senying Windows, announced an expected net profit loss for the year 2025, projecting a loss between 42 million to 53 million yuan, compared to a loss of 42.19 million yuan in the same period last year [2] Financial Performance - The projected net profit loss for 2025 is estimated to be between 42 million to 53 million yuan [2] - The previous year's loss was reported at 42.19 million yuan [2]

Core Viewpoint - The company, Senying Windows (301227.SZ), expects a loss of 42 million to 53 million yuan in 2025, with a previous year's loss of 42.19 million yuan, indicating ongoing challenges in the real estate market and operational adjustments [1] Group 1: Company Performance - For the fiscal year 2025, the company anticipates a continued downturn in the real estate market, leading to a contraction in new home deliveries and intensified competition in the existing market [1] - The company's new products, including plastic windows and entrance doors, along with overseas market operations, have not yet generated significant revenue [1] - Despite a slight recovery in revenue and gross margin during the channel transformation phase, the company's capacity utilization remains low, adversely affecting overall profitability [1] Group 2: Financial Adjustments - The impact of the real estate market has resulted in slower-than-expected receivables from some major business clients, leading to an increase in credit impairment provisions compared to 2024 [1] - The implementation of a restricted stock incentive plan has led to an increase in share-based payment expenses compared to 2024 [1] - The expected impact of non-recurring gains and losses on the company's net profit is approximately 14 million yuan, primarily from government subsidies, recovery of previously impaired receivables, and cash management income [1]

Core Viewpoint - The company, Senying Windows, is forecasting a significant net loss for the year 2025, primarily due to ongoing challenges in the real estate market and internal operational issues [1] Group 1: Financial Performance - The expected net loss attributable to shareholders for 2025 is projected to be between 42 million and 53 million yuan [1] - The net profit, excluding non-recurring gains and losses, is anticipated to be a loss between 56 million and 67 million yuan [1] Group 2: Market Conditions - The real estate market in China is still undergoing a deep supply-demand adjustment, leading to a contraction in new home deliveries and intensified competition in the existing market [1] - The competitive landscape of the industry continues to be restructured, impacting the company's performance [1] Group 3: Operational Challenges - New products such as plastic windows and entrance doors, as well as overseas market operations, have not yet generated significant revenue [1] - Although there has been a slight recovery in revenue and gross margin during the channel transformation phase, the low capacity utilization continues to affect overall profitability [1] Group 4: Financial Adjustments - Due to the real estate market environment, the collection of accounts receivable from some major business clients has not met expectations, leading to an increase in credit impairment provisions compared to 2024 [1] - The implementation of a restricted stock incentive plan has resulted in higher share-based payment expenses compared to the previous year [1] - Non-recurring gains and losses are expected to impact net profit by approximately 14 million yuan, mainly from government subsidies and recovery of previously impaired receivables [1]

Core Viewpoint - The company expects a net profit loss of 42 million to 53 million yuan for the fiscal year 2025, primarily due to ongoing adjustments in the real estate market and challenges in product revenue generation [1] Group 1: Industry Impact - The real estate market in China is still undergoing a deep supply-demand adjustment phase, leading to a contraction in new housing delivery and intensified competition in the existing market [1] - The competitive landscape of the industry continues to be restructured, affecting overall market dynamics [1] Group 2: Company Performance - The company's new products, including plastic windows and entrance doors, as well as its overseas market operations, have not yet generated significant revenue [1] - Although there has been a recovery in operating revenue and gross margin during the company's channel transformation phase, the capacity utilization rate remains low, negatively impacting overall profitability [1]