【轻工】头部纸企白卡纸提价，去年国内消费市场稳增长——轻工制造&纺织服饰行业周报

渤海证券研究01-27

袁艺博证券分析师SAC No：S1150521120002投资要点行业要闻（1）200元/吨，多家白卡纸巨头将在春节后涨价；（2）泡泡玛特本周连续回购股份，累计金额近3.5亿港元。公司重要公告（1）志邦家居：公司预计2025年归母净利润同比下降42.92%-55.89%；（2）鲁泰A：公司预计2025年归母净利润同比增长38.92%-53.54%。行情回顾1月19日至1月23日，轻工制造行业跑赢...

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No：S1150521120002投资要点行业要闻（1）200元/吨，多家白卡纸巨头将在春节后涨价；（2）泡泡玛特本周连续回购股份，累计金额近3.5亿港元。公司重要公告（1）志邦家居：公司预计2025年归母净利润同比下降42.92%-55.89%；（2）鲁泰A：公司预计2025年归母净利润同比增长38.92%-53.54%。行情回顾1月19日至1月23日，轻工制造行业跑赢沪深300指数5.10个百分点：SW轻工制造（4.48%）VS沪深300（-0.62%）；纺织服饰行业跑赢沪深300指数5.10个百分点：SW纺织服饰（4.48%）VS沪深300（-0.62%）。本周策略根据我们跟踪数据，近几周国内白卡纸价格平稳，维持在4,560元/吨。纸业网新闻显示，近日，玖龙纸业、APP（中国）、博汇纸业、万国纸业、亚太森博（江苏）等多家白卡纸行业巨头相继发布涨价函，宣布将在2月底3月初上调白卡纸价格200元/吨。短期来看，伴随春节临近，国内造纸大厂将进入或即将进入年度停机检修期，在供应端有利于纸价上涨。另一方面，在白卡纸价格上行预期下，也有利于相关纸企客户加快采购节奏，消化产品库存。短期建议国内浆纸一体化企业的相关投资机会。国家统计局数据显示，2025年，社会消费品零售总额比上年增长3.7%。其中，除汽车以外的消费品零售额同比增长4.4%。2025年，社会消费品零售总额家具类同比增长14.6%，家用电器和音像器材类同比增长11.0%，服装、鞋帽、针纺织品类同比增长3.2%。在国家以旧换新政策的支持下，2025年，国内消费整体保持平稳发展态势，家电、家具等以旧换新政策受益领域国内零售实现较快增长。后续可继续关注国家扩大消费相关政策，对于整体消费的支撑与拉动作用。维持轻工制造与纺织服饰行业“中性”评级，维持欧派家居（603833）、索菲亚（002572）、探路者（300005）、森马服饰（002563）、乖宝宠物（301498）、中宠股份（002891）“增持”评级。风险提示宏观经济波动；原材料成本上涨；新产能无法及时消化；大客户流失。以上内容来源于渤海证券研究所2026年01月27日发布的证券研究报告《渤海证券研究所晨会纪要》重要提示：通过本公众订阅号发布的观点和信息仅供渤海证券股份有限公司（以下简称“渤海证券”）客户中符合《证券期货投资者适当性管理办法》规定的专业投资者参考。因本订阅号暂时无法设置访问限制，若您并非渤海证券客户中的专业投资者，为控制投资风险，请您取消关注，请勿订阅、接收或使用本订阅号中的任何信息。对由此给您造成的不便我们表示诚挚歉意，感谢您的理解与配合！","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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