Market last week: light industry manufacturing sector rose. From December 27, 2021 to December 31, 2021, the Shanghai Composite Index rose 0.60%, the Shenzhen Component Index rose 1.00%, and the light industry manufacturing index rose 4.31%, ranking fourth among the 28 Shenwan industries; The rise and fall of light industry manufacturing index sub sectors from high to low are: packaging and printing (+ 6.56%), household light industry (+ 4.56%) and papermaking (+ 1.56%).
Furniture: with the marginal relaxation of real estate policy, it continues to prompt opportunities for valuation and repair of furniture sector. On December 3, 2021, the central bank and other three ministries and commissions expressed support for the normal financing of real estate enterprises; On December 6, 2021, the Political Bureau of the CPC Central Committee held a meeting and pointed out the need to promote the construction of indemnificatory housing. The marginal relaxation of real estate policy promoted a virtuous circle in the real estate industry. Last week (2021 / 12 / 27-2021 / 12 / 31), the household light industry sector rose 4.56%, which had an obvious boost effect on the furniture sector. At the same time, the furniture to the countryside policy is expected to stimulate the consumer demand of China’s furniture sinking market and further open the demand space of the furniture sector. We continue to be optimistic about the continuous repair of home valuation. In terms of customization, we recommend [ Suofeiya Home Collection Co.Ltd(002572) ] and [ Oppein Home Group Inc(603833) ] in combination with the proportion of bulk business income, accounts receivable risk and valuation level. We suggest paying attention to [ Zbom Home Collection Co.Ltd(603801) ] and [ Goldenhome Living Co.Ltd(603180) ]. In terms of software, it is the first to accelerate the promotion of independent brands and sink the leading [ Xlinmen Furniture Co.Ltd(603008) ] in channel construction; Meanwhile, [ Healthcare Co.Ltd(603313) ], [ Jason Furniture (Hangzhou) Co.Ltd(603816) ] and [Minhua holdings] are recommended.
E-cigarette: regulatory boots have been launched one after another, and the prospect of the industrial chain is clear, with SIMORE international being the first. China’s e-cigarette industry has broad development space. According to the prediction of the e-cigarette Industry Committee of China Electronic Chamber of Commerce, the export amount of e-cigarettes will reach 138.3 billion yuan in 2021, and the e-cigarette production capacity of Chinese enterprises accounts for more than 95% of the global atomized e-cigarette production capacity. In 2021, the e-cigarette industry will directly drive the employment of about 1.5 million people and indirectly drive the employment of more than 4 million people. Zhengzhou Tobacco Research Institute and Yunnan Zhongyan released a unique anaerobic heating product – NSCs natural flue gas, which can naturally produce flue gas under low oxygen. E-cigarette technology continues to change, the industrial chain is gradually improved, leading enterprises lead technological progress, product quality is excellent, and the share is expected to continue to increase. Continue to recommend atomization technology leader [smore international]; It is suggested to pay attention to the first brand of Chinese electronic cigarette [fog core technology] with excellent management team; Close cooperation with China Tobacco [ Shenzhen Jinjia Group Co.Ltd(002191) ] with high valuation cost performance; HNB recommends paying attention to enterprises with thick slurry flake production technology [ Anhui Genuine New Materials Co.Ltd(603429) ].
Papermaking: waiting for demand improvement. As of December 31, 2021, the price of carton board paper was 4897 yuan / ton, with a decrease of 100 yuan / ton on a weekly basis; The price of corrugated paper was 3881.3 yuan / ton, with a decrease of 109 yuan / ton on a weekly basis; The price of white cardboard was 6099.3 yuan / ton, unchanged on a weekly basis; The price of whiteboard is 4942.5 yuan / ton, with a decrease of 25 yuan / ton on a weekly basis; The latest price of double copper paper is 5390 yuan / ton, with a decrease of 10 yuan / ton; The price of double offset paper was 5612.5 yuan / ton, unchanged on a week-on-week basis. The price of wood pulp was 6039.6 yuan / ton, an increase of 177 yuan / ton on a weekly basis.
Risk tip: power rationing policy affects production capacity, raw material price fluctuations, intensified Sino US trade friction, weak downstream demand, etc. Note: except for special notes, all currencies in the full text are RMB.
