Core view
This week’s special topic: from January to February, the furniture society continued to be weak, and the clothing society recovered slowly: from January to February 2022, the total amount of China’s furniture society was 7442.6 billion yuan, a year-on-year increase of 6.7%. Affected by the Spring Festival and Winter Olympics, the zero growth rate of social security from January to February was higher than expected. Among them, the retail sales of furniture from January to February was 21.6 billion yuan, a year-on-year decrease of 6.0%. Affected by the downturn of real estate boom, the retail sales of furniture continued to be weak; The sales of building materials and home stores totaled 183374 billion, a year-on-year increase of 52.07%; The retail sales of clothing was 238.2 billion yuan, with a year-on-year increase of 4.8%. Affected by the Spring Festival and Winter Olympics, the demand for clothing consumption recovered slowly. The recent epidemic situation has been repeated at many points, and the consumption environment is still uncertain. It is suggested to pay attention to the main line of steady growth & undervalued investment, and it is preferred to have α Attribute.
Investment strategy in 2022: seek “progress” in “change” and take the lead in subdividing leaders. Furniture: focus on domestic market channel reform opportunities. Among them, it is suggested to pay attention to Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) , Zbom Home Collection Co.Ltd(603801) , Goldenhome Living Co.Ltd(603180) ; It is suggested to pay attention to Jason Furniture (Hangzhou) Co.Ltd(603816) , Qumei Home Furnishings Group Co.Ltd(603818) etc. in the finished furniture sector. Papermaking, packaging and printing: subdivide the track pattern and optimize the strong. It is suggested to pay attention to Shandong Sun Paper Co.Ltd(002078) , Shanying International Holdings Co.Ltd(600567) , Xianhe Co.Ltd(603733) , Quzhou Wuzhou Special Paper Co.Ltd(605007) , Chongqing Baiya Sanitary Products Co.Ltd(003006) , Hangzhou Haoyue Personal Care Co.Ltd(605009) , etc. Entertainment and jewelry sector: the consumption upgrading continues and the prosperity rises. It is suggested to pay attention to Shanghai M&G Stationery Inc(603899) and Chow Tai Seng Jewellery Company Limited(002867) etc. Retail of home building materials: professional home building materials stores are still dominant, and digital and high-frequency consumption empowerment have become the mainstream. It is suggested to pay attention to Easyhome New Retail Group Corporation Limited(000785) , Red Star Macalline Group Corporation Ltd(601828) , which are leading in digital transformation. Textile and clothing: the trend of national fashion continues, and there are good opportunities for sports shoes and children’s wear. It is suggested to pay attention to Anta sports, Huali Industrial Group Company Limited(300979) , Zhejiang Semir Garment Co.Ltd(002563) , Winner Medical Co.Ltd(300888) , Bosideng, etc.
Market review this week: this week, the Shanghai Composite Index fell 1.77%, and the light industry manufacturing industry fell 2.28%, slightly underperforming the market. The textile and garment industry fell 3.11%, slightly underperforming the market. Among them, the paper sector fell 3.8%, the packaging and printing sector fell 1.04%, the home sector fell 1.94%, the entertainment light industry sector fell 1.51%, and other light industry sectors fell 1.66%; The textile manufacturing sector fell 2.42%, and the clothing and home textile sector fell 2.69%. The top three gainers of light industry manufacturing industry this week were Shenyang Cuihua Gold And Silver Jewelry Co.Ltd(002731) (17.6%), Wanshun shares (11.11%), Jiangsu Jinling Sports Equipment Co.Ltd(300651) (9.51%), and the top three gainers were Chow Tai Seng Jewellery Company Limited(002867) (- 16.54%), Quzhou Wuzhou Special Paper Co.Ltd(605007) (- 12.9%), Sunrise Group Company Limited(002752) (- 10.12%). This week, the top three increases of textile and garment industry are Hunan Huasheng Co.Ltd(600156) (10.09%), Comefly Outdoor Co.Ltd(603908) (8.06%), Saturday Co.Ltd(002291) (6.28%), and the top three decreases are Jinfa Labi Maternity & Baby Articles Co.Ltd(002762) (- 11.87%), Shandong Nanshan Fashion Sci-Tech Co.Ltd(300918) (- 11.72%), Guangdong Bobaolon Co.Ltd(002776) (- 9.35%).
Key data tracking in one week: the price of dissolved pulp in this week was 7850 yuan / ton, unchanged from last week. Carton board paper / double offset paper / newsprint increased by 6 / 100 / 50 yuan / ton to 4927 / 6000 / 5700 yuan / ton compared with last week, whiteboard paper decreased by 35 yuan / ton to 4865 yuan / ton compared with last week, and the prices of other kinds of paper were flat. The number of commercial housing transactions in 30 large and medium-sized cities this week was 23837, up 7% from last week; The number of commercial housing transactions in 30 large and medium-sized cities this week was 19162, down 9% from last week. Spot cotton: this week, China’s cotton price index: 328 was 22683 yuan / ton, down 23 yuan / ton from last week; Cotlook: a index: the 1% tariff was 21217 yuan / ton, up 462 yuan / ton from last week. Cotton futures: the closing price of cotton futures on Zheng stock exchange this week was 21490 yuan / ton, down 380 yuan / ton from last week; Cotton futures closed at 126.5 cents / pound, up from 126.5 cents / pound last week.
Risk warning: the price of raw materials fluctuates sharply; Risk of sluggish terminal demand; Exchange rate fluctuation risk.
