Key investment points:
Market review last week
Last week, the light industry manufacturing industry underperformed CSI Anshan Senyuan Road & Bridge Co.Ltd(300210) pct: SW light industry manufacturing (0.33%) vs CSI 300 (2.43%); The top five weekly gains of individual stocks were: packaging and printing – Guizhou Yongji Printing Co.Ltd(603058) (20.31%) Beijing Shengtong Printing Co.Ltd(002599) (5.25%), Guangdong Enpack Packaging Co.Ltd(002846) (4.35%), Shenzhen Prince New Materials Co.Ltd(002735) (4.17%) and Mys Group Co.Ltd(002303) (3.74%); Household products – Jiangshan Oupai Door Industry Co.Ltd(603208) (11.40%), Qumei Home Furnishings Group Co.Ltd(603818) (10.57%), Yayi Technology (9.24%), Hhc Changzhou Corp(301061) (7.07%) and Vohringer Home Technology Co.Ltd(603226) (5.47%); Papermaking – Zhejiang Rongsheng Environmental Protection Paper Joint Stock Co.Ltd(603165) (6.67%), Xiamen Anne Co.Ltd(002235) (3.51%), St Songyang (2.40%), Shanying paper (2.36%) and Shandong Sun Paper Co.Ltd(002078) (2.30%); Entertainment supplies – Shenzhen Comix Group Co.Ltd(002301) (6.89%), moon lens (4.25%), mubang high tech (3.59%), Impulse (Qingdao) Healthtechco.Ltd(002899) (2.70%) and Guangdong Jinma Entertainment Corporation Limited(300756) (1.48%).
This week’s view
Household goods: from January to February, the revenue of the furniture manufacturing industry increased by 6.9%, in sharp contrast to the retail sales falling by 6%. In the case of poor performance of real estate sales and completion data from January to February, the furniture manufacturing industry still shows strong resilience. The recurrence of the epidemic has indeed had an impact on the current furniture retail demand, but this impact is delayed, not disappeared. According to the incomplete statistics of China Index Research Institute, in the first quarter of this year, more than 60 cities issued real estate related policies more than 100 times, and the overall policy relaxation was strengthened and accelerated. Under the force of steady growth, the continuous relaxation of the policy end of the real estate industry will stimulate the demand for household products.
Packaging and printing: the measures for the administration of electronic cigarettes began to be officially implemented on May 1 this year, and the official launch of the national standard is approaching. During the policy buffer period, we will optimize the future development environment of the industry and promote the healthy and benign growth of the industry through urban pilot. The foundation for the healthy and sound development of the e-cigarette industry has been established, and the gradual penetration of products in the smoker group still does not change our judgment on the development volume of 100 billion.
Papermaking: last week, the average price of international coniferous pulp increased by 23.33 US dollars / ton month on month; The average price of international broad-leaved pulp was flat month on month. During the peak season, the marginal demand for cultural paper is better, and the price increase is expected to be implemented smoothly under the rising cost. On the other hand, the UPM strike was extended to the end of April. Under supply constraints, it is expected that the price of wood pulp is expected to remain high and volatile in the first half of the year, which also provides good support for the price increase of paper enterprises. Recommended combinations: Oppein Home Group Inc(603833) ( Oppein Home Group Inc(603833) ), Jason Furniture (Hangzhou) Co.Ltd(603816) ( Jason Furniture (Hangzhou) Co.Ltd(603816) ), Shenzhen Jinjia Group Co.Ltd(002191) ( Shenzhen Jinjia Group Co.Ltd(002191) ), Chenguang ( Shanghai M&G Stationery Inc(603899) ).
This week’s event reminder
Zhejiang Walrus New Material Co.Ltd(003011) : expected disclosure of the annual report Zhang Xiaoquan Inc(301055) : convening of the general meeting of shareholders
Shanghai Haishun New Pharmaceutical Packaging Co.Ltd(300501) : performance conference Profit Cultural & Creative Group Co.Ltd(300640) : convening of the general meeting of shareholders
Risk tips
Macroeconomic fluctuations; Rising raw material costs; New production capacity cannot be digested in time; Loss of key customers.
