Key investment points:
Market review last week
Last week, the light industry manufacturing industry underperformed CSI 300 by 0.30pct: SW light industry manufacturing (- 1.36%) vs CSI 300 (- 1.06%); The top five weekly gains of individual stocks were: packaging and printing – Guangdong Enpack Packaging Co.Ltd(002846) (7.43%), Shantou Dongfeng Printing Co.Ltd(601515) (5.22%), Shanghai Yilian (3.61%), Huangshan Novel Co.Ltd(002014) (1.53%) and Jinfu Technology Co.Ltd(003018) (0.96%); Household goods – A-Zenith Home Furnishings Co.Ltd(603389) (17.97%), Suofeiya Home Collection Co.Ltd(002572) (5.69%), Guangzhou Seagull Kitchen And Bath Products Co.Ltd(002084) (3.96%), Zhejiang Xidamen New Material Co.Ltd(605155) (3.31%) and D&O Home Collection Co.Ltd(002798) (3.23%); ; Entertainment supplies – Guangdong Jinma Entertainment Corporation Limited(300756) (4.48%), Shuhua Sports Co.Ltd(605299) (4.20%), St Qunxing (4.18%), Goldlok Holdings(Guangdong) Co.Ltd(002348) (- 0.43%) and Shifeng Cultural Development Co.Ltd(002862) (- 0.92%).
This week’s view
Household goods: the loosening of real estate regulation will promote the household sector to go through three stages of “expected demand recovery – demand release – Performance fulfillment”. At present, the transformation of real estate policy is still in the initial state, the sales and completion data of commercial housing have not been reversed, and the epidemic situation has repeatedly put great pressure on the goal of “stable growth”. Therefore, the follow-up real estate industry may further increase and relax the policy. When the expected improvement of the home industry is still in progress, when the real estate delivery and sales data are significantly improved, it will consolidate the certainty of the home industry to the greatest extent. “Matthew effect” superimposes the quarterly report period, and the long-term allocation value of leading stocks deserves attention.
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
Joy Zhixing: general meeting held Guangzhou Holike Creative Home Co.Ltd(603898) : general meeting held Chahua Modern Housewares Co.Ltd(603615) : general meeting held Profit Cultural & Creative Group Co.Ltd(300640) : performance Conference
Risk tips
Macroeconomic fluctuations; Rising raw material costs; New production capacity cannot be digested in time; Loss of key customers
