Main points
Papermaking:
The paper sector continued to decline this week. In terms of pulp, the price of broad-leaved pulp increased slightly again, and coniferous pulp continued to rise. In terms of waste paper, with the control of the epidemic in Sichuan, Liaoning, Jiangsu and other places and the lifting of key observation areas in some areas, the recycling price of waste paper has decreased. The price of other paper products was stable. It is suggested to pay attention to: Shandong Huatai Paper Industry Shareholding Co.Ltd(600308) , Shandong Sun Paper Co.Ltd(002078) , Winner Medical Co.Ltd(300888) .
Home:
The overall household sector declined slightly this week. March data showed that the real estate situation was still in the doldrums, and the residential sales area decreased by 13.8% year-on-year. Considering the lag of the epidemic and policy impact, the demand of the household industry is delayed, and the industry leader enters the allocation value range after long-term valuation and repair. It is suggested to pay attention to: Jason Furniture (Hangzhou) Co.Ltd(603816) , Oppein Home Group Inc(603833) .
Electronic cigarette:
China’s e-cigarette policy was intensively introduced this month. Since the official release of the national standard on April 8, guidance documents such as production licenses, wholesale and retail licenses have been issued at the same time. As of April 22, 26859 e-cigarette retail licenses have been planned in China, and the comprehensive regulatory framework has been basically established. In the context of taste restrictions and relevant channel supervision, industry competition returns to product attributes. Suggested attention: Shenzhen Jinjia Group Co.Ltd(002191) .
Other light industries:
The functional sunshade company Shandong Yuma Sun-Shading Technology Corp.Ltd(300993) released its 2021 annual performance report on the evening of April 21. In 2021, the company achieved a revenue of about 520 million yuan, a year-on-year increase of 35.16%, and a net profit of about 140 million yuan, a year-on-year increase of 29.87%. At present, the company’s intelligent storage workshop realizes a high degree of science and technology and automation, and is the largest three-dimensional fabric storage warehouse in Asia’s sunshade industry. The company will pay close attention to the industry development trend in the field of building energy conservation and green building, and continue to focus on the R & D and innovation in the field of functional sunshade products. Suggested attention: Shandong Yuma Sun-Shading Technology Corp.Ltd(300993)
Textile and clothing:
The sector index performed well this week. At the current stage, we believe that there are structural allocation opportunities in the sector: first, under the expectation that the epidemic is expected to be controlled as soon as possible, some stocks related to economic recovery and high prosperity sportswear tracks may benefit first. It is suggested to pay attention to Zhejiang Aokang Shoes Co.Ltd(603001) , Anta sports, Li Ning and Tebu International; 2、 The export manufacturing industry benefits from stable external market demand and superimposed exchange rate fluctuation expectations, which is expected to show allocation value in the medium term. It is suggested to pay attention to: Huali Industrial Group Company Limited(300979) , Shenzhou International.
Market performance this week:
This week, CITIC light industry manufacturing industry index fell by 4.52% compared with last week, and the overall sector underperformed the CSI 300 index by 0.33 percentage points; This week, CITIC textile and garment industry index rose 4.93% compared with last week, and the overall sector outperformed the CSI 300 index by 9.12 percentage points. The CSI 300 fell 4.19%, the Shanghai Composite Index fell 3.87%, the Shenzhen Component Index fell 5.12%, and the gem index fell 6.66%. Among the 30 CITIC first-class industries, light industry manufacturing ranked 15th and textile and garment ranked 1st. Among the secondary industries of CITIC light manufacturing this week, papermaking fell by 5.25%, packaging and printing fell by 5.05%, household fell by 4.27%, entertainment light industry fell by 2.83% and other light industries fell by 2.16%; Among the secondary industries of textile and clothing this week, textile manufacturing rose by 4.14% and brand clothing rose by 5.62%.
Investment advice
For the paper sector, it’s suggested to focus on the 6 Zuming Bean Products Co.Ltd(003030) 3030 sports, Li Ning, Tebu international, Huali Industrial Group Company Limited(300979) , Shenzhou International.
Risk tips
Policy risk, price fluctuation risk of raw materials, sluggish downstream demand risk, failure of production capacity to meet expectations risk, public health event risk
