After the market rebound, maintain stability, light industry is slightly stronger than the market. A shares continued to decline in April, with a larger decline than that in March, and rebounded at the end of the month; US stocks continued to decline in April; Hong Kong stocks were basically volatile and stable. The overall performance of A-share light industry manufacturing is weaker than the market, and the Hong Kong stock light industry manufacturing index (CITIC) is slightly weaker than the Hang Seng Index and Hong Kong stock non essential consumption; US stocks’ non essential consumer goods are weaker than S & P and Dow Jones index.
In March, the growth rate of China’s consumption fell, and the growth of furniture exports accelerated. In March, the social security zero was – 3.5% year-on-year. The retail sales of cultural office supplies increased steadily, with a year-on-year increase of 9.8%; Retail sales of daily necessities were – 0.8% year-on-year. The retail sales of furniture decreased by – 8.8% year-on-year. In March, the year-on-year growth of furniture export accelerated, and the growth of pulp, paper and its products slowed down:
The export volume of furniture and its parts increased by 7.1% year-on-year; The export volume of pulp, paper and its products increased by 0.2% year-on-year.
Pulp and paper prices basically stabilized. In late April, the wood pulp market remained high and volatile. In the last week of April, the weekly average price of imported coniferous pulp was 7165 yuan / ton, down 0.05% from last week; The weekly average price of imported broad-leaved pulp was 6023 yuan / ton, up 0.09% from last week. In terms of cultural paper, the supply and demand pressure of double offset paper continues to increase, and the market price is stable and rising slightly. Affected by the epidemic, printing plants in many places across the country are under operated, the delivery and logistics are limited, and the transaction is relatively low.
In terms of packaging paper, the market supply and demand remained stable temporarily, and the price fluctuated downward. Among them, the market price of white cardboard decreased significantly.
The growth rate of real estate transaction construction continued to fluctuate downward trend. On the supply side, the performance of real estate sales, commencement and completion in March is still weak. See the situation of the current month for details: the newly started residential area in March was – 25.1% year-on-year; In March, the completed residential area was – 15.3% year-on-year; In March, the residential sales area was – 23.2% year-on-year.
Online data: consumption growth accelerated under the epidemic. In April, the top five tmall flagship stores of Jiaqing brand sales were super energy, LiBai, seven dimensional space, free point and blue moon. In March, in tmall jd.com flagship store, the year-on-year growth rate of residential furniture was the same, the year-on-year decline of whole house customization, and the growth rate of household necessities was stable.
Public fund positions: the total market value of positions decreased month on month. By the end of the first quarter of 2022, the market value of light industry’s position in the top ten heavy positions of public funds was 16.2 billion, accounting for 0.62% of the total market value of the top ten heavy positions of public funds, down 0.12% from the end of the fourth quarter of 2021.
Company announcement and industry news in light industry sector. In April, Shandong Sun Paper Co.Ltd(002078) , Suofeiya Home Collection Co.Ltd(002572) , Jason Furniture (Hangzhou) Co.Ltd(603816) , Oppein Home Group Inc(603833) , Zbom Home Collection Co.Ltd(603801) , Guangzhou Shangpin Home Collection Co.Ltd(300616) and other annual reports of 2021 were released successively Shandong Sun Paper Co.Ltd(002078) , Chongqing Baiya Sanitary Products Co.Ltd(003006) , Jason Furniture (Hangzhou) Co.Ltd(603816) , Zbom Home Collection Co.Ltd(603801) , Suofeiya Home Collection Co.Ltd(002572) , Guangzhou Shangpin Home Collection Co.Ltd(300616) , Oppein Home Group Inc(603833) and other quarterly reports have been released one after another.
Investment suggestion: those who are optimistic about the performance support strong targets are expected to usher in valuation repair. Focus on recommending high-quality leading enterprises with strong performance support and strong long-term growth certainty. Household is optimistic about the opportunity of valuation recovery after the policy risk stabilizes, and focuses on Oppein Home Group Inc(603833) , Suofeiya Home Collection Co.Ltd(002572) ; The household goods sector is optimistic about the marginal improvement opportunities of consumption recovery and cost pressure, and focuses on Chenguang shares and Chongqing Baiya Sanitary Products Co.Ltd(003006) ; The paper packaging sector is optimistic about the opportunity of stabilizing the cost pressure and improving the concentration of the leading enterprises, and it is recommended that Shandong Sun Paper Co.Ltd(002078) ; The tobacco sector is optimistic about medium – and long-term growth opportunities, focusing on Smallworld.
Risk warning: repeated impact of epidemic situation; Real estate construction continued to decline; The competition pattern of the industry has deteriorated.
