Key investment points:
Market review of this week: SW light industry manufacturing industry lost 300 in Shanghai and Shenzhen this week. From January 17 to January 21, 2022, 32.26% of shenwanyi industry recorded positive earnings; SW light industry manufacturing industry index fell 1.83%, underperforming the CSI 300 index by about 2.94 percentage points in the same period. All secondary sub industries of SW light industry manufacturing recorded negative returns, and SW household products, SW paper, SW entertainment products and SW packaging and printing fell by – 0.46%, – 0.71%, – 2.28% and – 4.49% respectively, all losing the Shanghai and Shenzhen 300 index in the same period. Nearly 80% of the stocks in the industry recorded negative returns.
Key news of the industry: (1) on January 17 and 18, leading enterprises of cultural paper and white cardboard issued price increase letters again, and the price increase period has covered March. App industrial paper: since February 1, 2022, the price of all products produced by Ningbo Asia Pulp and Paper Co., Ltd. and Guangxi Jingui pulp and Paper Co., Ltd. has increased by 200 yuan / ton (including tax). App cultural paper: since February 1, 2022, the price of all kinds of paper and gram weight paper products produced by Jindong and Jinhai will be increased by 200 yuan / ton (including tax) on the basis of January 2022. Shandong Sun Paper Co.Ltd(002078) : from February 1, all products of uncoated paper will increase by 200 yuan / ton on the basis of the existing executive price. From March 1, on the above basis, the executive price of non coated products will continue to be increased by no less than 200 yuan / ton. Chenming Group: since February 1, 2022, the price of the company’s white cardboard series products has increased by 200 yuan / ton. (2) The standard conditions for waste paper processing industry formulated by the Ministry of industry and information technology, which began to be implemented on January 1, 2022, puts forward specific requirements for waste paper processing enterprises, pointing out that enterprises should fully sort waste paper, the recovery rate of other reusable renewable resources sorted out should not be less than 95%, and the waste paper should be subdivided, the utilization rate should not be less than 95%, and the cleanliness rate should not be less than 98%. This will play a positive role in promoting the standardized development of waste paper processing industry.
Maintain the recommended rating of the industry. Recently, the standard conditions for waste paper processing industry was officially issued. The standard document puts forward specific requirements for waste paper processing enterprises, which will actively promote the standardized development of waste paper processing industry and provide a basis for relevant government departments to supervise the industry. At the beginning of 2021, the state has issued the announcement on matters related to the total ban on the import of solid waste. Imported waste paper bid farewell to China completely, and it is more and more important to improve the utilization efficiency of domestic waste paper. It is suggested to pay attention to the leader of China’s waste paper system: Shanying International Holdings Co.Ltd(600567) (600567), etc; At the same time, it is suggested to continue to pay attention to the leading paper enterprises of China’s wood pulp Department: Shandong Sun Paper Co.Ltd(002078) (002078), Shandong Bohui Paper Industry Co.Ltd(600966) (600966), Shandong Chenming Paper Holdings Limited(000488) (000488), etc. In addition, in the home sector, we continue to be optimistic about the marginal real estate policy and relax the valuation and repair market of the home sector. It is suggested to pay attention to high-quality leaders, such as Oppein Home Group Inc(603833) (603833), Suofeiya Home Collection Co.Ltd(002572) (002572) in the customized sector and Jason Furniture (Hangzhou) Co.Ltd(603816) (603816) in the software sector.
Risk tips: covid-19 epidemic continues to repeat, industry competition intensifies, real estate boom is less than expected, downstream demand is less than expected, raw material price fluctuation, tobacco policy risk, exchange rate fluctuation intensifies and other risks.
