Domestic players have leading positions in the paper manufacturing sector. Most of the companies are controlled by private capital and some are traded on a regulated market. In order to increase their market competitiveness, these companies have to optimise their input costs. This includes to generate their own electricity and import low-cost raw materials. The Chinese paper manufacturing sector has high entry barriers, because the major players on the market rely on economies of scale, which makes the companies’ capital outlays and fixed costs high. The Chinese government policy also contributes to high entry barriers, with the rising level of regulation related to climate change and energy efficiency, affecting the paper and paperboard production.

Smart labels are becoming one of the most popular technologies across the retail, healthcare, and logistics sectors, among others, and are viewed as an ideal means to achieve greater efficiencies and profitability, while providing the authenticity of an item and its traceability from the warehouse to the distribution center throughout the supply chain. These labels are used as a tool to enable smart supply chains and are also playing a vital role in the marketing and advertising of consumer products, which can be achieved through the provision of product information, as well as the analysis of consumer buying patterns that can be accessed from the data collected by these labels. Cost cutting over the supply chain, to be closer to the nearest level of efficiency, by manufacturers, has been a critical factor that has augmented the demand and prompted the proactive adoption of these solutions to gain the first mover advantage in the individual end-user industry.

实力雄厚的地产头部企业近年来着力布局产业链上游。地产公司通过 入股、建立家居建材集采平台、共建产业园等多种方式与上游To B 龙 头公司开展深度合作。

轻工行业综述：2019 年轻工行业实现营收 4956.92 亿元，同比增长 2.40%；实现归母净利润220.71 亿元，同比增长8.29%，营收增速于 2019Q2 达到低点后上升；归母净利润增速则逐季有所上升。2020Q1 受疫情影响明显，营收下滑15.78%，归母净利润下滑35.48%。

2019 年以来轻工制造行业面临的外部环境不确定性较大，不论是中美贸易争端还是新冠疫情带来的外部环境的不确定性，均短期内表现为下游需求较大变化，行业内上市公司业绩短期表现为下滑。但是随着贸易环境的改善，2019 年下半年轻工制造行业整体业绩逐季好转，行业整体仍保持韧性。

轻工板块2019 年营收同比增长4%至5019 亿元，归母净利润同比下滑4%至284 亿元，利润下滑一方面系造纸行业景气下行、企业利润普遍大幅下滑所致，另一方面系东方金钰等企业计提商誉减值损失影响。2020Q1 轻工板块实现营收953 亿元，同比下滑16%，实现归母净利润45 亿元，同比下滑27%。重点推荐：1）地产竣工回暖+精装房放量下工装主线标的以及经营稳健、抗风险能力强的龙头企业，重点推荐帝欧家居、江山欧派、欧派家居、顾家家居；2）需求稳健的必选消费品，重点推荐中顺洁柔、齐心集团、晨光文具。

疫情之下，各细分行业盈利普遍承压，而家具和包装受零售端影响最为明显，业绩下滑相对较大。但一季度为家具行业传统淡季且收入贡献占比较少，因此我们对家具行业全年业绩并不悲观；而必选消费需求刚性强，成为2020Q1轻工行业唯一逆势增长的领域，全年业绩确定性最强。伴随经济与需求持续复苏，预计轻工板块景气度将逐步上行。我们判断，二季度为传统家装旺季，家具消费需求和订单实际转化情况将同步好转，竣工与交付改善的趋势下，工程端贡献占比较大的龙头公司有望率先走出行情，重点推荐家具与必选消费板块；此外，关注纸品下游消费需求复苏与龙头公司产能布局情况。

展望Q2，我们建议首选边际修复预期较强的家居板块优质标的，并持续配置业绩增长确定性较强的必选板块。

Corrugated pallets (paper pallets) are pallets made of corrugated material, paper board sheets, and other paper materials except wood. They are manufactured through various methods, including corrugated top decks & bottom decks, internal support cells, honeycomb support blocks, corrugated runners, support blocks (manufactured by compressed corrugated material), and built up runners. For the purpose of analysis, the global corrugated pallets market is segmented into product, end user, and region. The study estimates the revenue generated from the sales of various types of corrugated pallets such as <3 walls corrugated pallets, 3–5 Walls corrugated pallets, 5+ walls corrugated pallets. In addition, the report provides information on end users such as food & beverages, chemical & pharma, agriculture, metal & machinery, wholesalers, and others (construction companies and import & exports oriented companies). Furthermore, the report covers the revenue generated from the sales of products related to corrugated pallets offered in regions such as North America, Europe, Asia-Pacific, and LAMEA. However, the scope of report does not include the revenue generated from corrugated boxes, cardboard boxes, and any other type of corrugated packaging products, excluding pallets. Moreover, the report excludes market for pallets manufactured from wood and wood composite materials.