Corrugated boxes are used for packaging consumer and industrial goods. These boxes are not only used as shipping containers but are also used as retail-ready packaging boxes by retailers. 

Tissue paper is a lightweight paper, which has become an essential commodity of daily life. The tissue paper industry is broadly classified into two categories: at home, which is also known as consumer tissue; and away from home (AfH). The at home segment comprises of tissues that are used for domestic purposes, whereas the away from home segment comprises of tissues that are used for commercial and industrial purposes, such as hotels, restaurants, hospitals, and institutions. The away from home segment includes paper towels, toilet paper, napkins, facial tissue, dispensers, and tissue products that are used in working environments. The increase in demand for tissue paper and the increase in awareness of washroom hygiene will increase the demand for paper towel dispensers globally.

上周轻工走势弱于大市，周期类股票回调明显。浆价、纸价重拾涨势，环保高压下旺季到来涨价无可避免，纸价上涨短期内仍将持续，继续看好造纸龙头， 8 月10 日中央环保督查组进驻浙江、山东等地后，上周有17 家造纸、纸箱企业因污染问题，被责令整改、停产、罚款、搬迁。继废纸之后，纸浆的价格持续大涨，原材料的涨价对纸厂成本形成压力，环保高压下供给又受到限制，纸价后期继续大涨无可避免，继续看好造纸龙头。家具业看好占领品牌和品类高地、渠道下沉较早、管理团队更优的企业。本周重点推荐：太阳纸业、晨鸣纸业、顾家家居、索菲亚、欧派家居。

细分纸种陆续进入新一轮提价周期。本周跟踪纸价数据看，包装纸中，瓦楞纸本周涨196 元至4213 元/吨，箱板纸涨214 元至4915 元/吨，细分纸种开始加速涨价。

上周大盘上涨1.88%，轻工制造强于大盘（包装印刷>家用轻工>造纸）。我们推荐的组合中，除了太阳纸业和索菲亚之外，全部录得正收益。上周，我们发布了裕同科技的深度研究报告《多重优势，铸造最强包装企业》。裕同科技作为高端纸质包装龙头企业，包装整体解决方案供应能力突出，通过集中式采购和多元化供应商选择，促使公司得以避免纸价大幅上涨带来的利润波动。高端客户资源为公司的重要优势，目前公司下游客户都为国内外知名企业。我们认为，公司纵向深化与消费电子客户合作将巩固竞争优势，横向拓展烟酒、化妆品新客户将扩大行业覆盖范围带动业务体量增长。作为我们今年唯一一个给予“买入”评级的包装印刷标的，本周我们持续重点推荐。