1）推荐中报增速较快的 A）家居行业：受益于地产后市场，订单量提升；多渠道导流扩充客户来源；积极扩张品类，转型大家居，提升客单价；除了持续推荐的索菲亚（订单延续向好、柔性制造能力推动公司盈利能力逐季提升；司米橱柜与大家居业务稳步推进，提升客单价）、建议重点关注股价尚在底部的美克家居（草根调研书面终端订单明显改善，全年收入增长无忧，后续业绩增速逐季改善；软装搭配占比提升客单价；管理层聚焦主业）和宜华生活（Y+生态圈布局整合效应逐步发挥，下半年华达利并表业绩逐季提升）、康欣新材（中报净利预计 110%， COSB 放量促环保板销售大增，实控人 14.70~15.09 元/股增持，募投产能投放+林业新业态值得期待）、喜临门、大亚科技、曲美家居等；B）造纸行业：环保压力/G20 推动区域型限产，带来供给侧收缩；上半年白卡纸等部分纸种涨价落实+纸浆价格呈下降趋势，构建业绩弹性。考虑到公司内部成本管控能力、融资成本及业绩释放的意愿，强烈推荐晨鸣纸业（市场普遍预期 9 亿元，我们判断超预期概率大；融资租赁超 300 亿规模，优先股第二批预计即将发行，定增构成后续催化剂，定增底价 7.58 元和 BPS 较高者构建安全边际。

彩票方面，上半年体育彩票销售 920 亿元，同比增长 8.4%。下半年体彩大系统测试和福彩营销推广在营销和技术层面为重启提供条件，相关准入政策也将逐渐明朗化，合法规范运营的国企央企、在彩票领域有前瞻布局（代销、系统设备等）的企业未来优势明显。电话售彩值得关注，“平台搭建+ 游戏研发+系统运营”对公司而言业务体量可观，与各省彩票中心有多年合作关系并在彩票游戏领域有储备的公司最为受益。建议关注天音控股、鸿博股份、人民网、中体产业、500 彩票网等。

我们在去年底的策略报告《轻工制造升级，龙头整合势起》强调重视轻工龙头整合的投资机会，今年以来，以索菲亚为代表的龙头企业体现出明显快于行业的加速增长趋势，印证我们的观点。

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The emerging markets will be the driving force behind the growth of the global pulp market in the near future. Although pulp consumption experienced a decline following the global economic crisis of 2008-2009, after 2012, there has been a steady growth in pulp production with key vendors in the market focusing on potential growth markets such as Central and South America, Asia, and Central and Eastern Europe. In the past decade, there has been a geographic shift in pulp consumption from the developed markets toward the emerging markets. Although developed markets still consume substantial volumes of pulp (over 35%), the annual growth in consumption volume is low since per capita consumption is high.