Owing to the advent of graphic designing and new reproduction capabilities, wallpaper is set to become the next big disrupter in the world of design and décor. In fact, wallpapers are the second most commonly used wallcoverings. However, the availability of multiple alternatives, like wall panels, and metal wallcoverings, has led to the market getting increasingly competitive. Progressive design companies around the world, such as the United Kingdom’s Abnormals Anonymous, 17 Patterns, Coordonné from Barcelona, or Brooklyn-based Calico, have made it possible to cover a complete house using wallpapers. Due to the increasing consumer demand for aesthetic designs, companies are coming up with a diverse range of wallpapers that resemble the looks of an old Persian carpet, or a breaking wave of surf, or a cracked brick wall, among others. This has made wallpapers feasible for a very high level of customization.

今年地产有两个趋势值得关注，第一是下半年住宅竣工交房有望修复，第二是住宅精装比例持续提升。家具企业的 C 端、B 端业务均将受益，定制家具企业中，推荐零售能力较强、整装卡位带来业绩增量、大宗业务盈利能力较强的欧派家居。软体家具受益原材料 TDI 价格中枢下行，推荐海外具备产能以及管理红利、渠道红利持续释放的顾家家居。

2019Q2 股票型开放式基金：投资总市值较2019 年Q1 增加，重仓持股市值占比同比下降。我们选取股票型开放式基金重仓持股情况进行分析：2019 年二季度末股票型开放式基金股票投资总市值8599 亿元，较2019Q1 季度末增加439.5 亿，较去年同期增加2548 亿，其中前十大重仓股持股总市值3592 亿，占股票投资总市值比重41.8%，占比较2019 年一季度末提升0.7pct，较去年同期降低1.4pct。

沪深300上涨27.1%，申万轻工制造行业指数上涨14.1%，在28个申万一级行业中排名第22；分子行业来看，包装及文娱用品子行业指数分别上涨15.4%和28.7%，表现优于其他轻工子版块。

纸浆基本面梳理：1）供给弹性弱，上游浆厂议价能力强。纸浆生产主要集中在巴西、智利、印尼等地，叐林业资源限制，供给端缺乏弹性（种植需要4-7年）使得行业增长缓慢（2008-2017年全球纸浆消费量复合增长率仅为0.37%）；从竞争格局看，贸易浆产能CR10达60%，浆厂普遍拥有较强议价能力；2）需求驱动趋势性行情。短期浆价的走势主要由需求端驱劢，中期看新产能投放节奏，由于供给端自我调整速度慢，使得浆价容易出现趋势性行情。