Outdoor flooring is an element that provides outdoor areas with attractive and durable floor covering. There are a number of flooring options that can provide an elegant design to the outdoor area. The different types of outdoor flooring are as follows: Outdoor floor tiles: A wide range of tile types are available that are formulated specifically for outdoor application. Many tiles feature grit pattern and texture to make the surface anti-slippery. The frost resistant and unglazed tiles are highly popular in this segment.

The expansion of the preschool market owing to the global increase in the rate of child enrollment to early childhood education provides an immense opportunity for preschool furniture manufacturers. The rise in competition between various preschools has made institutes provide students with better learning experience by offering good infrastructure along with other basic things like good teaching quality. The growth of the global preschool market has also led to the introduction of new learnings methods like technology-based or play-based learning. These are expected to provide a boost to the preschool furniture manufacturers.

轻工制造行业指数下跌 12.03%，在中信 29 个一级行业中位居中游，同期沪深 300 指数上涨 21.76%，行业跑输大盘，整体不及大盘表现。行业估值水平为 31.79 倍，预计在2018 行业估值会继续回调，但估值大幅下挫的可能性不大。

零售端全国性卖场不断扩张，工程端龙头地产商精装采购高速增长，整装公司等高速发展为家具品牌提供了众多中小B 客户，渠道进击为家具行业向龙头集中创造良机。

年前最后一周，环保部公布了 2018 年首批进口废纸配额。表面看，此次2018 年首批配额与 2017 年相比大幅缩减，但是我们认为两者不具备可比性。本次配额的批复极有可能是为缓解纸企生产压力进行的加急批复，预计2018 年上半年可能会再次出现较大配额总量的批复。

在全装修成品房政策不断推出、地产开发商相继变革、消费者成品房消费意愿稳步提升的背景下，房地产下游的家居行业将迎来新的变革和发展， B 端业务将成为企业新的增长点。我们认为，行业龙头如欧派家居、尚品宅配、金牌橱柜、帝王洁具、大亚圣象等依托其品牌、规模，供应链优势，将率先受益，行业集中度有望进一步提升，成长可期！