一些企业转移到东南亚或中美洲，主要是考虑比较利益和接近市场。凭借完善的供应链、低人工成本以及成熟的生产工艺优势，我国家居出口行业自改革开放以来迅速成长。时至今日，我国已成为全球领先的家居生产国和出口国，期间诞生了不少以出口为主要业务的家居企业，沙发、床垫、办公家居等为出口核心品类。 2019 年，美国对 2000 亿美元中国输美商品加征 25%关税，涉及诸多家居产品。受此影响，家居企业开启了从产品出海到产能出海的转变，以供应链外迁应对高关税。

Food display cabinets refer to food service equipment used for the storing and display of food items. They are used to keep food items at optimal temperatures.

The global medical mattresses market is the industry that produces, distributes, and sells mattresses specifically designed to meet the needs of patients with medical conditions that require bed rest or bedridden individuals. The mattresses are designed to be comfortable, supportive, and pressure-relieving and are available in a variety of materials, including foam, air, alternating pressure, water, and gel. This market caters to a range of healthcare settings, from hospitals to clinics to home healthcare settings to rehabilitation centers and serves patients of all ages and medical conditions.

House wraps are types of fabric, paper, or board materials that cover the exterior sheathing of house walls and protect the wall exteriors.

Decorative paper refers to a type of paper that is specifically designed and manufactured for aesthetic purposes. It is used in various applications such as crafting, scrapbooking, gift wrapping, and artistic projects. Decorative paper comes in a wide array of colors, patterns, and textures to suit different preferences and design needs.

Ergonomic chairs are designed to help users sit comfortably for extended periods while working. These chairs are more comfortable than standard chairs and allow users to customize the fit to their body or sitting preferences. They aid in increasing productivity and job satisfaction. Ergonomic chairs help to reduce the risk of musculoskeletal injuries such as back pain. These also help to relieve back pain by promoting proper posture and hip and pelvic alignment. It reduces the need for repetitive trunk flexion by preventing slouching and forward head posture.

Decking is a flat or profiled surface that is designed as a structure to be deployed for residential and commercial applications.

轻工作为传统制造业，一方面：伴随以地产链为代表的部分行业渐进成熟期，在当前政策预期下需求难有较大弹性；另一方面：过去三年作为资本开支大年，诸如造纸等行业存在产能过剩等问题，且在未来较长一段时间产能持续去化；在此背景下，行业投资从过去“买赛道”的β式投资变成对好公司的精耕细研，当行业的毛利率被供需格局压制的背景下，优秀的公司的成本管控、组织效能等竞争要素提到更加重要的高度，关注龙一的提估值机会。

前三季度轻工制造行业指数跑赢沪深300，第三季度财务指标明显好 转。从二级子行业来看，造纸：受下游消费需求恢复偏慢，以及供应端 新增产能持续投产导致供需不平衡的影响，纸企积极采取降价措施以降 低库存，导致前三季度造纸行业利润下滑严重。但第三季度环比有明显 改善，Q3 归母净利润同比由负转正。未来随着库存压力的逐步释放、 下游消费需求恢复，造纸行业的景气度有望进一步修复。家居：前三季 度家居行业恢复相对较好。随着未来经济逐步恢复、促家居消费一系列 政策的落地实施、地产信心重塑，看好家居行业的发展，建议关注家居 相关优质标的。文娱用品：板块前三季度恢复相对较好，部分个股业绩 同比快速增长。随着未来消费的逐步恢复，文娱用品行业收入和利润端 有望向好。包装印刷：由于包装的下游行业与经济周期密切相关，伴随 着未来国内外经济复苏以及促消费系列政策的发力，预计包装印刷行业 的盈利水平有望进一步改善。