家居消费中长期逻辑推荐具有“巨头”增长潜力的龙头:我国作为较新兴市场，目前家居消费与房地产还表现出较强的相关性与滞后效应，但是借鉴日韩等较成熟市场地产与家居消费的联动，预期未来关联度将不断减弱。估测我国家具消费的增长中枢约为 10%左右，而地产周期的波动可能对家具消费带来 5%左右的上下浮动。由于家居消费具有独立于地产周期的更新需求和结构性消费升级趋势，成长性并不会与地产趋同。

上周要点：价值回归，次新股退潮、基本面不支持的个股继续回调。新股发行速度较快的背景下，前期透支明显的次新股、基本面不支撑的个股回调幅度较大（明确进行控股权转让个股除外）：银鸽投资（ -10.23%，控股权转让主题下市值偏大）、裕同科技（ -7.66%， 16 年 12 月 IPO 包装类公司）、瑞尔特（ -6.99%、16 年 3 月上市卫浴）、山东华鹏（ -5.37%，高送转次新股）、创新股份（ -4.33%， 16 年 9 月上市包装类公司）；基本面具有支撑型、估值合理个股在本周表现相对较好：老凤祥 6.34%、太阳纸业上涨 5.24%、晨鸣纸业5.79%、山鹰纸业 4.1%。

In an attempt to increase the awareness of the availability of products and build brand image in emerging markets, marketers of global recliner sofas are implementing strategies to improve sales performance by integrating physical and online retail stores and implementing delicacy management. They are also focusing on upgrading existing brands to increase their respective market's share and brand awareness, and also on improving the supply chain.The key contributing markets for recliner sofas include the US, Germany, China,and Japan. Together, these four markets controlled 45.42% of the overall market's revenue in 2015.Marketers operating in this space have adopted differentiated strategies for developed markets like North America and Western Europe. These strategies include maintaining long-term cooperative relationships with quality retailers,continuously focus on innovating new products, and responding more swiftly tocustomer demand.

Decking is defined as a flat or profiled (anti-slip) timber surface designed as a structure to be deployed for outdoor use. Decking can be done either on the ground or above the ground, and it can be done in different ways: As an extension of the indoor living space As part of garden landscape As an alternative to stone patios and more

随着消费能力的提升和消费主力群体的转变，轻工消费品正由过去的看重高性价比、耐用性向强调品牌、个性化、美观度演进，需求层次由满足基本的生存和功能性需求向娱乐型需求推进；供给端轻工制造企业也由简单的规模化生产、贴牌代工向设计+品牌两端提升，通过提供高附加值服务获取更多产品溢价。重点推荐家具、玩具、文具、教育领域的品牌崛起。

本轮地产销售转好主要拉动因素是三四线城市，那些在三四线城市布局良好，长期深耕的公司拥有区位优势。未来随着本轮地产旺销带来的家具消费量的提升，那些客单价高为客户提供多品类，乃至全屋解决方案的公司无意拥有更大的业绩弹性。