回顾市场表现：根据申万行业划分，轻工制造板块2023 年市场表现一般，截止11 月24 日板块下跌3.9%，小幅跑赢沪深300 指数。11 个子板块中，跌多涨少，其中纸包装、金属包装、成品家居、定制家居板块均有略高于10%的跌幅。 基本面方面：家居板块，2023 年内销在消费场景恢复后实现稳步复苏，外销已出现明显的改善，补库需求逐步恢复。各家公 司成本压力普遍缓解，利润弹性普遍高于收入。造纸板块，2023 上半年盈利相对承压，其中木浆系产品受浆价下跌影响，纸 价回落快于成本回落（滞后于浆价下跌），废纸系产品则受进口纸增加的冲击。Q3 随着用浆成本回落兑现、旺季需求和经济修 复支撑纸价，纸企盈利迎来修复。包装板块，纸包装盈利持续承压，一方面由于经济复苏节奏偏弱，另一方面消费电子、白 酒等下游行业景气度不佳，烟包等行业竞争有所加剧。金属包装受益下游啤酒饮料消费场景恢复、原材料价格同比回落，景 气度较高、业绩坚挺。

Material Type: News inks Industry: Printing ink manufacturing

Printing inks consist of pigments of different colors mixed with oil or varnish Unlike paints, a thin layer of printing inks, with thickness varying between 2 30 μm is applied on the surface Presently, manufacturers are working on developing printing inks that can last long, be printed on different surfaces, and can offer high performance a glossy finish

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

智能家用投影仪的消费市场已经初具规模，2018年2022年销售额的年复合增长率为 23.3%，消费市场呈现迅速上升态势。随着行业内企业的增多，中高端智能投影仪的亮度、分辨率、技术方案的差异化程度缩小，行业准入门槛开始降低。因此，中国智能 家用投影仪市场规模的增速将会放缓，2022至2027年销售额的年复合增长率预计为 14.1%。未来中国智能家用投影仪的增长点在于超高清产品的推广、更先进的软件算法、产品在租房群体中的普及等。

我国碳市场不断完善，CCER审批有望年内重启。CCER是指对我国境内可再生能源、林业碳汇、甲烷利用等项目的温室气体减排效果进行量化 核证，并在国家温室气体自愿减排交易注册登记系统中登记的温室气体减排量。控排企业碳排放量如果超出了国家给的碳配额，既可以在全国碳 市场直接购买其他企业的排放配额，也可以选择在CCER市场上购买自愿减排量用于抵消自己的碳排放量，随即形成了碳交易。2017年起CCER 项目申报运行暂停，至今尚未恢复。2023年7月7日，生态环境部联合市场监管总局对2012年6月13日发布的《温室气体自愿减排交易管理暂行 办法》进行了修订，编制形成《温室气体自愿减排交易管理办法（试行）》，并面向全社会公开征求意见。

Material Type: Other gravure printing inks Industry: Printing ink manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Other nonimpact/digital inks Industry: Printing ink manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Textile printing inks Industry: Printing ink manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below