造纸行业在2020 年下半年将进入新一轮的主动补库存周期：我们通过分析历史数据，发现从2016 年11 月至2020 年1 月，造纸行业经历了一个完整的库存周期，依次包括主动补库存、被动补库存、主动去库存、被动去库存，上一个被动去库存的周期体现在2019 年5 月至2020 年1 月，表现出价格稳定在低位而产量同时稳定，并且库存逐步减少。疫情的发生对于需求产生了延迟作用，我们认为，新一轮的补库存周期将在2020 年下半年开启，从而引领造纸行业新一轮的量价齐升的行情。

我们2020 年度中期投资策略是：狂沙吹尽始到金，大宗业务助龙头家居企业突围。2020 年一季度新型肺炎疫情爆发，抑制了我国房地产交易及家装工作。我们认为，商品房交易与家装需求更多的为刚性需求，只会延缓并不会因为疫情而消失。预计随着疫情缓解，2020 年三四季度料将出现新一轮交房高峰，带动家装需求快速释放。

本周轻工制造跑赢大盘，竣工链表现较好。本周，上证综指上涨1.64%，轻工制造指数上涨2.3%，跑赢上证综指0.66%，在申万28 个版块中排名第14。轻工制造板块细分行业涨跌幅由高到低分别为：造纸Ⅱ（+2.87%）、包装印刷Ⅱ（+2.77%）、家用轻工Ⅱ（+1.76%）。上周板块成交量下降279.74万手，周环比-5.51%。个股方面，乐歌股份（+53.22%）、恒林股份（+24.53%）、顺灏股份（+12.53%）涨幅靠前；美克家居-8.74%）、吉宏股份（-8.49%）、广东甘化（-5.91%）跌幅靠前。

2020 年疫情突如其来，企业的正常运行受到干扰，甚至于部分企业长板发挥受到抑制、短板弊端充分暴露，财务指标出现大幅波动。但疫情也是“试金石”，体现在企业应对疫情的能力和效果差异上，分析这些差异为我们提供了一个很好的观察点，有利于理解行业未来发展趋势以及企业胜出的关键要素。

4 月以来，纸厂基本进入正常生产节奏，但疫情持续压制包装纸、文化纸下游需求，同时海外疫情导致部分产能“出口转内销”，对价格形成冲击，箱板瓦楞纸、文化纸价均一度接近成本线；至5 月末，文化纸和包装纸中的白卡纸仍在跌价。然而，我们也观察到包装纸、文化纸发货均出现一定恢复，纸价的低迷倒逼部分小厂停产减产，推动供需面边际改善，同时成本端压力有所缓释。我们认为，随着疫情对内外需的影响逐步减退，下半年旺季包装纸、文化纸纸价均有望迎来阶段性修复，有望提振板块估值。

本周轻工板块上涨，家具板块回调。本周，上证综指上涨2.75%，轻工制造指数上涨2.15%，跑输上证综指0.6%，在申万28 个版块中排名第18。轻工制造板块细分行业涨跌幅由高到低分别为：包装印刷Ⅱ（+4.69%）、造纸Ⅱ（+4.22%）、家用轻工Ⅱ（-0.04%）。上周板块成交量上升1685.43 万手，周环比41.12%。个股方面，浙江永强（+24.74%）、吉宏股份（+24.43%）、*ST 赫美（+23.89%）涨幅靠前；志邦家居（-16.09%）、金牌厨柜（-13.6%）、皮阿诺（-9.65%）跌幅靠前。

基建预期加码叠加部分省份地产政策放松，地产后周期行业有望受益；随着竣工数据改善叠加精装市场红利，工程市场将迎来快速发展，市场份额逐步向龙头集中。疫情对家具行业影响正在逐步减小，随着刚需逐步释放，行业有望重拾增长预期。

Wall coverings protect the wall surface from accidental marks or scratches, besides imparting an air of quality and grandeur to uncovered walls. They further help in interior décor while customizing it with the help of various colors and patterns. Also, these coverings are cost effective. The two common areas of applications of wall coverings include residential and commercial. Residential wall coverings are mainly used in homes and small businesses to add attractiveness to rooms and to express individual style. Many qualities of wallpaper, including color, texture, and design can drastically change the appearance of any room. Commercial wall coverings are used by interior designers, architects, and to enhance the interiors of offices, restaurants, hotels, hospitals, schools, stores, and many other public spaces. Several types of commercial wall-covering products implement high design, while protecting the walls from scuffs, etc.

The global adult diapers market is analyzed on the basis of its prospects and future growth rate. The report highlights numerous factors that influence the growth of the market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed by product type, which includes pant type, pad type, tape type, and others. Furthermore, it includes revenue generated from the sales of adult diapers across North America, Europe, Asia-Pacific, and LAMEA.The degree of industry attractiveness in the adult diapers market is analyzed on the basis of impact of five major forces on the market. Porter’s five forces analysis includes the impact of suppliers, industry rivals, new entrants, substitute products, and buyers on the market growth.

The growth of the print label market is augmented by the rapid rise of digital print technology that has made the print label market more sophisticated and increased the adoption of digital print labels, Their versatility and flexibility, combined with the high graphics standards, are the key growth features. Many organizations like Nilpeter, Xeikon and Bobst Firenze, among others, believe that digitally printed label is suited to meet the demands of the market and has an added advantage over traditional printing technologies. Digital technology has met the multiple requirements of various end-user industries in makin g a ttractive la bel designs to encourage potential consumers to make purchases. The integration of digital technology with the existing label printing technique is expected to bring a huge change to all the small-scale, as well as large-scale sectors, improving the overall market. The growth of the print label market is augmented by the rapid rise of digital print technology that has made the print label market more sophisticated and increased the adoption of digital print labels, Their versatility and flexibility, combined with the high graphics standards, are the key growth features.