Globally, the fast-moving consumer goods (FMCG), consumer electronics, furniture and furnishings, apparel, and beauty products segments are exhibiting considerable growth potential. The demand for leather goods is expected to increase with the growing disposable income and the rising millennial population, an attractive target group for these products. A key growth factor during the forecast period will be the increasing influence of social and digital platforms on consumers. In addition, services such as free shipping and product returns that enhance consumer experience will also play a pivotal role.

In the leather production process, tanning is the second step after the preparation of the hide and is followed by the crusting process. The conversion of raw hides or skins into leather is known as tanning. Hides and skins possess the ability to absorb tannic acid and other chemical substances that prevent them from decaying, besides making them resistant to wetting and keeping them durable and supple. The surface of hides and skins contains hair and oil glands and is known as the grain side. The flesh side of the skin or the hide is much thicker and softer compared with the grain side.

本周各类纸张、纸浆、溶解浆、黏胶短纤价格均较为稳定：瓦楞纸出厂价稳定在 4338 元/吨，牛卡纸出厂价稳定在 4788 元/吨，灰底白板纸稳定在 4392元/吨，白卡纸稳定在 5801 元/吨；溶解浆价格稳定在 7930 元/吨。

Sports and fitness wear is worn during workouts, sports, or any physical exercise to provide the wearer comfort and style. T-shirts, hoodies, shorts, and tracksuits are typical sport-specific apparel used while playing sports and doing other physical activities such as exercise. Sports and fitness apparel is designed to be lightweight and has thermal properties that allow the wearer to stay warm in cold conditions and vice versa. Modern-day sports apparel is made using advanced fabrics, which remove the wearer's perspiration away from the body to the outer surface of the apparel so that it can evaporate. Sports and fitness apparel is also available in various fashionable designs. The crossover between fashion and exercise has propelled the demand for sports apparel and fitness among women.

The athletic footwear market in the US is expected to grow at a steady CAGR of 2.94% during the forecast period. The market generates revenue from both store-based and non-store retailing. The running shoes segment dominated the market in 2015, followed by the basketball shoes segment. The growing health-consciousness and the need for physical fitness are propelling the demand for running shoes in the US. With changes in lifestyles, most US consumers now prefer comfort over price. For example, comfortable footwear offered by Skechers is gaining popularity and a wider consumer base in the US, despite the brand being a lesser popular one compared with Nike or Adidas. As a result, the demand for comfortable footwear is increasing, which will also drive the growth of the market in the coming years.

其他家用轻工、文娱用品、造纸板块指数表现较好。年初以来沪深 300 指数下跌4.48%，轻工板块下跌 9.98%，跑输大盘 5.50pct；下半年以来轻工板块上涨 10.78%，跑输大盘 2.23pct。子板块中，年初以来其他家用轻工、造纸版块分别跑赢大盘13.98pct、5.66pct；下半年以来，文娱用品子版块也表现靓丽，跑赢大盘 6.97pct。 三季报回顾：营收增长加速，盈利能力大幅提高。

The retail industry can be divided into two broad segments: brick-and-mortar retail and online retail. Brick-and-mortar retail is also known as offline retail or physical storebased retail. Online retail comprises three different sectors: B2B, B2C, and C2C. A wide range of products are sold in the online retail market, and they broadly fall under one of these product categories: consumer electronics and electricals; apparel, footwear, and accessories; music, software, books, and stationery; food and grocery; home care products; home furniture and furnishing; and other products.

The global market for sports footwear has been divided into six product segments: cleats, running footwear, court game shoes, gym and training shoes, athleisure, and other segments that include hiking, walking, aerobics, golf, and cricket shoes. The athleisure segment is gaining prominence over all other product segments, accounting for the largest portion of the overall sales revenue and a dominant share of the market. This trend is expected to gain further traction during the forecast period, as the adoption of casual sports footwear is high among the global populace. Regions like North America and APAC have been displaying a favorability toward the adoption and use of these casual sports footwear, which has propelled major market vendors to venture into the casual sports footwear segments.

自主出口品牌，产业链完善，私有化华达利，进一步补足产品布局和海外市场；“Y+生态系统”，打造“互联网+泛家居”最完整闭环，实现资源融合与协同，股权投资增值空间大；员工持股计划、定增控股股东，保障公司长期成长。控股股东持续增持，显示对公司长期价值的认可和维护。现价11.96 元/股，市值177 亿元，对应2016 年PE 20.7 倍。

上周，轻工制造行业跑输大盘0.48pct：SW 轻工制造（-0.27%）VS 沪深300（0.21%）/中小板指数（-1.01%）/创业板（-0.86%）；个股周涨幅前五分别为：包装印刷—丽鹏股份（8.66%）、广博股份（1.74%）、新通联（1.64%）、海顺新材（1.48%）和紫江企业（0.92%）；家用轻工—瑞贝卡（9.87%）、宜华生活（7.39%）、松发股份（4.45%）、萃华珠宝（3.08%）和威华股份2.57%）；造纸—金城股份（15.71%）、银鸽投资（6.15%）、山鹰纸业（5.88%）、岳阳林纸（4.06%）和太阳纸业（3.89%）。