10 月社零有所承压，线上渠道加速。2022M10 社零总额4.03 万亿元， 同比-0.5%，主要系疫情反复影响，各地管控趋严，消费受到一定冲击； 除汽车以外消费品零售额3.7 万亿元，同比-0.9%。2022M1-10 社零总额 累计同比0.6%，其中除汽车以外消费品零售额同比0.5%。分渠道看， 2022M10 实物商品网上零售额为1.21 万亿元，同比+22.1%，加速明显； 2022M1-10 实物商品网上零售额为9.45 万亿元，同比+7.2%。2022M10 实物商品网上零售额占社零总额的比例为30.1%，同比+3.5pp。分品类 看，2022M10 增速前三的品类有：中西药品类（同比+8.9%，2022M1- 10 同比+9.3%）、粮油食品类（同比+8.3%，2022M1-10 同比+9.0%）、饮 料类（同比+4.1%，2022M1-10 同比+6.6%）

展望 2023 年，轻工制造板块机遇与挑战并存，我们建议从三条主线把握行 业投资机会。1）受益于行业分化：急剧变化的市场环境下龙头竞争优势愈 轻工制造 增持 (维持) 研究员 吕明璋 SAC No. S0570521060001 lvmingzhang@htsc.com +(86) 21 2897 2228 联系人 刘思奇 加凸显，逆势加速份额提升，重点推荐内功强化、长期成长逻辑顺畅的家居 龙头及消费轻工龙头。2）受益于消费复苏：23 年地产销售磨底后有望迎来 改善，竣工端则有望受益于保交付，同时叠加 22 年需求低基数，23 年消费 复苏值得期待，预期修复下重点推荐股价经过深度回调、估值正处低位的家 居板块。3）受益于盈利改善：重点推荐原材料价格回落预期下成本压力有 望逐步释放的中游制造企业，重点推荐纸包装龙头和金属包装龙头。

Manufacture of wooden goods intended to be used primarily in the construction industry: Beams, rafters, roof struts Glue-laminated or metal connected prefabricated wooden roof trusses Doors, windows, shutters and their frames, whether or not containing metal fittings, such as hinges, locks etc. Stairs, railings Wooden beadings and mouldings, shingles and shakes Parquet floor blocks, strips etc., assembled into panels Manufacture of prefabricated buildings, or elements thereof, predominantly of wood Manufacture of mobile homes Manufacture of wood partitions (except free standing)

Manufacture of twine, cordage, rope and cables of textile fibres or strip or the like, whether or not impregnated, coated, covered or sheathed with rubber or plastics Manufacture of knotted netting of twine, cordage or rope Manufacture of products of rope or netting: fishing nets, ships' fenders, unloading cushions, loading slings, rope or cable fitted with metal rings etc.

Fencing is a structure or barrier used to protect or divide a property by enclosing or bordering it. The rising concern for security and safety and increasing consumer interest toward home décor and improvement are driving the global fencing market. Fencing is of two types, which includes fixed and temporary. Fixed fences are those that stay for a longer duration with minimal repairs, whereas temporary fences stay in place for a shorter period and are not required to be constructed sturdily. These fencing majorly come in materials such as metal (particularly aluminum and steel), wood, plastic & composite, and concrete. Metal fencing dominated the market and accounted for a share of 48.08% in 2020, followed by wood with a share of 25.35%. Metal dominates the segment due to the increasing demand for barbed wire fences, which provide higher security. For privacy fencing, wood is a stylish and great fencing option. The demand for wood used in fencing has been higher in Western Europe and Nordic countries. These countries lead the demand for wooden fencing compared with other countries.

7 月BHI 较上月微降，全国建材家居市场延续淡季行情。由商务部流 通业发展司、中国建筑材料流通协会共同发布的全国建材家居景气指数 BHI7 月份全国建材家居景气指数（BHI）为120.84，环比下跌0.15 点，同 比上涨36.27 点。全国规模以上建材家居卖场7 月销售额为912.6 亿元，环 比下跌5.82%，同比上涨40.74%；2021 年1 至7 月累计销售额为5722.4 亿元，同比上涨68.24%。7 月仍为传统家装市场淡季，叠加高温多雨、洪 涝灾害等不利天气因素，以及新一轮疫情多点散发等因素的影响，BHI 较 上月微降，全国建材家居市场延续淡季行情，整体保持平稳态势。

Polycarbonate sheet is a transparent thermoplastic sheet. It is highly tough in nature with moisture absorbing and impact resistant properties. In addition, polycarbonate sheet is also flame-retardant and chemical resistant. It is used in numerous applications such as window glazing, skylights, riot shields, medical equipment, food processing, and exhibits & displays. For the purpose of analysis, the report segments the polycarbonate sheets market based on type, end-use industry, and region. The report provides details about various types of polycarbonate sheets available in the market such as solid, multiwall, corrugated, and others. The end-use industries covered in the study include building & construction, electrical & electronics, automotive & transportation, aerospace & defense, packaging, and others.

【喜临门】公司发布21 半年报，家居主业归母净利较19H1 增长90%，自主品牌零售增速高。21H1 实现营业收入31.07 亿元，同比+57.2%，较19H1增长52.2%；归母净利润2.18 亿元，同比+412.2%，较19H1 增长42.1%；扣非归母净利润1.78 亿元，同比+421.9%，较19H1 增长26.4%。剔除同期影视业务影响，21H1 营收同比+68%，较19H1+58%，归母净利同比+1387%，较19H1+90%，扣非净利同比+2613%，较19H1+75%。21Q2 单季度实现营业收入18.57 亿元，同比+48.4%；归母净利润1.33 亿元，同比+37.5%；扣非归母净利润1.34 亿元，同比+39.6%。