展望2021 年下半年，我们建议把握两条主线：1）需求景气回升主线，延续我们在《轻工行业2021 年年度策略》中的推荐主线，建议关注地产交易强韧性、龙头加速抢占份额的家居零售板块；2）通胀预期下关注具备较强价格传导能力的行业龙头，具体包括①消费者消费频次低、价格敏感度低，自主品牌经营、具备提价能力的家居龙头；②消费需求稳健、原材料上涨阶段提价落地情况较好且具备低价原材料储备的生活用纸龙头；③行业产能利用率提升、竞争格局优化后在原材料涨价周期中议价能力边际增强的金属包装龙头。

引领创意生活，手工艺DIY 龙头Cricut 业绩高增。Cricut 是一家DIY 制作企业，原名Provo，主要业务包括家用雕刻机设备销售，订阅服务，配件和耗材产品销售。截至2021 年3 月31 日，Cricut 社区共有494 万注册用户，其中161 万付费订阅用户。受益于个性化潮流消费趋势兴起和居家隔离带来的需求正向催化，Cricut 业绩高速增长，2014-2020 年，公司营收从0.74 亿美元增长至9.59 亿美元（复合增速达53.3%），EBITDA 从300万美元增长至2.14 亿美元（复合增速达103.6%），净利润也从2017 年起转正，2020 年达1.55 亿美元。

全国碳交易正式启动。中国核证自愿减排 （CCER）促进碳交易市场发展，方法学构建项目开发壁垒。林业碳汇在碳汇市场扮演重要角色。造纸企业节能减排的优势。我们认为，目前保有大量林地资源以及成熟林业碳汇开发团队的企业将最为受益，受益标的包括党政文化纸龙 头企业、晨鸣纸业、青山纸业等。同时，受益于林浆纸一体化进程，资金实力雄厚的大纸企有实力进行节能减 排的投资，前期可以出售多余配额获利，推荐标的：太阳纸业、博汇纸业。

Wine corks or wine stoppers are a chunk made up of cork, rubber, or other similar products made by various materials used as a stopper for a wine bottle. These are mainly used to control the physical and chemical properties of the wine. Common wine corks control the moisture, act as the resistance to spillage, and also control the oxidants that in term control the presence of microorganisms. Natural, synthetic, screw caps, plastic caps, and others are different types of wine corks available in the market. Natural wine corks are best suited for the old and premium wine, which avoids the leakage and extraction of flavors from the bottle. For the purpose of analysis, the global wine corks market is segmented on the basis of type, distribution channel, and region. The study estimates the revenue generated from the sales of mainly two types of wine corks such as natural and synthetic.

造纸板块：浆价预期高位震荡，文化纸仍有提涨预期，纸浆价格高位震荡，库存处于合理水平。党建需求开始释放，文化纸或淡季不淡。期待浆系造纸 21Q1 业绩兑现。家居板块：315 大促开启，看好 21Q1 业绩兑现。龙头纷纷推出 315 促销套餐引流，抢占终端份额。关注 21Q1 板块业绩兑现。优选高成长、低估值标的。新型烟草：低价烟杆/烟弹策略+高速开店，看好国内雾化市场延续高增 国内雾化高景气、陶瓷产品预计仍是主流，回调建议布局思摩尔国际。

Automotive fabric in the vehicle’s interior increases the interior feels as well as vehicle safety. It has properties such as cold cracking resistance, high durability, UV rays stable, easy to clean, and helps in minimizing fatigue. Automotive fabrics, such as headlining, truck lining, and spray adhesive, are used to repair or replace the spoiled interior surfaces. Automotive fabric includes interior components of vehicles such as headliners, cockpit modules, door panels, automotive seats, flooring, vehicle acoustics, and others. Furthermore, the market is segmented into fabric type, application, vehicle type, and region.

Industrial flooring is a chemical substance that is applied on floor. When dry, these chemical substances turn into hard substances, thereby providing walking surface. Industrial floor offers resistance to abrasion, water, and chemicals. They are waterproof, anti-vibration, and anti-static. In addition, these offer attractive finish to the floor and bare concrete. Industrial flooring is available in various options related to colors, material, and styles, thus increasing their adoption in warehouses, offices, hotels, and houses. They are used across aviation & transportation, manufacturing industries, healthcare facilities, and others. The report on the global industrial flooring market presents a detailed analysis of the trends, future estimations, and thorough study of the market depending on thickness, material, end user industry, and region. The report provides details about the various types of industrial flooring available in the market, which include light duty, medium duty, and heavy duty. The material covered in the study include epoxy, polyaspartic, polyurethane, anhydrite, and others. chemical, food & beverages, healthcare, transportation & aviation, and others are the major end-user industry in the industrial flooring market.

上周，上证综指上涨2.79%，深证成指上涨5.86%，轻工制造指数上涨1.91%，在28 个申万行业中排名第14；轻工制造板块细分行业涨跌幅由高到低分别为：造纸（+9.6%）、家用轻工（+0.87%）、包装印刷（-3.04%）。 个股方面， 晨鸣纸业（+19.94%）,中顺洁柔（+18.4%）,公牛集团（+18.2%）涨幅靠前；环球印务（-13.58%）,海象新材（-12.63%）,海鸥住工（-12.5%）跌幅靠前。新年首周，壁垒坚固的龙头企业及受益于景气度上行的造纸板块迎来较大幅上涨，其中【梦百合】+9.01%、【晨光文具】+7.63%，造纸相关【中顺洁柔】+18.40%、【维达国际】+14.18%、【太阳纸业】+16.42%、【山鹰纸业】+5.94%。

High-performance door is the faster version of standard doors with high-quality design and features to ensure the longevity of the door, efficient operation, and control of the production flow. These doors majorly come in materials such as metal (particularly aluminum and steel), fabric and rubber. Some of the high-performance doors are integrated with IoT features such as remote control for easy access and easy handling of doors. Moreover, there are several advantages of using highperformance doors, which include energy and operational savings, quick and efficient performance, supports the streamlining of processes, long-lasting performance, security and safety along with minimal maintenance. Also, some of the advanced features in these doors enhance their demand compared to conventional doors. For instance, certain high-performance doors can also be equipped with insulation curtains that can limit condensation and ice-build-up. Furthermore, few doors are also wind-resistant, and this feature is essential in keeping away cold winds from affecting the warm areas. The maintenance of highperformance doors is also easy as these doors are made of PVC curtains, and stainless-steel side covers are made to withstand the heavy use of cleaning agents. Some of the major characteristics of high-performance doors are as follows:

Home décor products such as furniture and textiles are deployed across various settings, including spa, office, clean room, restaurants, camping, bedroom, outdoor, library, and stores. The home décor products include furniture, home textiles, and floor coverings. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. For the purpose of analysis, the global home decor market is segmented into product type, income group, price point, distribution channel, and region. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, ecommerce, and others. By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.