3 月，国内家具零售延续增长态势，对外出口增长也超出市场预期。从渠道端数据来看，国内家具、建材行业景气度回升明显，需求释放持续回暖。我们认为，家居行业315 大促，系支撑国内零售数据持续好转的重要因素。而对于家居企业而言，由于终端阶段与业绩确认之间存在一定滞后期，因此一季报并不能完全体现2、3 月家居消费回暖，对家居企业带来的业绩改善成果。我们还是维持，对于今年Q2 家居板块业绩环比继续改善的判断。另一方面，从地产数据上看，Q1 商品房销售面积同比增长1.40%，实现转正，竣工面积延续良好增长态势。我们认为，地产数据侧的持续好转，尤其是销售数据实现增长，对于支撑家居板块估值中枢抬升有积极作用。同时，也将为后续家居产品需求奠定良好基础。我们看好Q2，家居板块整体迎来估值与业绩的“戴维斯双击”，建议关注更具业绩确定性的头部家居企业，重点推荐：欧派家居、索菲亚、顾家家居。

基金轻工配置比例下滑。截至23Q1末，基金对轻工板块的配置比例为 0.71%，环比减少0.12pcts，同比减少 0.34pcts。轻工板块基金持仓占比小幅下滑，持仓仍位于低配区间。造纸/包装印刷/家用轻工配置比例分别为 0.19%/0.06%/0.45%，环比分别+0.01pcts/-0.013pcts/-0.122pcts，包装印刷与家用轻工呈下降趋势。

Hair wigs and toupées are used to conceal hair thinning, pattern baldness, bald spots, and hair loss along the hairline. They are used to cover either the entire head or partial portions. On the contrary, hair extensions are used to increase the volume and/or length of the hair. Hair wigs and extensions can be made by using human hair or synthetic fibers that resemble human hair. Currently, the demand for multi-colored and themed wigs for events such as Halloween and cosplays is high.

Cosplay is mainly considered an act of dressing up related to a specific character or concept. Individuals who conduct or enact these characters regularly are known as cosplayers. These cosplayers get highly involved in the character, go above and beyond the role, and conduct a roleplay as per the desired character and its respective gestures and mannerisms.

A carpeted floor is a textile floor covering consisting of an upper layer of the pile that is attached to a backing. The word carpet is often interchangeably used with rugs. However, these two differ significantly. A carpet is a soft floor covering that is typically used in heavy and low-traffic areas. It refers to wall-to-wall coverage of the area and lasts for 10-15 years. However, rugs are not bigger than the size of a room. Carpets are used for various purposes, including insulating a cold tile or concrete flooring, making the floor a comfortable place to sit in, reducing the noise while walking, particularly in high-traffic areas, or decorating a place. Carpet flooring provides safety as they are slip-resistant, sound-absorbent and acts as a thermal insulator.

地产向好&需求复苏，家居龙头有望取得亮眼表现。政策支持&预期改善&需求回暖，地产端有望持续向好：竣工方面，前期开发商囤积大量未完工项目，保交楼将促进完工，竣工好转将支撑家居需求；销售方面，春节后地产销售持续改善，截至3 月30 日，30 大中城市商品房成交套数及面积累计分别同比增长35.2%、38.19%。疫后客流显著复苏，延期需求持续释放，家居龙头信心十足，均对23 年设定乐观目标，且积极推动营销策划，全年有望实现亮眼表现。315 反馈来看，定制龙头前端普遍增长约20%，有望带动Q2 报表端实现改善。2023 年1~2 月，社零总额同比增长3.5%，家具类零售额同比增长5.2%。

终端持续去库存，23 年纺织服装与服饰业有望迎来向上复苏拐点。当前纺织服装与服饰业利润总额处于低位，行业库存已经连续下降6 个月，属于典型的主动去库阶段。22 年行业固定资产投资完成额同比上升30.8%，下游服装业出口中枢上升，预计23 年即将迎来纺织服装与服饰业的向上复苏拐点。终端服装消费复苏，预计二季度有望传导至数码印花设备端。根据央视网报道，23 年春节以来杭州服装批发市场订单进入供不应求状态。终端需求上升将最先传导至墨水端，我们预计一季度数码印花使用的墨水出货量有望出现改善，墨水端复苏先行，随后印花厂商产生新增设备需求，预计二季度数码印花设备的需求将逐步释放。