扫地机以线上为最主流销售渠道，22 年以来扫地机线上销售规模持续下滑影响市场投资者信心，我们在上一篇专题《工业4.0 的扫地机vs 工业2.0 的洗衣机：探究扫地机为什么不放量》中指出市场规模的暂时下滑是由于产品结构的调整，2500 元以上的中高端产品正在加速实现对低端产品的替代。就中高端产品而言，目前在目标用户中渗透率仅8%，提升空间充足，放量的阻力之一在于渠道错配，龙头品牌科沃斯大力发展对中高端价位段具有更高接受度的线下渠道有助于加速行业放量。

家用电器是居民能源消耗的第二大来源，30%的居民碳排放来自于家电，我国作为家电制造和消费大国，家电企业在实现“双碳”目标的过程中作用不容小觑；随着国家低碳、环保政策的不断出台，促进绿色智能家电消费的政策得以逐步落实，绿色消费理念也越来越深入人心，家电企业智能化已经成为行业共识，绿色家电正成为家电领域新一轮消费增长点。

10 月至今A 股轻工板块涨幅榜前五的公司分别为大胜达、美利云、 珠海中富、昇兴股份、创源股份；10 月至今港股轻工板块涨幅榜前五的公司 分别为汇森家居、舍图控股、兴利(香港)控股、设计都会、齐家控股。

Manufacture of textile floor coverings: Carpets, rugs and mats, tiles Manufacture of needle-loom felt floor coverings

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 chairs and seats for offices, workrooms, hotels, restaurants, public and domestic premises Manufacture of chairs and seats for theatres, cinemas and the like Manufacture of sofas, sofa beds and sofa sets Manufacture of garden chairs and seats Manufacture of special furniture for shops: counters, display cases, shelves etc. Manufacture of furniture for churches, schools, restaurants Manufacture of office furniture Manufacture of kitchen furniture

22Q2 家居龙头表现稳健，行业集中度持续提升。21 年下半年以来新房销售持续走弱，对家具行业需求造成短期影响，叠加22 上半年国内局部疫情扰动，行业整体面临一定压力，22H1 行业收入增速为8%，其中22Q2 单季度增速为4%，欧派家居（yoy+13%）、索菲亚（yoy+10%）、顾家家居（yoy+6%）、喜临门（yoy+19%）收入增速继续领跑行业，龙头依旧表现出更强的经营韧性。

Manufacture of chairs and seats for offices, workrooms, hotels, restaurants, public and domestic premises Manufacture of chairs and seats for theatres, cinemas and the like Manufacture of sofas, sofa beds and sofa sets Manufacture of garden chairs and seats Manufacture of special furniture for shops: counters, display cases, shelves etc. Manufacture of furniture for churches, schools, restaurants Manufacture of office furniture Manufacture of kitchen furniture Manufacture of furniture for bedrooms, living rooms, gardens etc. Manufacture of cabinets for sewing machines, televisions etc.

本周HTI 跟踪的六类消费品中，成本指数集体下行，期货端跌幅超 现货端。具体来看，本周包材除纸浆期货上涨1.42%以外，其余多 数下跌，其中铝材现货、期货下跌3.14%/0.61%，塑料现货、期货 下跌3.55%/6.24%，玻璃期货回落1.85%；直接原材料部分，蔬菜 价格大跌，幅度达8.29%，棕榈油价格跌幅较上周明显扩大，现 货、期货分别下跌5.44%和3.97%，鸡肉价格跌超1%，其余包括大 麦、白糖现货，以及大米、大豆和白糖期货涨幅都在1%以内。能 源价格方面，布油指数录得小幅回落， 现货、期货分别下跌 2.39%/2.74%。

轻工制造行业中报综述：营收稳增、盈利同比下降但环比已现改善。 我们选取112 个A 股轻工制造行业上市公司为样本进行季度分析， 1H22 轻工板块营收同比+7.01%，单Q2 营收同比+6.46%，2022 年 以来Q1-Q2 收入增速逐步趋稳；轻工板块归母净利1H22 同比- 40.56%，单Q2 同比-35.43%，增速环比Q1+10.8pct。利润率方面， 虽同比仍有回落， 但环比已现改善，Q2 轻工板块整体毛利率 20.8%，同比-4.2pct、环比+0.83pct；整体归母净利率5.90%，同比- 3.35pct，环比+1.14pct。市场表现来看，轻工制造板块表现略逊于市 场，上半年沪深300 指数上涨1.44%，轻工制造行业指数上涨 1.18%。基金持仓方面，二季度末轻工制造板块持仓占比0.85%，较 Q1 小幅提升0.08pct，配置子板块优选家居，持仓总市值也有所增 长。