造纸：进口压制&需求淡季导致 2Q 板块景气度下行，静待旺季到来盈利触 底回升。1Q 受原料成本上行+下游需求旺季影响，行业格局改善盈利回升， 浆纸系业绩弹性释放尤为明显。

业绩概览：受20H1低基数影响，21H1轻工板块增速亮眼，实现营收3380.8 亿元（+55.4%），较19 年增长49.7%；实现归母净利润271.9 亿元（+135.8%）， 较19 年增长110.3%。其中家居板块营收+54.5%，较19H1+39.9%；归母净 利润+124%，较19H1+27.6%。造纸板块营收增长36.7%，比19H1+ 35%； 净利润同比增长123%，同比19H1+152.6%。个护板块21H1 年收入同比增长 约9.2%（剔除防疫），净利润同比-30.3%。家居/造纸复合增速均较为亮眼， 个护受去年同期高基数影响表观增速回落，预计下半年明显改善。

美护：爱美客2021年上半年实现营收6.33亿元，同比＋+16L9%; 归母净利润4.25亿元，同比＋+ 188.9%；上半年，溶液类注射产品收 入为4.76亿元，同增230.4%;凝胶类注射产品营收为1.48亿元， 同增57.4%。童颜针获批上市，投资韩国肉毒企业，产品管线持续 扩充，在研产品丰富。 

截至8 月27 日，SW 轻工制造行业146 只个股（不含ST 及B 股）已有119家披露21H1 中期业绩，披露率达81.5%。从现有业绩披露情况看，上半年细分行业龙头业绩增长靓丽，21H1 定制家居龙头欧派家居、金属包装龙头奥瑞金、文具办公用品龙头晨光文具营收分别同增65.1%/41.0%/61.4%至82.00/65.49/76.86 亿元，归母净利分别同增107.0%/221.6%/43.4%至10.12/5.84/6.66 亿元，建议关注中报绩优个股及细分行业龙头。

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。

行情回顾：全周沪深300 指数下跌3.57%，创业板指数下跌4.55%，纺织服装行业指数下跌1.81%，表现强于沪深300 和创业板指数，其中纺织制造板块下跌1.15%，品牌服饰板块下跌2.26%。个股方面，我们覆盖的水星股份和伟星股份等取得了正收益。

定制：前端流量入口优势显著，整装大家居风口已至。整装模式打通单一客户多方需求，将客单价由万元提升至10-20万元，并前置获客端口，乃行业大势所趋。20年市场规模约6799亿，同比增速34%，我们判断该市场尚未饱和，高速成长空间仍存，行业整合在即。定制企业在品牌、交付、产品供应链整合多方能力突出，切入整装赛道优势显著。推荐大家居龙头欧派家居，品类渠道红利仍在的曲美家居/索菲亚/志邦家居/金牌厨柜。

Metal furniture is made up of metal parts and is commonly used in residential and commercial sectors such as homes, hotels, restaurant, offices, and hospitals. Metal furniture includes beds, chairs, tables, and sofas. Furthermore, rapid increase in urbanization and preference toward customized furniture and interior and exterior designing among customers fuel the global metal furniture market growth. For the purpose of analysis, the global metal furniture market is segmented into type, application, distribution channel, and region. On the basis of type, the market is fragmented into bed, sofa, chair, table, and others. By application, it is divided into residential and commercial. By distribution channel it is analyzed across direct distribution, supermarket/hypermarket, specialty stores, and e-commerce.

Plastic furniture is designed using various types of plastics, including polymers, polyvinyl chloride, and polypropylene. Their prolonged durability and economic nature have made them ideal materials to be used in outdoor settings and for indoor purposes. For the purpose of analysis, the report segments the global plastic market based on type, end user, distribution channel, and region. The report covers the details about various types of plastic furniture preferred by consumers such as kitchen furniture, living & dining room furniture, bathroom furniture, and outdoor furniture. In addition, residential and commercial are the major consumers of plastic furniture. Furthermore, the study outlines the details about the sale of plastic furniture through diversified distribution channels, including modern trade, specialty stores, e-commerce, and direct-to-customers. Moreover, the analysis presented in this section elaborates the attractiveness of each region, including North America, Europe, Asia-Pacific, and LAMEA to identify the lucrative market areas for investment.