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.

综合涨幅跑赢大盘：截至2021年8月9日，上证综指-0.43%；深证成指+2.47%；轻工制造年内涨幅6.45%，跑赢沪深300。行业细分赛道涨跌幅排序依次为文娱用品（+6.76%）、家居（+4.21%）、造纸（+8.97%）、其他家用轻工（-6.98%）、包装印刷（-0.78%）。

维持对全年消费增速前高后低走势的判断。我们认为后续消费市场有望 延续稳健复苏态势，但仍需关注疫情反复及基数抬高等因素带来的影响；另 外，疫情带来消费习惯变化，看好线上渗透率进一步提升趋势。 

家居板块：7 月地产销售增速出现负增长，竣工单月增速有明显回落但仍较去年保持双位数增长。7 月全国住宅销售面积较2019 年同期下滑0.51%至11517 万平方米，较2020 年同比下降9.45%。1-7 月住宅销售面积累计同比较2020 年增长22.70%，增速出现明显回落，较2019年同期增长16.5%至90598 万平方米。7 月单月全国住宅竣工面积单月同比增长28.83%，增速出现回落，累计竣工同比仍维持双位数高增长。2021 年7 月全国住宅竣工面积较2019 年同期增长12.38%至3871.18 万平方米，较2020 年同比增加28.83%。1-7 月全国住宅竣工累计同比2020 年增长27.2%至30125 万平方米，较2019 年累计同比增长14.22%。

纸品&卫生用品个护：成本端木浆价格从 6 月起逐步回落，目前下游需求仍处淡季并且海外产能逐渐投产，预计此后木浆价格有望继续回调，但整体价格较去年 3Q 仍处高位，中小厂商仍具有成本压力，头部公司成本端受益于木浆低价战略备库，且在 4 月、5 月纷纷发出涨价函，看好头部公司年内利润率的保持，推荐电商运营能力优质的中顺洁柔、维达国际。

【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%。