11 月地产新房销售仍稳健，二手房交易延续向好，竣工单月增速延续为正，支撑家居中长期消费需求，后疫情时代前期积压消费需求有望逐步回补，建议关注经营稳健、抗风险能力强的龙头家居企业；此外，海外疫情催化下，宅经济兴起，海外家居消费需求提升但本土产能恢复有限，带动我国家居出口增长，建议关注订单向好的出口型家居企业。日用品必选需求仍稳健，建议关注生活用纸龙头；文化办公用品需求韧性仍强，阳光采购推进利好文具龙头企业。

展望明 年，轻工 多数细分赛道处于景气度提升趋势或高态中，估值横向对比 具 备性价比 （估值分位：轻工多数细板块在 70%以下 vs沪深 300为 99%vs上证指数 74%），配置价值优。

2020 年5-10 月住宅销售面积连续六月同比正增长，10 月住宅销售面积同比增速提升至16.0%；10 月竣工数据转正，单月增长8.5%。由于2017Q4 至今地产销售与竣工数据持续错配，我们持续看好2020 年下半年及2021 年的竣工改善。

前三季度行业收入及净利润均实现正增长，预计全年有望延续。2020 年前三季度，轻工板块实现营业收入3,703 亿元，同比增长4%；归母净利润232 亿元，同比增长6%。在有疫情因素影响的情况下，今年前三季度行业营业收入及归母净利润增速较去年同期的0.25%和-17%有明显改善。预计行业全年收入及利润有望实现正增长。

Q3 国内消费继续复苏，C 端家居、生活纸品、文具等领域均持续恢复，此外，轻工出口链在Q2 分化（居家办公受益）背景下，Q3 双重受益防疫+产能替代，出口板块全面修复，Q4 料修复趋势依旧。

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:

集成灶火爆，但较618增速略减；规模大增长，均价V型波动。

消费市场火爆，厨热市场高涨 。规模正增长，均价趋势较稳定。

疫后全球经济向上修复、人民币温和升值，持续看好造纸周期向上；10 月竣工增速回正、销售表现持续亮眼，后周期家居景气延续；消费电子、 办公集采景气不改，推荐布局底部优质标的。

投资建议：目前工程端商品住宅开工、销售、竣工情况逐月修复，10 月商品住宅销售同比显著增长，竣工同比略有下降，但短期疫情影响不改长期竣工回暖趋势，根据交房模型20 年竣工仍将持续改善，由于16-18 年精装修开盘套数高增长，结构上未来精装房交付逐渐增加，零售渠道价值回归更需重视。两条思路选股，一是可以享受精装修工程业务高增长红利的企业，二是管理优异、产品、渠道战略布局领先，可以在行业整合期持续成长的公司，重点推荐：【顾家家居】、【志邦家居】、【欧派家居】；关注【敏华控股】、【江山欧派】、【尚品宅配】、【索菲亚】、【好莱客】、【皮阿诺】、【金牌厨柜】、【梦百合】等。