Home décor products such as furniture and textiles are deployed across various settings, including spa, office, clean room, restaurants, camping, bedroom, outdoor, library, and stores. The home décor products include furniture, home textiles, and floor coverings. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. For the purpose of analysis, the global home decor market is segmented into product type, income group, price point, distribution channel, and region. On the basis of product type, the market is divided into furniture, home textile, and floor covering. Depending on distribution channel, it is segregated into supermarkets and hypermarkets, specialty stores, ecommerce, and others. By income group, it is fragmented into lower-middle income, upper-middle income, and higher income. As per price point, it is categorized into mass and premium. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

上市公司重要公告：顾家家居发布顾家集团股份减持完毕、获得政府补助、顾家集团股票解除质押公告；帝欧家居设立孙公司、江山欧派对外投资；齐心集团解除质押公告。

This report covers the study of the global doors market based on type, material, mechanism, application, and region. Based on type, the market is bifurcated into interior doors and exterior doors. Based on mechanism, the market is divided into swing doors, sliding doors, folding doors, revolving doors, and others. Based on material, the market is divided into metal, wood, glass, plastic, and others. On the basis of application, the market is categorized into sound insulation doors, fire protection doors, moisture resistant & wet room doors, smoke protection doors, radiation protection doors, burglary protection doors, and others.  Region-wise, the global doors market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), and LAMEA (Latin America, Middle-East, and Africa).

家居行业逐步走出疫情影响呈现复苏态势，伴随被压抑的需求释放、地产交付重回改善 通道，预计H2将迎来基本面弹性。考虑到家居行业迈入存量市场和面临渠道变迁，旧的发展 模式瓶颈凸显，更应关注模式创新和新业务拓展成效，看好具备综合性渠道管控能力、强产 品力的家居品牌发展。定制家居推荐欧派家居/索菲亚，建议关注志邦家居；软体家居建议关 注敏华控股/顾家家居。

轻工制造行业中报业绩基本符合预期，造纸Q2盈利回落，家居和印刷包装环比改善，业绩超预期的公司主要集中在境外高端消费回流、出口型企业两类。公司推荐齐心集团、飞亚达（零售组联合覆盖）、太阳纸业、志邦家居、欧派家居。

随着我国新冠肺炎疫情防控和经济社会发展工作的持续推进，轻工消费回补行情值得期待，我们看好竣工小高峰+精装修利好、下半年需求滞后兑现的家具板块，受益全面复学复课和办公集采的文具板块。（1）家具：建议关注江山欧派、海鸥住工、帝欧家居、欧派家居、索菲亚、尚品宅配、志邦家居。（2）文具：建议关注齐心集团、晨光文具。

2020 年1-8 月全国住宅商品房销售面积87200 万平方米，同比下降2.5%，降幅继续收窄，降幅比1-7 月收窄2.5pct。单月数据看，2020 年8 月，全国住宅商品房销售面积13362 万平方米，同比上涨14.7%，单月销售显著改善，地产销售持续向好。

“疫”去春来，回暖可期，静待轻工消费回补行情。建议关注竣工小高峰+精装修利好、下半年需求滞后兑现的家具板块，受益全面复学复课和办公集采的文具板块，以及需求回暖、盈利弹性向好的造纸包装板块。

纵观 20Q2 各板块收入/利润增速：（1）文娱用品 20Q2 分别+12.88% /+17.88%， 增速兑现最为靓丽；（2）包装印刷 20Q2 分别+13.59% /+3.54%，得益于下游消 费需求回暖及原料成本低位，表现优于此前预期；（3）家具20Q2分别下滑1.78% /9.65%，环比 Q1 显著改善，且毛利率、净利率指标已经向上回归；（4）造纸 20Q2 分别+2.33% /-8.95%，出货情况环比 Q1 好转，单位盈利普遍处于较低水 平。疫情期间，包装、必选细分赛道综合表现较为优异。

轻工制造板块行情跑赢大盘，估值重心上移：2020 年初至9 月1 日轻工制造板块上涨24.85%，同期沪深300 上涨18.63%，板块走势跑赢大盘。各子板块中，文娱、家具子版块领涨：文娱上涨33.41%，家具、造纸、包装分别上涨28.83%、26.62%、23.38%。我们测算，截至9 月1 日，轻工制造行业估值水平上涨20.60%，低于同期沪深300 估值涨幅（22.79%）。除文娱用品（-29.12%）外，各子行业估值均有不同程度的涨幅，家具+36.49%、造纸+25.54%、包装印刷+13.75%、其他家用轻工+64.24%。