我们不同于市场普遍认知的观点在于盈趣科技并非一家电子烟企业，而是一家创新消费电子与物联网应用场景下的产品孵化企业。公司的业务逻辑类似于实业中的风险投资，通过大量的产品孵化，发现未来能够获得市场认可的爆款产品，并引发业绩成长曲线的突变。我们认为该商业模式有可能被长期打通：1）创新消费电子产品升级的大趋势是经济发展和消费者对功能属性追求提升的产物，该赛道存在较为宽广的扩张边界。2）该业务模式具有较高的客户粘性和进入壁垒。由于深度切入产品前端研发设计，公司可显著提升客户粘性并保持较高的毛利率。其研发人员的长期积累和柔性化产线的建设能力则提升了该细分领域中的竞争优势。

地产新房销售及二手房交易持续向好有望支撑家居H2 消费需求回升，重点推荐经营稳健向好的家居企业顾家家居、志邦家居。文化办公用品需求韧性凸显，秋季开学、阳光采购推进利好文具龙头企业，重点推荐晨光文具、齐心集团。消费电子景气向好催化产业链包装需求，重点推荐裕同科技。文化纸三季度涨价延续，企业盈利有望逐步修复，建议关注太阳纸业。

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。