2020 年疫情突如其来，企业的正常运行受到干扰，甚至于部分企业长板发挥受到抑制、短板弊端充分暴露，财务指标出现大幅波动。但疫情也是“试金石”，体现在企业应对疫情的能力和效果差异上，分析这些差异为我们提供了一个很好的观察点，有利于理解行业未来发展趋势以及企业胜出的关键要素。

投资逻辑：竣工拐点叠加基数效应带动家居板块后续景气向上，业绩上修叠加估值切换带动戴维斯双击行情。受疫情影响竣工周期后移，有望Q3 开启持续复苏，精装景气度有望至少维持至2021 年Q1，零售因时点处于竣工后景气有望从Q3 开始修复到2021 年Q2，未来2 年维持较好景气度。精装迎来高潮，ToB 竞争进入巷战阶段，因此更看好家居零售赛道的基本面修复。同时，外资认可国内家居龙头地位而持续流入，参考海外龙头收入增速与估值水平，国内龙头在行业景气度向好的背景下，成长性更强，未来估值水平有望与国际龙头逐步接轨。

疫情影响下家具行业出口表现或好于原先市场的悲观预期，头部企业凭借多方面优势充分抵御外部环境的不利冲击，预计中长期市场份额将进一步向龙头集中。

软体家具产业化始于欧美，中国成软体家具主要生产国和消费国。全球软体 家具行业的工业化生产始于二十世纪初的欧洲。进入二十世纪 90 年代，软体 家具行业的制造能力随着全球加工制造技术的进步而大幅提升，市场需求亦不 断扩大。根据意大利米兰轻工业信息中心（CSIL）统计，2017 年全球软体家 具总产值约 737 亿美元。软体家具制造业属于劳动密集型产业，受发达国家劳 动力成本较高等因素的影响，全球软体家具产业正持续向拥有劳动力价格优势 和充足原材料资源的发展中国家转移。目前主要软体家具制造国为中国、美国、 波兰、印度、意大利、德国。2017 年中国软体家具产值约占全球的 46%，软 体家具消费量约占全球的 31%，已成为全球最大的软体家具生产国和消费国。

沙发行业概况：①增速渐稳，结构性机会为主。沙发行业由地产红利下的成长期过渡到消费驱动下的平稳期，20 年规模近700 亿元，短期受益于竣工回暖（20/21 增长10%），长期受益于消费升级的价升、存量置换的量增（更新最频的品类之一），以及品类的结构化升级，增速将高于地产。②格局较好，双龙头正在形成。沙发行业形成明确梯度，主体为区域小企，但顾家/敏华脱颖而出，各以8%+市占率稳居龙头（特别是中高端市场），未来提升集中度空间大（当前CR2 美国32%）。

本周轻工板块上涨，家具板块回调。本周，上证综指上涨2.75%，轻工制造指数上涨2.15%，跑输上证综指0.6%，在申万28 个版块中排名第18。轻工制造板块细分行业涨跌幅由高到低分别为：包装印刷Ⅱ（+4.69%）、造纸Ⅱ（+4.22%）、家用轻工Ⅱ（-0.04%）。上周板块成交量上升1685.43 万手，周环比41.12%。个股方面，浙江永强（+24.74%）、吉宏股份（+24.43%）、*ST 赫美（+23.89%）涨幅靠前；志邦家居（-16.09%）、金牌厨柜（-13.6%）、皮阿诺（-9.65%）跌幅靠前。

基建预期加码叠加部分省份地产政策放松，地产后周期行业有望受益；随着竣工数据改善叠加精装市场红利，工程市场将迎来快速发展，市场份额逐步向龙头集中。疫情对家具行业影响正在逐步减小，随着刚需逐步释放，行业有望重拾增长预期。

The demand for the raised access flooring stems from both new construction and from building undergoing renovation. To decide on the suitable raised access floor system, the specific application of the same is of utmost importance. The commercial buildings, workspaces, data centers, and others will have different requirements with respect to flooring height, load-bearing capacity, and traffic density. The highly industrialized countries of Europe and North Americas such as Germany, France, the UK, the US, and Canada will drive the need for raised access flooring as these industrialized nations seek to increase the productivity and efficiency of their work environment, and reduce costs

The arrangement of definite and planned openings in a building such as windows, doors, louvers, vents, wall panels, skylights, storefronts, curtain walls, or slope- glazed systems, as per the building functionality, is known as fenestration. The fenestration arrangement in any building helps to develop a visual connection between the indoor and outdoor environment, improves the visual appeal of the building, and influences the image and purpose of the built environment or the constructed space. Fenestration is an integral part of building design and considers various aspects such as energy efficiency, aesthetics, and eco-friendly nature of development.

Wall coverings protect the wall surface from accidental marks or scratches, besides imparting an air of quality and grandeur to uncovered walls. They further help in interior décor while customizing it with the help of various colors and patterns. Also, these coverings are cost effective. The two common areas of applications of wall coverings include residential and commercial. Residential wall coverings are mainly used in homes and small businesses to add attractiveness to rooms and to express individual style. Many qualities of wallpaper, including color, texture, and design can drastically change the appearance of any room. Commercial wall coverings are used by interior designers, architects, and to enhance the interiors of offices, restaurants, hotels, hospitals, schools, stores, and many other public spaces. Several types of commercial wall-covering products implement high design, while protecting the walls from scuffs, etc.