1-5 月普遍工程订单增速较快，会导致订单的执行期被拉长，橱柜零售偏弱，但衣柜零售尤其是后进入衣柜企业的订单增长较好，由于去年下半年企业订单和业绩基数都很低，今年价格战减弱，减税影响二季度开始体现，预计不改业绩逐季回暖的趋势。近期产业链也出现一些交房加快的信号，下半年交房改善有望更为明显。

2019 年 1-4 月轻工板块经历了一月份的估值修复，二三月份的主题炒作和估值提升以及四月份的估值回落的过程。展望下半年，我们认为轻工板块的投资主线将从分母驱动向分子驱动过渡，而风格也将从主题向业绩转换。 

我们中信建投轻工大家居团队判断：未来中国在细分消费领域，同样有望诞生出国际化的细分家居消费大公司，为此特地出炉“鹰击海外”系列；敏华控股、顾家家居、曲美家居、美克家居等优秀公司龙头，在产能上，国内外布局，在品牌渠道上，国内外并拓，我们进一步从国际化的视角，看好敏华控股、顾家家居、曲美家居、美克家居等的价值投资潜力。

2018 年轻工行业实现营收 4705.22 亿元，同比增长12.0%；实现归母净利润60.95 亿元，同比下滑28.6%。营收逐季下滑明显，归母净利润增速于18Q2 达到高点后逐季下降，18Q4 转负后19Q1 下滑大幅收窄。

本周我们发布家居数据报告 201905 期《4 月二手房成交高增，家居线上销售活跃》，总的来看，4 月新房和二手房成交增速继续加快，大中城市增速快于全国，3-4 月家居企业的线上成交增长加速，今年地产投资中，建筑工程增速明显加快，显示施工端在加速。市场经过这一轮调整，一些优质个股的估值吸引力增强，仍推荐布局家居和新型烟草双主线。

SKU 众多，下游主要是住宅（占60%+）、商用地产和基建，市场空间广阔（总市场 5000 亿元，其中城镇住宅市场 1134 亿元），规模稳定波动（17 年销量+4%），行业发展趋于成熟，但未来仍有量价齐升动力。2）供给端：产能过剩（产能利用率 70%），产品异质性强、生产壁垒低、具备运输半径，导致格局分散（CR5 不足 5%），然而，消费升级下杂牌被产品力强、服务半径大的龙头品牌替代，供需恶化、成本压力下小企业陆续退出，全装修趋势下地产商倾向于选择头部供应商从而加速龙头扩张，环保政策加码、标准提升、督查日趋严格，迫使落后产能（中小企业或部分区域）大量淘汰，或是转为大厂做 OEM，未来行业集中度加速提升。 

上周沪深300指数下跌2.19%，轻工制造板块指数下跌2.37%，跑输大盘0.18pct，在28个子行业中的涨跌幅排名为第19名。子板块中，文娱用品板块表现较好，上周上涨4.37%。

Buildings account for up to 24% of the greenhouse gas emissions and over 41% of Europe’s primary electricity usage. These numbers are increasing YOY due to the rising aboriginal and migrated population as well as improving living standards. The region is likely to be confronted with an energy shortage in the future, and unfavorable climate changes are quite evident. It has been established with sufficient evidence that the present energy generation and consumption system is not sustainable. There is an urgent need to shift to renewable and sustainable energy sources such as solar energy as well as improve building structures using raw materials and building components such as windows and doors to minimize the heat loss and reduce energy consumption and expenses for space heating.

The market studied has expanded rapidly over the last few years, due to a considerable rise in the number of accidents and thefts, which have led to government mandating the installation of dashcams. Dashboard cameras have evolved from the first cameras installed on police cars in the late 1980s. They were primarily analog cameras that did not have memory cards and recorded on VHS cassettes. The industry transformed drastically in the 1990s, when citizens began to install dashcams and use them to record driving instances. The advancements in technology have led to many improvements in dashcams, such as highquality video output and cost-effectiveness.

今年年初以来（截至4 月30 日收盘），沪深300 指数上涨29.98%，轻工行业上涨23.98%，跑输大盘6.00pct；子板块中，包装印刷板块表现相对较好，跑输大盘0.93pct。