家居板块：家居企业1 月下旬开始密集发布业绩预告/快报，全年及Q4 业绩表现亮眼，其中志邦家居及江山欧派单Q4 收入增速超过40%，金牌厨柜单Q4收入增速接近40%。我们认为地产竣工回暖的趋势已经基本确立造纸板块：关于本轮纸浆价格上涨，我们认为资金面是主要因素。疫情影响下，各国央行采取宽松型货币政策刺激经济，宽裕的流动性和持续贬值的美元，推动大宗商品价格在2020 年3 月以来持续反弹。

家居板块：从1-2 月份的情况来看，家居行业需求明显改善，若剔除去年低基数影响，部分公司仍有30%左右增长，加之近期二手房销量大增，重点公司一季度表现可期。总体而言，家居板块边际改善仍在继续。造纸板块：从库存的情况来看，目前行业整体库存较低，行业整体补库存动作有望延续，对价格体系有明显支撑。从成本角度来看，此次产业链涨价每个环节的传导均较为顺畅，同时规模企业均有较低价格纸浆的库存，故上游涨价将为规模纸企带来确定性的业绩弹性。总体而言，我们对今年的造纸行业较为乐观。

家居板块我们看好：软体家居龙头国内受益于电商渗透率提升，同时也受益于海外需求修复，推荐顾家家居、欧派家居、索菲亚。电子烟板块：我们推荐全球电子蒸汽烟代工龙头&服务较多烟草行业巨头的思摩尔国际。造纸板块方面：涨价函持续发布，浆纸价格有望维持，龙头受益于自备纸浆及产能投放，故推荐太阳纸业。其他投资方向方面：经过疫情洗礼，龙头护城河将进一步加固，建议关注渠道护城河牢固的必选轻工消费品晨光文具、公牛集团。

根据对当前我国煤炭消费结构以及重点行业煤炭消费增速的分析，在“非电煤炭消费零增长”假设下，预计“十四五”期间煤炭消费的平均年增长率接近1.5%。根据国家能源局公告的在建产能，未来几年煤炭消费的增长仍将略慢于产能的增长。因此，当前煤炭价格上涨可能只是一种短期现象，长期内煤价预计将保持在“绿区”以内。

国有资本强力加持，军工行业百花齐放局面再现。基本面持续向好，行业景气度仍将持续。中国普天拟并入中电科，军工国企改革将加速进行。兼顾估值与成长，继续买入稀缺和优质成长标的。

为实现碳达峰 、 碳中和 的目标，几乎所有行业均面临“加”和“减”的变化。“加”是指 “碳中和 任务下的新增需求，而“减”则来自于供给收缩及结构调整。但不同行业的侧重点和受益程度有所不同，整体可以分成三类：（1 ）“加”上有强新增需求的行业，包括电新、新材料、环保等。
（2 ）“加”“减”两端均有所体现的行业，包括电力、有色、煤炭等。（3 ）“减”上反应生产端有结构调整的行业，包括建材、化工、石化、交运、建筑等。建议重点关注新能源及运营、电解铝、碳纤维、钢结构、垃圾焚烧及煤化工龙头的机会。

A piping spool is a fabricated component of the piping system. Pipe spools can be connected with use of bolts, and flanges. Pipe spools are generally made by using components such as flanges, pipe, fittings, and others. Pipe spools are fabricated from number of connections of valves, flanges, and elbows. The global piping system and piping spools market is segmented on the basis of material, end-user, and region. On the basis of material, it is classified into stainless steel, carbon steel, alloy steel, and others. On the basis of end-user, the market is divided into power plants, petroleum refineries, offshore & marine, chemical & fertilizers, and others.

The increasing dominance of innovations in manufacturing and construction, the need for an increasing number of machines, the growing demand for consumer appliances, and forging machines across all geographies have enabled the industry to focus on improvement in productivity and product innovation. The competitive nature of the automotive, aerospace, IT, and defense industries has led to these sectors demanding high-quality, value-added output through efficient design and stronger sealing and pressure-control abilities. APAC-based vendors are modernizing their sealing and joining products, as the entry of large multinational vendors into these regions has made the industry highly competitive.

The board games market is diverse with variety of board games available both for kids and adults. The market offers huge potential owing to the increased adoption of board games across countries. The global board games market is bifurcated into six segments, namely puzzles, tabletop board games, collectible card games, card and dice games, miniature games, and RPG games. Based on themes, the global board games market is divided into educational, strategy and war, fantasy, sports, among others. Board games are normally sold via two prime modes, i.e., retail and online.