轻工制造：六问出口链投资机会

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the recent communication between the leaders of China and the United States is expected to ease tariff issues, which could positively impact the export chain [3] - The export chain is anticipated to benefit from improved earnings per share (EPS) and valuation recovery, particularly in the first half of 2025 [3][5] - The report emphasizes the importance of focusing on companies with a well-established global supply chain and those with earnings resilience [3][8] Summary by Sections 1. Export Chain Layout - The report notes that core companies in the export industry have shown strong stock performance, with some high-quality stocks breaking previous highs due to favorable earnings and order trends [3] 2. Export Chain Prosperity - Overseas employment has exceeded expectations, with U.S. existing home sales showing a year-on-year increase of 5.6% and 6.1% in October and November respectively [4] 3. Export Chain Valuation - The investment opportunities in the export chain are primarily driven by volatility, with a significant focus on EPS realization and diminishing valuation pressure due to ongoing tariff negotiations [5] 4. Funding Structure of the Export Chain - There is a growing consensus on the funding structure, with a noticeable performance gap between export and domestic demand, indicating a favorable outlook for many export-oriented companies [6] 5. Key Companies to Watch - Companies with strong overseas layouts include Yongyi Co., Jiangxin Home, and Gongchuang Turf, while those with earnings resilience include Jiayi Co. and Zhejiang Ziran [8] 6. Future Observation Points - Key observation points include the substantive tariff negotiations in Q1 and the ongoing tracking of overseas economic conditions and order expectations for 2025 [9]