轻工制造：出口关税阶段性落地，关注智能眼镜、情绪消费

Investment Rating - The report gives a "Buy" rating for the company Sophia (002572.SZ) based on its strong competitive position and stable profitability [2]. Core Insights - The report highlights the limited impact of the phased implementation of export tariffs by the US on Chinese companies, as many have established overseas production capacities [2][7]. - The report anticipates a price increase in wood pulp in Asia, with broadleaf pulp rising by $20 to $590 per ton, driven by seasonal demand post-Spring Festival [2][4]. - The report emphasizes the growth potential in the smart glasses market, projecting global sales to reach 3.5 million units in 2025, a 230% increase from 2024 [6][7]. Summary by Sections Export Chain - The phased implementation of US tariffs is expected to have a limited effect on export companies due to their established overseas production [2][7]. - The shipping cost indices (CCFI and SCFI) have decreased by 6.0% and 7.3% respectively, indicating a potential for improved profitability in cross-border e-commerce [7]. Paper and Packaging - As of February 7, 2025, the prices for various paper types remained stable, with white card paper increasing by 20 yuan to 4320 yuan per ton [4][46]. - The report notes a 3.9% year-on-year increase in the revenue of the paper and paper products industry for 2024, with a fixed asset investment growth of 18.5% [57][59]. Consumer Goods - The report indicates a significant increase in sales for home appliances and digital products, with sales of home appliances up by 166.4% year-on-year during the Spring Festival [4]. - The report suggests a focus on companies in the home furnishing sector, such as Oppein Home and Sophia, as well as emerging smart home industries [4][6]. Textile and Apparel - The textile and apparel sector showed a stable performance, with a 0.45% year-on-year increase in market transaction volume [10]. - The report recommends monitoring leading brands in the apparel sector, including HLA and Anta, as they are expected to perform well during the sales season [10][24]. Entertainment and Cultural Products - The report notes a 16.7% year-on-year increase in retail sales for sports and entertainment products in December, indicating a recovery in consumer spending [97][100]. - The report highlights the potential for growth in the cultural and creative sectors, particularly for companies like Morning Glory [6][97].