轻工制造行业定期报告：3月浆价再涨小阳春可期，AI催化关注眼镜企业

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3]. Core Insights - The price of Suzano's hardwood pulp is set to increase by $20 per ton in March 2025, indicating a potential recovery in the paper industry supported by rising pulp prices and the upcoming peak season for cultural paper. Recommended companies include Sun Paper [2]. - The demand for AI glasses is expected to accelerate as the National Information Center initiates special testing and standardization for the industry, benefiting downstream lens companies such as Mingyue Lens, Kante Optical, and Doctor Glasses [2]. Summary by Sections 1. Weekly Overview - The light industry sector index decreased by 0.42% from February 17 to February 21, 2025, underperforming against the Shanghai Composite Index, which rose by 1.0% [14]. - Within the sector, the packaging and printing index increased by 0.21%, while the paper index fell by 1.78% [14]. 2. Home Furnishing - In January 2025, the sales revenue of large-scale home furnishing markets reached 109.5 billion yuan, a year-on-year increase of 3.09% [5]. - Companies to watch include custom furniture leaders like Oppein Home, Sophia, and ZB Home, as well as soft furniture leaders like Mu Si and Gu Jia [5]. 3. Paper and Packaging - As of February 21, 2025, the price of double glue paper was 5,425 yuan/ton (+12.5 yuan), and copper plate paper was 5,710 yuan/ton (+110 yuan) [49]. - The report suggests focusing on integrated paper leaders like Sun Paper and Huawang Technology, which are expected to benefit from improved domestic sales and increased dividend ratios [5][60]. 4. Light Industry Consumption - The demand for AI glasses is anticipated to grow, with several models expected to launch in 2025, benefiting companies in the lens and channel sectors [5]. - The report highlights the potential for cultural products related to the IP "Nezha 2," estimating a market scale of 1 billion yuan [5]. 5. Export Chain - In January 2025, U.S. retail sales showed a year-on-year increase of 4.2%, with furniture and home decor stores up by 3.7% [8]. - The report recommends focusing on companies with strong business momentum and profitability, such as Jiayi Co., Jiangxin Home, and Yongyi Co. [8]. 6. New Tobacco Products - The report notes that recent U.S. regulations on e-cigarettes emphasize compliance and youth protection, which may benefit compliant products [7]. - Companies with strong partnerships in e-cigarettes and HNB products, such as Smoore International, are recommended [7]. 7. Textile and Apparel - The report mentions a three-year action plan to optimize the consumption environment, which will enhance quality and brand building in various sectors, including textiles and apparel [7]. - Recommended companies include leading brands like Hailan Home and Anta [7].