轻工制造行业周报：IQOS正式入美，泡泡IP明星化，老铺&润本高景气延续，AI端侧持续迎来催化，加强低位价值个股布局

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights the official launch of IQOS in the US, with PMI aiming for a 10% market share by 2030. The pricing for the device is set at $60 and $8 for the tobacco sticks [4] - The report emphasizes the strong growth potential in various sectors, including paper, home furnishings, consumer goods, and AI-driven products, indicating a favorable outlook for companies like Xianhe Co., Sun Paper, and others [2][4] - The report notes that the AI mattress market is expected to reach $1.8 billion by 2024, with significant consumer interest in AI-driven sleep solutions [2] - The report discusses the impressive performance of Pop Mart, which achieved a revenue of 13.038 billion yuan in 2024, marking a year-on-year increase of 106.9% [4] Summary by Sections Pulp and Paper - April pulp prices are expected to rise, with Suzano announcing a $20 increase in Asia and a $60 increase in Europe and America. This is anticipated to improve profitability for companies like Xianhe Co. and others [2] Home Furnishings - AI sleep technology is rapidly developing, with leading companies like Mousse launching new AI smart mattresses that significantly enhance sleep quality [2] Consumer Goods - New products from Runben are anticipated to perform well, and the AI toy market is diversifying with innovative offerings [2] Two-Wheelers - Yadea and Luyuan are expected to recover in 2025, with Yadea projecting a 60% increase in sales in Q1 2025 [3] Electrical Appliances - Bull Group is actively innovating in products and channels, maintaining steady growth in revenue [3] Beauty and Personal Care - Mao Geping reported a revenue of 3.9 billion yuan in 2024, with a focus on high-quality growth and international expansion [4] Gold and Jewelry - The report anticipates continued high growth for brands like Laopu Gold and Chao Hong Ji, despite overall industry challenges [4] IP Retail - Pop Mart's revenue growth is driven by its strong IP strategy, with significant increases in both domestic and international markets [4] New Tobacco Products - The introduction of IQOS in the US is a significant development, with expectations for market share growth [4] Cross-Border E-commerce - Companies like Anker Innovations and others are expected to benefit from their strong operational capabilities in the evolving cross-border e-commerce landscape [5]