关税短期扰动不改长期竞争力，关注内需配置机会

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Viewpoints - The recent fluctuations in US-China tariff policies have short-term impacts on most export chains and electronic cigarettes, but the long-term competitiveness of Chinese manufacturing remains strong [2] - The report highlights opportunities in domestic demand, particularly in the home furnishing and consumer sectors, if domestic support measures are strengthened [2] Summary by Sections Home Furnishing - The report anticipates a recovery in home furnishing orders due to promotional events and government subsidies, with many companies currently valued at historical lows [4] - Key companies to watch include custom furniture leaders such as Oppein Home, Sophia, and Zhijia Home, as well as soft furniture leaders like Mousse and Kuka [4] Paper and Packaging - As of April 3, 2025, various paper prices have shown slight declines, with double glue paper at 5425 CNY/ton, copper plate paper at 5820 CNY/ton, and box board paper at 3556.6 CNY/ton [4][46] - The report recommends companies with integrated wood-pulp-paper operations and those with strong domestic sales expectations, such as Sun Paper and Huawang Technology [4][61] Light Industry Consumption - The report notes a positive performance from companies like Kangnai Optical, which reported a revenue increase of 17.11% year-on-year [4] - It suggests focusing on cultural product leaders like Morning Glory and new consumption trends in toys and personal care [4] Export Chain - The report discusses the impact of new tariffs on imports from Vietnam, Thailand, and other Southeast Asian countries, with tariffs reaching as high as 49% [4][6] - Companies with strong operational momentum and profitability are highlighted, including Zhejiang Ziran and Hars [6] New Tobacco Products - The report mentions the impact of increased tariffs on electronic cigarettes, particularly those produced in Indonesia, with a new tariff of 32% [4] - It suggests monitoring companies like Smoore International, which have strong partnerships and product advantages in the new tobacco market [4] Textile and Apparel - The report indicates that the textile and apparel sector has also been affected by new tariffs, with significant increases for imports from China and Southeast Asia [4] - Key brands to watch include Hai Lan Home and Anta, which are expected to mitigate tariff impacts through cost management [4]