新消费表现或分化，拥抱龙头，挖掘低估标的

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a potential divergence in new consumption performance, suggesting a focus on leading companies and undervalued targets [2][3] - The report emphasizes the importance of supply chain digitalization as a core barrier in the mother and baby industry, indicating a shift towards a "content + community" ecosystem [4][5] Summary by Sections Pulp and Paper - Supply chain disruptions continue, with pulp prices recovering rapidly; needle pulp prices are at $740 (down $30 month-on-month) and unbleached kraft pulp at $620 (down $30 month-on-month) [2] - Short-term pulp prices are expected to remain low due to ongoing pressure from downstream demand [2] - Recommendations include focusing on companies like Sun Paper and Xianhe Shares, which are improving profitability [2] Exports - April export data shows a stable overall performance with a year-on-year increase of 8.1%, but regional disparities are evident [2] - Exports to the U.S. decreased by 21%, while exports to ASEAN increased by 20.8% [2] - Companies with strong global layouts and those experiencing short-term performance relief are recommended [2] New Tobacco - Increased scrutiny from the FDA on illegal e-cigarette products, with a warning issued to 24 importers [3] - The report suggests that compliance suppliers will become increasingly scarce, benefiting compliant brands [3] Home Furnishing - Stabilization in second-hand housing prices, with 52% of key city neighborhoods seeing price increases [3] - Recommendations include companies like Gujia Home and Mousse Shares, which are expected to benefit from updated demand [3] Consumer Goods - Strong growth in pet brands, with Petty Co. achieving over 12 million in GMV during the 618 shopping period [3] - The report notes the upcoming IPO of 52TOYS, indicating a significant growth opportunity in the trendy toy sector [3] Packaging - Companies like Yongxin Shares and Yutong Technology are experiencing steady growth and improved profitability [3] - The report anticipates a recovery in sales growth in Q2, driven by new product launches and declining raw material prices [3] Two-Wheelers - Ninebot's sales during the 618 pre-sale reached 210 million, showing a year-on-year increase of 641% [3] - Aima Technology's stock incentive plan reflects confidence in future growth [3] Jewelry - Chao Hong Ji is planning an H-share issuance to enhance its global strategy [4] - Recommendations include brands like Lao Pu Gold and Chao Hong Ji, which are expected to see growth despite market challenges [4] Cross-Border E-commerce - Increased pressure on low-value package tariffs discussed at the G7 meeting, potentially raising costs for small cross-border sellers [4] - TikTok's new policies in Europe may provide growth opportunities for cross-border sellers [4] IP Retail - Pop Mart's jewelry brand is set to open its first store in Shanghai, indicating a new growth avenue [4] - Miniso's Q1 revenue reached 4.43 billion, with significant growth in overseas markets [4] Mother and Baby - The industry is transitioning towards a more integrated ecosystem, focusing on supply chain digitalization [4] - Companies like Kidswant and Goodbaby are highlighted as leaders in this transformation [4] E-commerce - Hui Tong Da's self-owned brand strategy is showing promising results, with significant growth in orders [5] - The report notes the strategic partnership between Jiao Ge Peng You and Baidu, enhancing their AI-driven live commerce strategy [5] Electrical and Lighting - Bull Group is launching new products in line with new national standards for charging piles, indicating a focus on quality and safety [5] - Op Lighting is exploring new applications for LED lighting in agriculture [5] Tools - The report indicates a recovery in profit expectations, although global demand remains weak [5] - Companies like Juxing Technology are recommended as they enhance production capabilities [5]