轻工制造、纺织服饰行业6月投资策略展望：国补拉动需求、关税仍有扰动，关注电子烟、AI眼镜投资机会

Industry Overview - The furniture retail sector in China saw a significant year-on-year growth of 20.20% in the first four months, with total retail sales amounting to 583.40 billion yuan [17][51] - The furniture manufacturing industry reported a revenue of 197.35 billion yuan, reflecting a decline of 3.60% year-on-year [17] - The consumption upgrade policy, particularly the "old-for-new" program, has positively impacted sales, with over 5.76 million home renovation orders recorded [51] Market Performance - From May 6 to May 30, the light industry sector outperformed the CSI 300 index by 2.97 percentage points, with a growth of 4.82% compared to the index's 1.85% [46] - The textile and apparel sector also outperformed the CSI 300 index by 4.18 percentage points, achieving a growth of 6.03% [50] Strategic Recommendations - Companies such as Oppein Home, Sophia, and Petty have been rated as "Buy" due to their strong market positions and growth potential [2][56] - The report maintains a "Neutral" rating for the light industry and textile sectors, indicating a cautious but optimistic outlook [56] Trade and Regulatory Environment - Recent developments in US-China trade relations have led to a temporary easing of tariff risks, with the US extending certain tariff exemptions until August 2025 [54] - The global market for new tobacco products, including e-cigarettes, is experiencing growth, with sales increasing by 12.7% for heated tobacco and 9.5% for e-cigarettes [55] Emerging Opportunities - The recent launch of AI glasses, such as the Thunder X3 Pro and Liweike View AI glasses, presents potential investment opportunities in the tech sector [56] - The tightening of regulations on e-cigarettes in China may benefit compliant new tobacco companies, creating a favorable environment for growth [55]