轻工制造行业周报：英美烟草发布业绩预告，Glo Hilo 产品反应较好

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - British American Tobacco (BAT) forecasts a revenue growth of 1-2% for H1 2025, with adjusted operating profit expected to increase by 1.5%-2.5% [3][18] - The Glo Hilo product has shown positive market response, with a significant increase in conversion rates in Serbia and expected revenue acceleration in the second half of the year [3][19] - The heated tobacco market is projected to reach approximately $34.463 billion in 2023, with a year-on-year growth of 12.22% [3][23] Summary by Sections Weekly Topic - BAT's H1 2025 performance forecast indicates a slight decline in market share in key markets, but a recovery in the US market with a 10 basis point increase in sales volume and revenue share [3][18] - The Velo product line has seen a market share increase to 29.7%, with double-digit revenue growth, while the Glo Hilo's innovative launch is expected to boost performance in the latter half of the year [3][18] Weekly Market Review - From June 2 to June 6, 2025, the Shanghai Composite Index rose by 1.13%, with the light industry manufacturing sector increasing by 2.18%, ranking 8th among 31 sectors [4][28] - The textile and apparel sector saw a 1.89% increase, ranking 11th among the same sectors [4][28] Key Data Tracking Home Furnishing - In the week of May 25 to June 1, 2025, the transaction area of commercial housing in 30 major cities was 2.1262 million square meters, a 3.25% increase month-on-month [7][36] - The sales area of commercial housing for the first four months of 2025 was 28.3 million square meters, a year-on-year decrease of 2.8% [7][36] Packaging and Paper - As of June 6, 2025, the prices for various paper products showed slight fluctuations, with needle pulp priced at 5977.5 yuan/ton, a decrease of 0.43% [8][48] - The price of waste paper products remained stable, with waste yellow board paper priced at 1478 yuan/ton [8][48] Textile and Apparel - As of June 6, 2025, the cotton price index in China was 14561 yuan/ton, showing a slight decrease of 0.12% [10][10] - In April 2025, the retail sales of clothing and textiles reached 108.8 billion yuan, a year-on-year increase of 2.2% [10][10]