AI眼镜关注新品催化，优质白马进入价值区间

Investment Rating - The report maintains a positive outlook on the light industry sector, particularly highlighting opportunities in AI glasses and export-oriented companies [2][3]. Core Insights - The report emphasizes the recent launch of the next-generation smart glasses by Meta in collaboration with Essilor, suggesting a growing trend in AI glasses that could benefit companies like Mingyue Lens and Kangnait Optical [3]. - It notes a decline in exports of certain plastic products due to tariffs, while highlighting the strong performance of Vietnamese exports, indicating a shift in competitive dynamics [2][3]. - The report suggests that many blue-chip stocks are now in a value investment range, recommending companies such as Sun Paper, Morning Glory, and Yutong Technology for potential investment [2]. Summary by Sections Light Industry Consumption - The report discusses the significant sales growth during the 618 shopping festival, with total e-commerce sales reaching 855.6 billion yuan, a 15.2% increase year-on-year [3]. - It highlights the performance of personal care products, with a notable increase in sales for domestic brands [3]. Home Furnishing - The report indicates that the real estate sector remains under pressure, with residential construction area down 22% year-on-year in May, but retail sales in the furniture sector showed a strong increase of 25.6% [6][34]. - It recommends focusing on leading companies in the customized furniture sector, such as Oppein Home and Sophia, which are expected to benefit from industry improvements [6]. Paper and Packaging - The report notes that prices for various paper products have remained stable or decreased slightly, with boxboard prices down 16.6 yuan per ton [48]. - It highlights the ongoing challenges in the paper industry, with revenue and profit margins showing a decline in early 2025 [61]. Export Chain - The report points out that exports of certain plastic products have declined due to high tariffs, while Vietnamese exports have increased by 17% [8]. - It suggests that companies with a global supply chain layout are likely to maintain order resilience and long-term competitiveness [8]. New Tobacco Products - The report mentions the potential for new tobacco products to gain traction in new markets, particularly with the introduction of HNB products [8]. Textile and Apparel - The textile and apparel sector saw a slight increase in exports, with a total of 26.21 billion USD in May, marking a 0.6% year-on-year growth [10]. - The report recommends focusing on leading apparel brands such as HLA and Anta for investment opportunities [10].