关税谈判缓和关注出口链，小米发布首款AI眼镜

Investment Rating - The report maintains an "Outperform" rating for the light industry sector, indicating a positive outlook compared to the broader market [5]. Core Insights - The easing of US-China tariff negotiations is expected to improve sentiment in the export chain, with a focus on companies with global supply chain layouts [4][8]. - Xiaomi's launch of its first AI glasses has generated significant consumer interest, with sales exceeding 10,000 units within 12 hours, highlighting potential investment opportunities in related companies [6][8]. - The report emphasizes the importance of companies in the home furnishing sector, particularly those poised to benefit from industry improvements and consumer demand recovery [6][8]. Summary by Sections Light Industry Manufacturing - The light industry manufacturing sector outperformed the market, with an index increase of 3.64% compared to a 1.95% rise in the CSI 300 index during the week ending June 27, 2025 [14]. - Sub-sectors such as packaging and home goods showed strong performance, with packaging printing up 5.97% and home goods up 3.36% [14]. Home Furnishing - The report notes a narrowing decline in real estate construction and a potential recovery in demand for home furnishings, with companies like Oppein Home and Sophia expected to benefit [6][31]. - Retail sales of furniture showed a significant increase of 25.6% year-on-year in May, although exports declined by 7.8% [35][36]. Paper and Packaging - Prices for various paper products, including double glue paper and white cardboard, have seen a decline, with double glue paper priced at 5,125 CNY/ton [41][47]. - The report highlights the importance of companies like Nine Dragons Paper and Shanying International in the waste paper sector, which are expected to benefit from improved capacity and supply chain management [6][8]. Consumer Goods - The report indicates a strong performance in the consumer goods sector, particularly in personal care products, with companies like Kangnai Optical and Mingyue Lens recommended for investment [6][8]. - The introduction of new products, such as the natural cotton sanitary napkin by Nice Princess, reflects ongoing innovation in the consumer goods market [8]. New Tobacco Products - BAT Japan's launch of the Glo Hilo product is anticipated to drive growth in the heated tobacco market, with a focus on companies like Smoore International that have strong partnerships and product offerings [6][8]. Textile and Apparel - The textile and apparel sector has shown resilience, with a reported revenue increase of 0.6% year-on-year for the first five months of 2025, despite a profit decline of 13.9% [6][23]. - Key brands such as Hailan Home and Bosideng are highlighted as potential investment opportunities within this sector [6][23].