包装纸企再发涨价函，第三批国补资金下达

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3] Core Views - The packaging paper industry has announced price increases, with major companies like Nine Dragons Paper and Jiangxi Lee & Man Paper Manufacturing planning to raise prices by 30 CNY/ton starting August 1 [2][4] - The report highlights the potential recovery in the smart phone market, with expectations of improved sales in the second half of the year due to new product launches and government subsidies [6][12] - The report emphasizes the positive performance of the light industry sector, which outperformed the market with a 1.84% increase in the industry index compared to a 1.69% increase in the CSI 300 index [12] Summary by Sections 1. Home Furnishing - As of July 16, 2025, 280 million people have applied for the old-for-new consumer goods subsidy, driving sales over 1.6 trillion CNY [4] - The third batch of 690 billion CNY in special government bonds for consumer goods is being distributed, which is expected to benefit leading home furnishing companies [4][6] 2. Paper and Packaging - As of July 25, 2025, prices for various paper types have shown mixed trends, with double glue paper at 5012.5 CNY/ton (down 87.5 CNY), and corrugated paper at 2513.75 CNY/ton (down 1.25 CNY) [4][6] - The report suggests focusing on companies with integrated forest-pulp-paper operations and those with strong domestic sales expectations [4][6] 3. Light Consumer Goods - The report notes that the new product from the brand "Jieting" achieved top sales during the 618 shopping festival, indicating strong market demand [6] - Recommendations include companies in the oral care sector and those benefiting from the newborn policy [6] 4. Export Chain - Vietnam's exports in June reached 39.5 billion USD, showing a year-on-year increase of 16.4% [6] - Companies with overseas production capacity are expected to maintain order advantages [6] 5. New Tobacco Products - The report highlights the U.S. FDA's crackdown on illegal e-cigarettes, which may benefit compliant companies [6] - The introduction of HNB products by international tobacco leaders is expected to boost sales in new regions [6] 6. Textile and Apparel - The textile and apparel sector has shown resilience, with companies like Jiejia and Wanlima making significant progress in their respective markets [6][12] - The report suggests focusing on companies with international production capabilities and strong brand partnerships [6]