重视三季报业绩，新消费估值切换可期

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of Q3 performance, indicating a potential valuation shift in the new consumption sector [2] - The report highlights various sectors including paper manufacturing, exports, new tobacco, smart glasses, home furnishings, gold and jewelry, two-wheelers, pets, cross-border e-commerce, IP retail, and maternal and child products, each with specific insights and recommendations [2][3][4][5] Summary by Relevant Sections Paper Manufacturing - Overseas pulp mills continue to suspend operations, maintaining strong pulp prices. The report suggests monitoring companies like Sun Paper, Xianhe Co., and Nine Dragons Paper for potential recovery in cultural paper prices [2][3] Exports - The report notes renewed tariff disputes and emphasizes the importance of export leaders with sufficient overseas capacity. Companies like Craft Home and Yongyi Holdings are highlighted for their global layout [2][3] New Tobacco - HILO's entry into the European market is noted, with expectations for significant growth in Italy. The report suggests monitoring companies like Smoore International and China Tobacco Hong Kong [2][3] Smart Glasses - Meta's new product is experiencing high demand, indicating a potential breakthrough for the smart glasses industry. Companies like KANAT and Mingyue Optical are recommended for investment [2][3] Home Furnishings - The report indicates a weakening market in October, with expectations for further deterioration in the housing market. Companies like Gujia and Midea are suggested for their stable cash flow [2][3] Gold and Jewelry - The report notes strong sales during the National Day holiday, with brands like Chow Tai Fook expected to raise prices. Companies like Lao Pu Gold and Chow Sang Sang are highlighted for their growth potential [2][3] Two-Wheelers - Taotao Industry is projected to see significant profit growth, driven by electric low-speed vehicles. Companies like Yadea and Aima Technology are recommended for their market share potential [2][3] Pets - The report highlights strong sales performance during the National Day holiday, with brands like Desire and Frigat showing significant growth. Companies like Petty and Zhongchong are suggested for their competitive advantages [2][3] Cross-Border E-commerce - The report discusses the Amazon fall promotion and the increasing dominance of top sellers. Companies like Anker Innovations and Jihong Holdings are recommended for their global strategies [2][3] IP Retail - MINISO's new store format and Pop Mart's successful Halloween blind box sales are noted as trends in the retail sector. Both companies are suggested for their innovative approaches [2][3] Maternal and Child Products - The report emphasizes the deepening channel transformation in the maternal and child industry, with companies like Kidswant and Aiyingshi leading the way [2][3]