轻工制造行业日报：出口链：2025M12电子烟+28%，纸箱类出口金额+12%

Investment Rating - The industry is rated as "positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [7]. Core Insights - The report highlights a significant growth trend in the electronic cigarette sector, with an expected increase of 28% in export value by December 2025. Additionally, the corrugated box category is projected to grow by 12% [1][2]. - The paper industry shows a mixed performance, with corrugated boxes achieving double-digit growth (+12%), while the demand for bleached paper and paperboard has slightly declined (-7%). The performance of pulp and paper products remains stable with a minor decrease of -1% [2][6]. - The home furnishings sector is experiencing a notable decline, particularly in spring mattresses, which are under short-term pressure with a decrease of -3%. Other categories such as bathroom fixtures, office furniture, sofas, and PVC flooring are facing significant demand challenges, with declines ranging from -14% to -28% [2][6]. - The report also notes that other categories, including thermal cups and plastic tableware, are experiencing slight declines of -14% and -9%, respectively, while electronic cigarettes continue to show robust growth [2][6]. Summary by Relevant Sections Paper Industry - Corrugated boxes are expected to see a growth of +12% - Bleached paper and paperboard are facing a decline of -7% - Pulp and paper products are stable with a decrease of -1% [2][6] Home Furnishings - Spring mattresses are under pressure with a decline of -3% - Significant declines in demand for bathroom fixtures (-28%), office furniture (-18%), sofas (-15%), and PVC flooring (-14%) [2][6] Other Categories - Electronic cigarettes are projected to grow by +28% - Thermal cups and plastic tableware are experiencing declines of -14% and -9% respectively [2][6]