Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights a significant shift in U.S. tariff policy, with tariffs on Chinese goods raised to 145%, while tariffs on other countries are postponed for 90 days at a 10% rate. This creates a favorable environment for leading companies with global production capabilities and efficient management to capture market share [2] - The report anticipates strong performance in H1 financial reports for leading companies due to preemptive orders driven by tariff disruptions, with specific companies like Craft Home, Yongyi Co., and others being closely monitored for their overseas expansion and low valuations [2] Summary by Sections Light Industry Manufacturing - The report discusses the impact of U.S. tariffs on the light industry manufacturing sector, emphasizing the advantages of companies with global production and local supply chains [2] Paper Industry - The paper market is expected to maintain a fluctuating trend, with cultural paper prices stable and packaging paper prices showing signs of recovery. Companies like Sun Paper and Wuzhou Special Paper are highlighted for their stable profitability and capacity expansion [3] New Tobacco - The report notes that Smoore's Q1 performance is stable, with revenue growth expected despite increased costs. The company is well-positioned to gain market share due to its compliance and overseas production capabilities [4] Home Furnishing - The real estate sector is expected to improve, with leading home furnishing companies like Mousse and Gujia showing better order growth than the industry average. The report suggests that the home furnishing sector is well-positioned for growth due to supportive policies [4] Consumer Goods - The toy industry is experiencing high demand, with significant participation in trade shows and a focus on innovative products. Companies like Pop Mart are expected to perform well with new product launches [5][6] Packaging - Companies like Yongxin Co. and Yutong Technology are noted for their stable operations, with expectations of price stabilization in the metal packaging sector as demand recovers [7] Electrical Lighting - The report highlights the importance of product innovation and channel expansion for companies like Bull Group, which is expected to accelerate its market presence [8] Two-Wheeled Vehicles - Ninebot's market share is increasing, with strong sales figures reported. The report suggests continued growth in the electric bicycle sector driven by government subsidies [9][10] Gold and Jewelry - Rising gold prices are expected to boost sales of premium gold jewelry, with companies like Chaohongji showing positive sales trends [10] Cross-Border E-commerce - The report emphasizes the importance of overseas supply chain layouts for companies like Anker Innovations, which are expected to benefit from tariff advantages [11] Maternal and Child Products - The report notes significant profit growth for Kid King, driven by improved store performance and a focus on live-streaming e-commerce [12] E-commerce - The report discusses the restructuring of rural commercial ecosystems through AI and supply chain integration, with companies like Huitongda leading the way [13] Beauty Products - The report highlights the growth of top beauty brands on platforms like Douyin, with a focus on innovative marketing strategies [14] IP Retail - The report notes improvements in same-store sales for Miniso, driven by supply chain diversification and IP collaborations [14]