輕工製造行業：紙漿期貨繼續上漲，多家生活用紙企業發漲價函，維持“強於大市”行業評級
機構：萬聯證券
評級：強大於市
行業核心觀點：
1）造紙：上期所紙漿期貨收於 5563.49 元/噸，繼續上漲。白卡紙、廢紙價格持續反彈。建議關注下游需求回暖、“限塑令”下白卡替代且具有成本優勢和提價權的白卡紙龍頭企業；
2）家居：近期房屋新開工面積、竣工面積、銷售面積累計同比均持續改善。受益於消費升級與精裝房大趨勢，定製家居的需求有望進一步釋放，建議關注定製家居龍頭公司。
3）黃金珠寶：根據國家統計局數據，金銀珠寶社零從 2 月的同比-41.1%恢復到 11 月的+24.80%。短期延後性婚嫁需求的釋放以及上半年疫情導致行業出清，我們繼續看好黃金珠寶龍頭企業。
4）文娛用品：11 月限額以上文化辦公用品零售額同比+11.2%，較10 月基本持平。隨着疫情得到進一步控制，下學期開學目前正在順利進行；下半年辦公文具有望保持良好增長態勢，疊加線下銷售渠道逐漸恢復，看好相關優質文具標的。
投資要點：
行情回顧：上週（12 月 21 日-12 月 25 日）申萬輕工製造指數下跌 2.88%，跑輸上證綜指 2.93 個百分點，在申萬 28 個一級行業指數漲跌幅排第 22。年初至今申萬輕工製造指數上漲14.16%，跑贏上證綜指 2.80 個百分點，在申萬 28 個一級子行業中漲幅排名第 14。二級子板塊方面：上週造紙-2.46%、包裝印刷-4.34%、家用輕工-2.31%、其他輕工製造-4.87%。三級子板塊方面：上週造紙Ⅲ-2.46%、包裝印刷Ⅲ-4.34%、傢俱-2.84%、文娛用品-0.71%、珠寶首飾-6.33%、其他家用輕工-0.02%、其他輕工製造Ⅲ-4.87%。
上市公司重要公吿：歐派家居發佈不提前贖回可轉債公吿；夢百合發佈提前歸還募集資金、贖回實施公吿；蒙娜麗莎發佈增資、解除擔保公吿；勁嘉股份、老鳳祥、公牛集團發佈人事變動公吿；勁嘉股份發佈兩次回購公吿；齊心集團發佈解除質押公吿；尚品宅配發布減持進展公吿；顧家家居發佈董事長收到調查公吿。
行業重要事件：1）噸紙普漲 200-300 元，生活用紙月內第二波漲價潮來襲；2）紙漿期貨漲超 2%，創上市以來新高；3）紙價繼續上調，玖龍多個基地再漲 50-100 元/噸；4）生活用紙漲價潮蔓延 廣西企業全線提價；5）多地紙板廠上調 3%-5%，紙板漲價潮正在形成。
風險因素：疫情反覆、原材料價格大幅波動、行業競爭加劇風險。
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