The hottest packaging continues to linger at the b

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Packaging continues to hover at the bottom of the wonderful paper industry. The first quarterly report of the industry is summarized as follows: packaging growth is stable; Furniture demand expands with the rebound of real estate; The competition for household paper has intensified and is expected to change. Finally, after the basic disclosure of the quarterly report of light industry manufacturing 1, the information presented by such a system that the packaging sub industry is relatively beautiful will be more timely and realistic, and the growth of revenue and net profit will accelerate; The furniture sector benefited from the rebound of downstream real estate transaction volume, and the sales revenue and profit in the first quarter all recovered; The profits of the paper industry sector are still hovering at the bottom. The profits of the companies with a high proportion of self-made pulp among the enterprises have increased rapidly, and the performance of other companies has even declined year-on-year. Finally, it is worth mentioning that the household paper industry, from the production capacity launch progress in 2012, 2013 will be a year of intensified competition. In the first quarter, the income growth of medium-sized enterprises in the industry slowed down. Although the profits still maintain stable growth, we believe that the slowdown in income is a negative signal, The market expects negative changes

reiterate our view: over packaging, low papermaking, furniture is adjusted to standard configuration because the implementation of the national five articles is lower than expected. From the perspective of the first quarter report, it basically conforms to the view of the early stage. We still recommend that investors exceed the packaging and printing sector with high scenery and still recommend low allocation paper-making enterprises. In the first quarter, the flexible thinking ends. From the perspective of the expected increase in the interim report of paper companies, the operating pressure is still large. Finally, as the implementation strength and the decline in transaction volume of the five local real estate countries are lower than the early expectations, we adjust the furniture industry to standard configuration and suggest paying attention to the customized wardrobe sub industry

according to the forecast of the enterprise's interim report, the performance outlook of the downstream furniture industry chain of packaging and printing and real estate is still good. We further sorted out the expectation of Companies in the industry for the interim report, as shown in Table 1. From the perspective of enterprise performance, packaging enterprises will still maintain high-speed growth in the second quarter. On the other hand, jiaanyang is an important base in the province. Due to the large increase in real estate turnover in the first quarter, it is expected to maintain rapid growth in the first half of the year

the investment strategy can be based on the national standard: it is recommended to pay attention to the companies with accelerated growth or high growth in the second quarter, and treat the household paper sub industry with caution

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