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The sector reviewed last week. This week, the light manufacturing sector rose 0.58%, overall outperformed the market, and entertainment products rose the most; this week's analog portfolio rose 0.02%; this week, the paper sector valuation rose, furniture, packaging and printing sector valuation down.
[Company research] Sweden IKEA Group was founded in Sweden in 1943, has become the world's largest furniture and household goods business, sales mainly include seat / sofa series, office supplies, bedroom series, kitchen series, lighting series, textiles, cookware series, About 10,000 products, such as house storage series and children's product series. According to the characteristics of IKEA's development history, it can be divided into three stages: 1) The formation of business model from 1943 to 1972. During this period, IKEA formed the business model and core concepts of the company, such as focusing on product design, producing homes suitable for the needs of the public, maintaining low cost and low selling prices, and one-stop shopping. 2) The 1973-1998 model is expanding globally. In 1973, IKEA's sales in seven stores in Sweden, Norway and Denmark reached 40 million euros, 80% of which came from Sweden. Sweden's domestic market size limited the company's growth, and the company began its global expansion. In 1998, the number of stores increased to 26. Realized retail sales of 6.5 billion euros. 3) Global expansion and model improvement since 1999. With the expansion of IKEA's scale, the company's supply chain and internal management problems have constrained the growth of the company. By strengthening the supply chain optimization and improving the internal processes, IKEA's operating revenue in 2015 reached 32.7 billion euros. Throughout the development of IKEA for more than 70 years, it can be clearly seen that although the company's business involves all aspects of the home industry chain, the core business has always focused on the two ends of the smile curve – it is also about to outsource the production of low value-added links and enhance the home brand. , product design, retail channels and the competitiveness of supply chain management. 
[Core Portfolio] The market maintains a volatile trend, and the varieties with strong performance and high certainty of growth stand out. It is recommended to look for the stable growth in the light industry, the integration of the industry and the rational layout of the transformation, and the standard of safety margin.
1) Around the high-growth custom home and booming paper industry, we continue to recommend Sun Paper with certain growth attributes (good quality industry leading, new category growth, paper price cost dividend in the second half), Sofia ( The outstanding stocks that have been verified by the market have maintained a high-speed growth of more than 30% for a long time.) Hao Laike (has reached the turning point of the improvement of scale efficiency, and the expansion of marketing network drives the two-way boost of income and profit);
2) Selecting the elasticity target that contributes to excess returns from the perspective of valuation safety margin, recommend Yueyang Lin Paper (the ability to take the order has been verified, the future performance is high growth), Origen (low valuation, Red Bull growth rate bottoming rebound, enter The channel of profit and valuation twins), Daya Technology (equity incentives promote continuous optimization of internal governance structure, great potential for performance improvement), Xilinmen (optimistic about the company's own brand mattress marketing channel reform and the future growth of diversified development of large household categories Sex).
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