2013 interim investment strategy report of the hot

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Medium term investment strategy report of paper and light industry in 2013

the supply and demand of traditional paper industry is severe. Household paper grasps the consumption upgrading

subject to the overall capacity of the industry. From the perspective of users, it is difficult for traditional paper industry to have more than expected performance support and lack of subjective investment opportunities. The fast-moving consumer goods attribute of household paper determines that its demand is rigid, and the relationship between supply and demand is relatively stable. At the same time, the upgrading of consumption will bring about the improvement of product structure, and the large volume of absorbent sanitary products such as diapers will also benefit the leading enterprises of household paper. As the traditional off-season in the third quarter, the household paper market and the sound field with no oil pump operation will operate smoothly, and the downstream demand is expected to gradually rebound in the fourth quarter; From the perspective of trend, under the background of a slight rebound in raw material prices, consumption upgrading is still the main theme in the second half of the year. Leading enterprises will fully benefit from their brand, channel and layout advantages, and give a buy rating to leading household paper enterprises

the downstream demand stabilizes gradually, and the packaging leader continues to lead the industry.

recently, the price of packaging paper and plastic particles has fluctuated lower, and the raw material cost pressure of packaging enterprises is small in the short term. At the same time, the downstream demand, which is most closely related to the investment income of packaging enterprises, has also gradually come out of the trough: the growth of food and beverage and household chemical products has continued to remain stable, the prosperity of the consumer electronics industry has continued to improve, and the growth rate of household appliances has also shown an overall upward trend

fundamentals and events "The combination of China Hengrui's open driving portfolio has significantly outperformed the industry index

while grasping the fundamental trend of the industry and the company, it is also possible to explore from the perspectives of mergers and acquisitions, large and small non reduction, equity incentive and equity pledge, which may directly make it impossible to detect the impact of event driving factors on investment income, and based on this, seven listed companies were selected as industry event driven portfolios. As of the close of June 17, at the beginning of the year So far, the cumulative absolute return of the portfolio has reached 19.49%, significantly outperforming the market and industry indexes

investment main line in the second half of 2013

the investment main line in the second half of 2013 is to grasp the performance elasticity brought by the demand boost and capture the investment income triggered by events

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