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（转自：研报虎）

　　分品类看，2025M3弹簧床垫/保温杯出口金额增速较快，办公桌椅/电子烟/塑料餐具实现双位数增长。

　　1)造纸：整体出口表现平稳，纸浆、纸及其制品小幅承压(-3%)，纸箱类稳健增长(+6%)，漂白纸及纸板需求较弱(-16%)；

　　2)家居：弹簧床垫增长迅速(+35%)，办公桌椅实现双位数增长(+13%)，褥垫/沙发/PVC地板/卫浴表现稳健(+5%/+1%/0%/+4%)；

　　3)其他：保温杯出口金额大幅提升(+30%)，塑料餐具等/电子烟均双位数增长(+11%/+13%)。

　　风险提示：宏观经济波动、原材料价格波动、汇率波动、关税不确定性因素等。

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