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（转自：研报虎）

　　分品类看，2025M5漂白纸及纸板出口金额高增，电子烟/纸箱类/弹簧床垫实现较快增速。

　　1)造纸：整体出口进一步好转，漂白纸及纸板需求高增(+75%)，纸箱类实现快速增长(+16%)，纸浆、纸及其制品表现平稳(-1%)；

　　2)家居：弹簧床垫双位数增长(+11%)，卫浴表现稳健(+6%)，褥垫/沙发/办公桌椅/PVC地板同比均出现不同程度下滑(-14%/-19%/-30%/-18%)；

　　3)其他：电子烟出口金额大幅提升(+34%)，保温杯/塑料餐具等短期承压(-9%/-12%)。

　　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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