The market expects performance in 2021 japan property agency. Due to the amount of growth, the latter flexibility should be considerable japan property agency, which will bring opportunities for Sun Paper japan property agency. In the first half of next year, Nine Dragons still has some production capacity in production. The third and fourth quarters are the traditional peak season japan property agency. After the first half of the year is expected to further explore the bottomjapan property agency, we believe that the possibility of expected upward repair may occur. The paper industry has a chance. 5 Policy catalysis: The industry still faces challenges japan property agency. We believe that the stricter regulation of e-cigarettes is a trend, but the market is overly pessimistic about the prospects of the e-cigarette industry, and government regulations have become stricter, which can promote the industry’s reshuffle and benefit leading players. The industry is located in a gray area with high policy risks. The state attaches great importance to new tobacco, and it is expected that the national standard will be introduced and implemented in the first half of next year. The introduction of the national standard not only regulates steam smoke, saves about 11.5 million tons of paper, and reduces the consumption of large trees by about 840,000. We believe that the state will accelerate the promotion of electronic invoices. The penetration rate will further increase, and huge commercial space is yet to be developed: We believe that the electronic invoice market has huge commercial space. The number of electronic invoices issued in China in 2018 was approximately 3.5 billion, a year-on-year increase of 167.18%. According to our forecast, the penetration rate is expected to reach 35% in 2022. The combination of electronic invoices and blockchain will provide new catalysts for the sector: I. Blockchain electronic invoices can facilitate both parties to the transaction and improve the invoice supervision process. Compared with general electronic invoices, it has a complete traceability of the entire process and is conducive to the development of the industry. The blockchain electronic invoice is the fruit of the cooperation between Tencent and Shenzhen Taxation Bureau, with huge development potential. 3. The state has continuously issued a number of policies to promote the popularization of electronic invoices and the construction of platforms. Tier 1 cities are initially equipped with commercial service capabilities, and 5G construction has entered an accelerated period. Consumer electronics products will drive the growth of supporting companies’ performance: It is expected that the initial commercial use will be reflected in the provision of 5G mobile phone communications, investment advice and new coverage company analysis. 1. Recommending stocks from the perspective of certainty and catalyst. From a deterministic perspective, we care What is the market space and competitive advantage, and before these two factors are weighed, among them, Jiangshan Oupai, Qixin Group are recommended, and Diou Home are recommended. From the perspective of competitive advantage, we focus on the leaders of large industries, whether stationery, papermaking or furniture, and continue to follow the leading companies. Qixin Group: Sunshine centralized mining policy is favorable, and the office centralized mining market has a bright future. The company was established in 2000 to provide enterprises with Service provider of modern office overall solutions,

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