轻工纺服行业周报：整体业绩承压，造纸板块表现较佳

Investment Rating - The industry investment rating is "Buy" [1] Core Views - The overall performance of the light industry is under pressure, with the paper sector performing relatively well [1][20] - In the first half of 2024, the total revenue of the light industry reached 287.03 billion yuan, a year-on-year increase of 14.99%, while the net profit attributable to shareholders was 16.97 billion yuan, up 3.59% year-on-year [20] - The report highlights that the paper sector has shown improvement in profitability, while other sectors are facing overall performance pressure [20][24] Summary by Sections Market Overview - The light industry has underperformed compared to the CSI 300 index, ranking 30th among 31 sectors with a cumulative decline of 25.57% from January 2 to August 30, 2024 [12] - The paper sector has outperformed other sub-sectors within the light industry [12] Performance Analysis - In Q1 and Q2 of 2024, the total revenue for the light industry was 135.46 billion yuan and 151.56 billion yuan respectively, with year-on-year growth rates of 5.84% and 1.31% [20] - The paper sector's revenue in H1 2024 increased by 4.12% year-on-year, while other sectors like home goods and entertainment products faced declines [20][24] Outlook - The report suggests focusing on the performance of paper prices during the peak season and identifying quality targets in the export chain [24] - The home goods sector is expected to benefit from supportive real estate policies, which may stimulate consumer demand [24]