轻工行业周报：各地出台补贴细则，以旧换新持续推进

Investment Rating - The report recommends leading custom home furnishing companies such as Oppein Home (603833.SH) and Kuka Home (603816.SH), while suggesting to pay attention to high-end mattress leader Mousse (001323.SZ) and home furnishing giant Juran Home (000785.SZ) [2] Core Insights - The light industry index rose by 2.89% during the week of August 26 to August 30, 2024, outperforming the CSI 300 index by 3.06 percentage points, ranking 8th among 31 sectors [3][7] - The report highlights the ongoing implementation of "trade-in" subsidies across various regions, which is expected to benefit soft and smart home furnishing sectors [3][12] - The report notes a continuous reduction in inventory levels in the U.S. home furnishing sector, indicating a potential recovery in orders for overseas companies [3][12] Summary by Sections Weekly Market Overview - The light industry index closed at 1605.84 points, with a weekly increase of 2.89%, outperforming the CSI 300 index by 3.06 percentage points [7] - The light manufacturing sub-sectors experienced broad gains, with entertainment products, paper, packaging, and home goods increasing by 4.80%, 3.75%, 3.34%, and 1.53% respectively [7] Key Industry Data Tracking - In June 2024, U.S. home furnishing wholesale inventory was $16.716 billion, down 8.6% year-on-year, while retail inventory was $30.062 billion, down 6.4% year-on-year [3][12] - The report indicates that the home furnishing inventory reduction is nearing completion, suggesting a potential replenishment cycle [3][12] Key Company Announcements - Harls reported a 48.68% increase in revenue for the first half of 2024, reaching 1.393 billion yuan, with a net profit increase of 182.41% [34] - Bull Group achieved a revenue of 8.386 billion yuan in the first half of 2024, marking a 10.45% increase, with a net profit growth of 22.88% [34] Industry News - The report mentions that the configuration rate of smart home systems in newly opened hotels in first-tier and new first-tier cities reached 27.6%, reflecting a 47.9% year-on-year growth [36] - The "trade-in" initiative in Chengdu has led to an increase in second-hand housing listings, with over 260,000 units now available [37]