轻工行业周报：前8月家具出口额同比+9.9%，各地家居补贴落地

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - In the first eight months of 2024, furniture exports reached USD 44.89 billion, showing a year-on-year increase of 9.9%. This growth is attributed to the low base effect and the gradual end of inventory destocking overseas, suggesting a potential replenishment cycle ahead [4][28]. - Various local subsidies are being implemented to boost home furnishing demand, with policies in cities like Tianjin and Jiangsu supporting home renovation and smart home consumption. These subsidies are expected to enhance consumer spending in the home furnishing sector [4][37]. - The light industry sector has seen a decline in the stock index, with the Sub-index for light industry manufacturing dropping by 2.07% in the week of September 9-13, 2024, while still outperforming the CSI 300 index by 0.16 percentage points [4][9]. Summary by Sections Market Overview - The Shenwan Light Industry Index closed at 1532.24 points with a weekly decline of 2.07%, ranking 14th among 31 Shenwan primary industries. The light industry manufacturing sub-sectors, including entertainment products, packaging, paper, and home goods, all experienced declines [4][9]. Key Industry Data Tracking - In August 2024, the retail sales of furniture showed a year-on-year decline of 3.7%, indicating a downward trend compared to previous months. However, the overall retail sales of consumer goods in the first eight months of 2024 reached CNY 31.25 trillion, growing by 3.4% year-on-year [13][22]. Key Company Announcements and Industry News - Companies like Oppein Home (603833.SH) and Kuka Home (603816.SH) are recommended for their strong supply chain efficiency and management capabilities. Other notable companies include Mousse (001323.SZ) and Juran Home (000785.SZ), which are recognized for their brand strength and market positioning [5][35]. - Recent policies in cities like Xi'an aim to promote the replacement of old home appliances and furnishings, providing consumers with subsidies of up to 20% of the purchase price, capped at CNY 2000 per item [37].