轻工制造及纺织服装行业周报：美联储降息利好出口链，关注家居补贴落地

Investment Rating - The report maintains an "Overweight" rating for the light industry manufacturing and textile apparel sector [1]. Core Insights - The Federal Reserve's interest rate cut is expected to benefit the export chain, particularly in the home furnishing sector, with a focus on the implementation of home improvement subsidies [1][3]. - The report highlights the potential for improved consumer demand in the home furnishing market due to recent subsidy policies aimed at stimulating consumption [3]. - The textile manufacturing sector is showing signs of recovery, with a narrowing decline in clothing exports and an increase in yarn production growth [3]. Summary by Relevant Sections Market Performance - From September 16 to September 20, 2024, the Shanghai Composite Index rose by 1.21%, while the Shenzhen Component Index increased by 1.15%. The light industry manufacturing index rose by 1.72%, ranking 13th among 28 Shenwan industries, and the textile apparel index rose by 1.04%, ranking 18th [6][8]. Key Industry News - The report notes that the cultural paper prices have stabilized, and with the peak season approaching, prices are expected to rebound. Recommendations include companies like Sun Paper and Xianhe Shares, which are positioned well in the market [3][9]. - The report also mentions that the home improvement subsidy policies in various regions are expected to significantly boost consumer demand, particularly benefiting smart home companies and those offering comprehensive home renovation services [3][19]. Key Data Tracking - The report tracks the performance of the home furnishing and textile sectors, noting a significant decline in property sales and new construction, which may impact demand in related industries [19][23]. - For the furniture manufacturing sector, revenue for the first seven months of 2024 reached CNY 364.39 billion, a year-on-year increase of 4.3%, while profit totaled CNY 17.79 billion, up 12.4% [32][36]. Company Recommendations - The report recommends focusing on companies with strong growth potential in the smart home sector and those with high renewal demand in the soft furnishings segment, such as Bull Group and Kuka Home [3][36]. - It also highlights companies like Baiya Co., Taihua New Materials, and others as key investment opportunities due to their market positioning and growth prospects [1][3].