轻工纺服行业周报：政策提振，顺周期消费预期改善

Investment Rating - The industry investment rating is "Overweight (Maintain)" [6][16]. Core Views - The textile and apparel industry is experiencing a recovery in consumer confidence due to policy support, with expectations for improved demand in the home furnishing sector driven by real estate market stabilization [6][8]. - The outdoor economy is boosting sales in sportswear, with significant growth in categories related to travel and sports as the National Day holiday approaches [8]. - The manufacturing sector is expected to benefit from overseas production capacity expansion and enhanced core competitiveness, with a focus on companies like Weixing Co., Huali Group, and New Australia Co. [8][11]. Summary by Sections Market Review - The A-share SW textile and apparel industry index rose by 13.38% during the week of September 23-27, 2024, while the light industry sector increased by 16.47% [6]. Light Industry Insights - Recent policy changes, including a 50 basis point reserve requirement ratio cut and expectations for lower mortgage rates, are expected to improve the outlook for the light industry and home furnishing sectors [6]. - The home furnishing sector is entering a period of accelerated transformation, with a focus on policy changes that could stimulate demand recovery [6]. Textile and Apparel Sector - The overall consumption environment is showing signs of weak recovery, with policies aimed at boosting domestic demand [8]. - The demand for autumn and winter apparel is expected to grow rapidly, driven by holiday shopping and cooler weather [8]. Sportswear Market - The sports industry is becoming a significant driver of economic growth, with government initiatives supporting high-quality development in sportswear [8]. - The issuance of sports consumption vouchers in Shanghai is anticipated to further enhance consumer confidence in the sportswear sector [8]. Manufacturing and Export - The textile manufacturing sector is expected to see long-term growth due to overseas production and market share expansion [8]. - The cross-border e-commerce market is growing rapidly, with head platforms expected to benefit from increased overseas demand [9]. Recommended Companies - Key companies to watch include Weixing Co., Huali Group, Baoxini, and others in the textile and apparel sector, as well as leading players in the light industry and cross-border e-commerce [11].