轻工制造&纺织服饰行业10月月报：政策端全面发力，看好两大行业估值修复

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [3][32]. - Specific stocks recommended for "Overweight" rating include: Oppein Home (603833.SH), Sophia (002572.SZ), Haotaitai (603848.SH), Pathfinder (300005.SZ), and Semir Apparel (002563.SZ) [3][32]. Core Insights - The light industry manufacturing sector outperformed the CSI 300 index by 3.55 percentage points from August 27 to September 26, with a return of 10.20% compared to the CSI 300's 6.65% [2][27]. - The textile apparel sector also outperformed the CSI 300 index by 1.38 percentage points during the same period, achieving a return of 8.03% [2][29]. - The retail sales of furniture reached 97.92 billion yuan from January to August, showing a year-on-year growth of 1.30% [2][8]. - The retail sales of clothing, shoes, hats, and textiles totaled 904.64 billion yuan during the same period, with a slight year-on-year increase of 0.30% [2][21]. Summary by Sections Industry Development - The domestic furniture industry is showing signs of weak recovery, with furniture manufacturing revenue reaching 364.39 billion yuan from January to July, a year-on-year increase of 4.30% [8][21]. - The furniture export value in August was 4.842 billion USD, a year-on-year decrease of 4.00% [8][21]. - The BHI index for the building materials and home furnishing market decreased by 6.30 points year-on-year in August [8][9]. Market Review - The light industry manufacturing sector's performance from August 27 to September 26 was highlighted, with specific stocks showing significant gains, such as Zhuhai Zhongfu (43.98%) and Shangpin Home (35.61%) [2][27]. - The textile apparel sector also had notable performers, including Meiya (39.69%) and Huasheng Co. (36.75%) [2][29]. Monthly Strategy - The report emphasizes the positive impact of recent policy measures aimed at supporting the capital market, which is expected to benefit the light industry manufacturing and textile apparel sectors [3][30]. - The report also notes the optimistic outlook for the home goods sector due to favorable real estate policies and the upcoming peak consumption season [3][31].