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轻工行业周报：一揽子政策出台，看好板块修复行情
CAITONG SECURITIES·2024-10-01 05:23

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating that it is expected to benefit from recent policy measures aimed at stabilizing the real estate market [3][4]. Core Insights - The light industry index rose by 16.47% during the week of September 23-27, 2024, outperforming the CSI 300 index by 0.77 percentage points, ranking 10th among 31 sectors [3][8]. - A series of government policies have been introduced to boost market confidence, including lowering existing mortgage rates and adjusting down payment requirements for home purchases, which are expected to positively impact the home furnishing sector [3][4]. - Consumer spending in the home furnishing and decoration sectors has seen significant growth, with retail sales of furniture and sanitary ware increasing by 8.9% and 12% year-on-year, respectively, from April to August 2024 [3][4]. Summary by Sections Market Overview - The light industry index closed at 1815.30 points, with a weekly increase of 16.47%, and all sub-sectors within light manufacturing experienced gains, particularly home goods and entertainment products [3][8]. - Notable stock performances included significant increases for companies like Shangpin Home, Meike Home, and Gujia Home, with respective gains of 47.1%, 34.1%, and 31.1% [3][8]. Key Data Tracking - In August 2024, residential sales area decreased by 12.6% year-on-year, while the completion area of commercial housing fell by 33.9% [12][16]. - The retail sales of furniture showed a year-on-year decline of 3.7% in August 2024, indicating a downward trend in consumer spending [16][20]. Company Announcements and Industry News - Companies such as Oppein Home and Gujia Home are highlighted as leaders in the customized home furnishing sector, benefiting from improved supply chain efficiency and management capabilities [4][35]. - Recent government meetings emphasized the need to stabilize the real estate market and support housing demand through various financial measures [37][38].