轻工纺服行业周报：地产政策超预期，关注家居板块估值修复

Investment Rating - The report assigns an "Increase" rating for the industry [1]. Core Viewpoints - The Central Political Bureau of the Communist Party of China has proposed measures to stabilize the real estate market, which is expected to lead to marginal improvements in market demand, benefiting the home furnishing sector as a downstream industry [11][12]. - The home furnishing sector is currently undervalued, with key companies' price-to-earnings (PE) ratios at historical lows, indicating potential for valuation recovery [1][15]. - Recent policies promoting the replacement of old home furnishings and appliances are expected to stimulate consumer spending in the home furnishing market [15][17]. Summary by Sections Weekly Topic: Real Estate Policy Exceeds Expectations, Focus on Home Furnishing Sector Valuation Recovery - The report discusses the recent meeting of the Central Political Bureau, emphasizing the need to stabilize the real estate market and improve housing policies, which may lead to increased demand in the home furnishing sector [11][12]. Weekly Market Review - The report notes significant increases in stock indices, with the light industry manufacturing sector rising by 16.47%, outperforming the broader market [1]. Key Data Tracking Home Furnishing - Data indicates a decline in real estate transactions, with a 7.73% decrease in the transaction area of commercial housing in major cities [3]. - The home furnishing sector's PE ratio is currently at 16.79, placing it in the 2.43% historical percentile, suggesting it is undervalued compared to other sectors [1][15]. Packaging and Paper - The report tracks various pricing and inventory metrics for paper products, indicating fluctuations in raw material prices and potential impacts on profitability [3]. Textile and Apparel - Retail sales in the apparel sector showed a slight decline, with a 1.6% year-on-year decrease in August [5]. Investment Recommendations - The report suggests focusing on leading companies in the home furnishing sector, such as Oppein Home, Sophia, and Zhigang Home, which are expected to benefit from the recovery in real estate and consumer spending [1][15]. - It also highlights the potential for growth in the packaging sector due to increased industry concentration and pricing power among leading firms [1].