造纸轻工行业周报：政策组合拳出台，重视轻工板块价值

Investment Rating - The report indicates a positive outlook for the light industry sector, particularly in the home furnishing and paper industries, suggesting a recovery in valuations and profitability [4][6][28]. Core Insights - The government has introduced a series of supportive policies aimed at enhancing the value of the light industry sector, which is expected to benefit from a cyclical recovery [4][6]. - The home furnishing sector is anticipated to see a valuation recovery due to improving real estate policies in major cities like Shanghai, Guangzhou, and Shenzhen [4][8]. - The paper industry is expected to recover profitability as pulp prices stabilize and demand improves in the fourth quarter [4][17][28]. - The trend of Chinese light industry companies expanding overseas is gaining momentum, with furniture and home products projected to be among the fastest-growing categories in the global B2C e-commerce market [30][34]. Summary by Sections Policy Support - On September 24, the State Council announced measures to lower reserve requirements and interest rates, aiming to provide liquidity and support economic growth [6][7]. - The Central Political Bureau emphasized the need for targeted and effective policies to stabilize the economy and promote real estate recovery [7][8]. Home Furnishing Sector - Recent policy adjustments in major cities are expected to stimulate demand in the home furnishing sector, with companies like Oppein, Kuka, and Sofia being highlighted as key players [4][15][28]. - The report forecasts a compound annual growth rate (CAGR) of 12.6% for the global B2C e-commerce market for furniture and home products from 2023 to 2028, reaching a GMV of $588.5 billion [30][31]. Paper Industry - Pulp prices have significantly declined, impacting paper prices and overall profitability in the paper industry. However, a recovery is expected as demand improves in the fourth quarter [17][22][28]. - Key recommendations include Sun Paper and Huawang Technology, which are noted for their strong competitive advantages and stable dividend yields [28][29]. Overseas Expansion - The report highlights the shift of Chinese light industry companies from manufacturing to brand expansion in overseas markets, particularly in the furniture sector [30][34]. - Companies like Henglin and Lege are actively pursuing cross-border e-commerce strategies, with significant revenue growth reported [34][36].