轻工制造&纺织服饰行业周报：政策组合拳出台，看好估值修复持续性

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors, with "Overweight" ratings for specific companies including Oppein Home, Sophia, Good Housekeeper, Pathfinder, and Semir Apparel [38][39]. Core Insights - Arauco announced an increase in production capacity at its new pulp mill in Brazil to 3.5 million tons, expected to be operational by 2027 [14]. - Fast fashion brand H&M has opened official flagship stores on e-commerce platforms Pinduoduo and Douyin, seeking to enhance traffic [15]. - Recent government policies have positively impacted the capital market, increasing liquidity and promoting valuation recovery in the light industry manufacturing and textile apparel sectors [38]. Industry News - Arauco's investment of $4.6 billion for the new pulp mill in Brazil will increase its capacity by 40% compared to the initial design [14]. - H&M's entry into Pinduoduo and Douyin marks its expansion into four major e-commerce platforms in China [15]. Company Announcements - Jiayi Co. plans to grant 1,193,700 shares to 234 employees as part of its incentive plan [32]. - Songfa Co. is planning a significant asset restructuring with Hengli Heavy Industry Group [32]. Market Review - From September 23 to September 30, the light industry manufacturing sector outperformed the CSI 300 index by 1.10 percentage points, with a growth of 26.62% compared to the CSI 300's 25.52% [33]. - The textile apparel sector underperformed the CSI 300 index by 2.70 percentage points, with a growth of 22.81% [36]. Weekly Strategy - The report highlights the positive signals from recent government meetings aimed at boosting the capital market, which is expected to benefit the light industry manufacturing and textile apparel sectors [38]. - The report anticipates continued valuation recovery in the home goods sector due to favorable real estate policies and seasonal consumption trends [38].