轻工制造行业周观点：国内地产政策端利好频出，看好家具板块估值修复

Investment Rating - The report maintains an "Overweight" rating for the home furnishing sector, with specific companies such as Oppein Home, Kuka Home, and Sun Paper receiving "Buy" ratings [1][7]. Core Insights - The report highlights a positive outlook for the home furnishing sector driven by favorable domestic real estate policies aimed at stabilizing the market. Key measures include lowering existing mortgage rates and adjusting down payment ratios for second homes [1][7]. - The report emphasizes the potential for valuation recovery in the home furnishing sector, particularly for custom furniture companies that are more sensitive to real estate market changes [1][7]. Summary by Sections Home Furnishing Sector - Recent real estate policies have led to a significant increase in transaction volumes, with a 58% month-on-month increase in the transaction area of commercial housing in 30 major cities [1][7]. - Kuka Home has announced a stock incentive plan with performance targets set to encourage employee engagement and improve management efficiency [1][7]. - The report suggests that the home furnishing sector is currently at a valuation bottom, with potential for recovery as policies stimulate market confidence [1][7]. Paper Industry - The average price of domestic needle pulp is reported at 5685 CNY/ton, showing a 1.1% increase week-on-week but a 3.3% decrease year-on-year [8]. - The report notes that paper prices are under pressure, with cultural paper prices declining by 0.8% week-on-week [8][9]. - Investment recommendations include focusing on leading companies in the cultural paper segment, such as Sun Paper [9]. Export Sector - The report indicates robust growth in exports for specific categories, including mattresses and stainless steel thermal cups, with increases of 11.2% and 22.6% year-on-year, respectively [9]. - The Federal Reserve's anticipated interest rate cuts are expected to positively impact new home sales, thereby benefiting related home furnishing products [9]. Other Sectors - The personal care sector shows a 13% year-on-year increase in GMV for sanitary napkins, indicating a stable market despite seasonal fluctuations [9]. - The report highlights the acquisition of GRI by a leading medical supplies company, which is expected to enhance its global operational capabilities [9].