造纸轻工行业地产后周期产业链数据每周速递：9月全国9大城市二手房交易量同比增长1%

Investment Rating - The report maintains a "Positive" outlook for the real estate post-cycle industry [5] Core Insights - In the week of October 12, 2024, all segments of the real estate post-cycle industry underperformed the market, except for the white goods sector, with the Shanghai and Shenzhen 300 index down by 3.25% [2][13] - The furniture sector slightly outperformed the market with a decline of only 0.05%, while other segments like small appliances and kitchen appliances saw declines ranging from 6.24% to 9.10% [2][13] - Domestic retail data shows a decline in furniture retail sales by 3.7% year-on-year in August 2024, while home appliance retail sales grew by 3.4% [29][32] - Export data indicates a 12.0% year-on-year increase in home appliance exports, while furniture exports fell by 4.5% [32] Summary by Sections Market Review - The report highlights that all segments of the real estate post-cycle industry, except for white goods, underperformed the market, with significant declines in various sectors [2][13] - The furniture sector managed to outperform the market slightly, indicating some resilience [2][13] Domestic Sales Data Tracking - Furniture retail sales in August 2024 were 12.9 billion yuan, down 3.7% year-on-year, while home appliance sales reached 71.8 billion yuan, up 3.4% [29][32] - The report notes a mixed trend in raw material prices, with increases in TDI and MDI prices, while copper prices fell by 1.7% [16][29] Export Data Tracking - In August 2024, home appliance exports amounted to 9.033 billion USD, reflecting a 12.0% increase year-on-year, while furniture exports were 4.842 billion USD, down 4.5% [32][33] - The report also mentions a decline in U.S. existing home sales by 4.2% year-on-year, while new residential construction starts increased by 3.9% [32][33]