轻工行业周报：家具销售增长明显，政策效应有望持续释放

Investment Rating - The report maintains a positive outlook on the home furnishing sector, particularly benefiting from fiscal and monetary policy support aimed at stabilizing the real estate market [2][3]. Core Insights - The light industry index experienced a decline of 7.01% during the week of October 8-11, 2024, underperforming the CSI 300 index by 3.75 percentage points, ranking 25th among 31 sectors [2][7]. - The furniture sales during the National Day holiday saw a significant year-on-year increase of 35.7%, indicating strong consumer demand and the effectiveness of recent policies [2][30]. - The report highlights the expected recovery in the home furnishing sector as a result of supportive government policies and seasonal consumption peaks, suggesting a potential valuation recovery for leading companies in the sector [2][3]. Summary by Sections Market Overview - The light industry index closed at 1835.24 points with a weekly decline of 7.01%, with sub-sectors such as home goods and paper experiencing declines of 8.10% and 5.58% respectively [2][7]. - The report notes that the home furnishing sector is positioned to benefit from a rebound in the real estate market due to coordinated fiscal and monetary policies [2][3]. Key Data Tracking - The report indicates that from March 2024, various policies have been implemented to stimulate consumption, including subsidies and consumption vouchers, which have positively impacted furniture sales [2][3][30]. - The furniture retail sales for the first eight months of 2024 showed a year-on-year growth of 1.3%, while overall retail sales in the light industry grew by 3.4% [16][25]. Company Announcements and Industry News - Key companies such as Oppein Home and Mousse have been actively repurchasing shares, indicating confidence in their market positions [28]. - The report emphasizes the strong performance of the home furnishing sector during the National Day holiday, with furniture sales significantly outpacing other categories [30][29].