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Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Views - The light industry sector is expected to improve due to favorable policies stimulating real estate recovery and sustained consumer enthusiasm during the National Day holiday [1] - The home furnishing sector showed strong sales growth during the National Day holiday, with related products such as furniture and decoration materials experiencing year-on-year sales increases of 35.7%, 12.9%, and 26.2% respectively [1] - The paper and packaging industry is entering a peak season, with expectations of improved performance driven by consumption peaks during events like Double Eleven and the Spring Festival [1] - The textile and apparel industry is showing signs of recovery, with policies aimed at boosting domestic demand and a resurgence in outdoor apparel sales [3][4] Summary by Sections Light Industry - The light industry is benefiting from policies that are expected to improve the cyclical sectors, with a focus on home furnishing [1] - Sales of home-related products surged during the National Day holiday, indicating a strong market recovery [1] Textile and Apparel - The textile and apparel industry is experiencing a weak recovery in consumer sentiment, with outdoor apparel sales seeing high demand [3] - The National Day holiday saw a 25.1% year-on-year increase in daily sales revenue across consumer-related industries [3] - Major brands like Uniqlo reported significant revenue growth, with a 12.2% increase in annual revenue [3] Sports Apparel - The sports apparel sector is expected to maintain high growth, supported by government initiatives and a favorable economic environment [4] - Anta Sports reported positive growth in its main brand, while Nike faced revenue declines [4] Manufacturing - The textile manufacturing sector is expected to grow due to increased overseas manufacturing and enhanced core competitiveness [5] - The manufacturing PMI for September 2024 was reported at 49.8%, indicating a slight recovery in manufacturing sentiment [5] E-commerce - The cross-border e-commerce market is rapidly growing, with significant sales increases expected during major shopping events [6] - Companies like Pinduoduo and SHEIN are highlighted as key players in the cross-border e-commerce space [8]