轻工纺服行业周报：市场情绪改善，板块估值修复

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The report highlights that market sentiment has improved, leading to a recovery in sector valuations. Since September 24, 2024, the cumulative increase in the A-share light industry manufacturing sector has been 16.49%, ranking 23rd among 31 first-level industries in Shenwan [1][13] - The report emphasizes that the entertainment products sector has performed particularly well within the light industry sub-sectors, with significant gains observed in various stocks [1][13] Summary by Sections Weekly Topic: Market Sentiment Improvement and Sector Valuation Recovery - The A-share light industry manufacturing sector has seen a cumulative increase of 16.49% from September 24 to October 11, 2024, bolstered by unexpected policy support from the government [1][13] - The cumulative increases for various sub-sectors during the same period are as follows: light industry manufacturing (16.49%), packaging and printing (16.03%), home goods (16.89%), paper (15.90%), and entertainment products (20.00%) [1][13] Weekly Market Review - From October 7 to October 11, 2024, the Shanghai Composite Index fell by 3.56%, while the Shenwan light industry manufacturing index dropped by 7.01%, ranking 26th among 31 first-level industry indices [1][13] - The top gainers in the light industry sector during this week included Fangda New Materials (+13%) and Songyang Resources (+8.32%) [1][13] Key Data Tracking Home Furnishing Data - In the week of September 29 to October 6, 2024, the transaction area of commercial housing in 30 major cities was 913,300 square meters, a decrease of 60.68% month-on-month [3] - Furniture sales in August 2024 amounted to 12.9 billion yuan, a year-on-year decrease of 3.7% [3] Packaging and Paper Data - As of October 11, 2024, the prices for various types of paper pulp were reported, with needle pulp priced at 6,282.86 yuan/ton [3] - The gross profit per ton for various paper types was also tracked, indicating profitability challenges in the sector [3] Textile and Apparel Data - As of October 11, 2024, the cotton price index in China was 15,572 yuan/ton, reflecting a week-on-week decrease of 0.35% [4] - Retail sales of clothing and textiles in August 2024 were 99.4 billion yuan, down 1.6% year-on-year [6] Investment Recommendations - For the home furnishing sector, the report suggests focusing on leading companies with stable operations and high growth potential in smart home segments due to favorable external demand and domestic policies [6] - In the paper sector, it is recommended to pay attention to companies with diversified products and integrated operations as demand is expected to recover [6] - The report also highlights the potential for increased profitability in the packaging sector if consolidation efforts succeed [6]