轻工行业周报：多地出台房地产新政，持续关注家居板块

Investment Rating - The report maintains an "Overweight" rating for the light industry sector [3][22]. Core Insights - Recent real estate policy adjustments in major cities like Beijing, Shanghai, Guangzhou, and Shenzhen are expected to positively impact the home furnishing sector, which is currently at a valuation bottom and should be monitored for recovery [2][7]. - The light industry manufacturing index has decreased by 7.01% in the recent week, underperforming the broader market, with the year-to-date decline at 14.94% compared to a 13.29% increase in the CSI 300 index [10][12]. Summary by Sections Real Estate Policy Changes - Multiple cities have introduced measures to optimize real estate policies, including adjustments to down payment ratios for first and second homes, which could stimulate demand in the home furnishing sector [2][7][8]. - Specific changes include: - Beijing: First home down payment minimum of 15%, second home 20% [2]. - Shanghai: First home down payment minimum of 15%, second home 25% [2]. - Guangzhou: No restrictions on home purchases for local and non-local residents [2]. - Shenzhen: First home down payment minimum of 15%, second home 20% [2]. Market Review - The light industry manufacturing sector index fell by 7.01% in the week from October 8 to October 11, ranking 25th among 31 sectors [10]. - Year-to-date performance shows a 14.94% decline in the light industry manufacturing index, while the CSI 300 index has risen by 13.29% [10][12]. - Among sub-sectors, the paper-making sector performed relatively better with a decline of 5.59%, while the home furnishing sector saw a larger drop of 8.10% [10]. Investment Strategy - The report suggests focusing on leading companies in the home furnishing sector, such as Gujia Home, Oppein Home, Sophia, and ZB Home, as they are positioned to benefit from the recovery in the post-real estate cycle [2][10].