Workflow
轻工行业周报：9月家具社零增速转正，组合拳助力地产止跌回稳
CAITONG SECURITIES·2024-10-20 12:23

Investment Rating - The report indicates a positive outlook for the home furnishing sector, particularly benefiting from recent government policies aimed at stabilizing the real estate market [4][33]. Core Insights - The light industry index rose by 0.82% during the week of October 14-18, 2024, underperforming the CSI 300 index by 0.16 percentage points, ranking 21st among 31 sectors [3][8]. - The furniture retail sales in September 2024 showed a year-on-year increase of 0.4%, marking a recovery from a previous decline of 3.7% [3][12]. - The government has introduced a series of policies to support the real estate market, which is expected to positively impact the home furnishing sector as it is part of the real estate supply chain [3][34]. Summary by Sections Market Overview - The light industry index closed at 1850.36 points, with a weekly increase of 0.82% [3][8]. - The performance of sub-sectors varied, with entertainment products and home goods increasing by 1.98% and 1.75% respectively, while the paper sector declined by 1.58% [3][8]. Key Data Tracking - In September 2024, the retail sales of furniture showed a positive trend, with a year-on-year growth of 0.4% [12][16]. - The overall retail sales of consumer goods reached 35.36 trillion yuan in the first nine months of 2024, reflecting a growth of 3.3% year-on-year [16][19]. Company Announcements and Industry News - Notable companies such as Oppein Home (603833.SH) and Gujia Home (603816.SH) are recommended for their strong supply chain efficiency and management capabilities [4][32]. - The government plans to implement 1 million urban village and dilapidated housing renovations, which is expected to stimulate demand in the home furnishing sector [34][35]. Export and Material Prices - In September 2024, China's furniture and parts exports reached 4.66 billion USD, with a year-on-year increase of 7.7% [26][30]. - The prices of key raw materials like TDI and MDI have shown slight increases, indicating potential cost pressures for manufacturers [30][32].