轻工纺服行业周报：地产政策加码，关注家居估值修复

Investment Rating - The report maintains a "Buy" rating for the home furnishing sector, indicating a positive outlook for investment opportunities in this area [1][7]. Core Insights - The report highlights the recent real estate policy adjustments aimed at stabilizing the housing market, which are expected to positively impact home furnishing valuations [1][11]. - The home furnishing sector is currently experiencing historically low valuations, with the PE (TTM) ratio at 17.53, placing it in the 2.84% historical percentile over the past decade [1][19]. - Key companies in the home furnishing sector, such as 欧派家居 (Oppein), 索菲亚 (Sofia), and 志邦家居 (ZBOM), are recommended for investment due to their low valuations and potential for recovery as market conditions improve [1][21]. Summary by Sections Weekly Topic: Real Estate Policy Enhancements - The report discusses a series of real estate policy measures introduced to promote a stable and healthy development of the housing market, including the cancellation of purchase restrictions and reductions in loan rates [1][11]. - The policies are expected to restore confidence in the real estate market, which will subsequently drive demand for home furnishings [1][21]. Weekly Market Review - The report notes that from October 14 to October 18, the Shanghai Composite Index rose by 1.36%, with the light industry manufacturing sector increasing by 0.82% [1]. - The home furnishing sector is highlighted as having significant potential for recovery, particularly in light of recent policy changes [1][19]. Key Data Tracking - The report provides data on housing transactions, indicating a significant increase in new home sales and a recovery in the second-hand housing market, which is expected to boost demand for home furnishings [1][11]. - The report also tracks raw material prices and sales data, which are crucial for understanding the broader market dynamics affecting the home furnishing sector [1][3][4]. Company Highlights - 欧派家居 (Oppein) is undergoing a transformation to enhance its competitive edge in the home furnishing market, focusing on a diversified product offering and improved supply chain management [1][22]. - 索菲亚 (Sofia) is expanding its brand portfolio to cover various market segments, which is expected to drive growth in the custom home furnishing market [1][23]. - 志邦家居 (ZBOM) is strategically focusing on the southern market and enhancing its production capabilities to meet regional demand more effectively [1][23].