轻工纺服行业周报：降温带动服饰消费，关注双十一鞋服大促

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - 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 appliance sector is seeing a gradual release of demand, with retail sales of furniture reaching 114.3 billion yuan from January to September 2024, a year-on-year increase of 1.1% [1] - The textile and apparel industry is experiencing a weak recovery in the overall consumption environment, with outdoor economy boosting sales of sportswear [3] Summary by Relevant Sections Light Industry - The home sector benefits from the "old-for-new" policy, leading to improved expectations and potential valuation recovery [1] - Retail sales of home appliances and audio-visual equipment reached 683.9 billion yuan from January to September 2024, with a significant year-on-year increase of 20.5% in September [1] - The paper and packaging sector is entering a peak season, with expectations for strong performance from leading paper companies during consumption peaks like Double Eleven [1] Textile and Apparel - The overall economic operation of the domestic clothing industry is improving, supported by policy catalysts and seasonal consumption [3] - Adidas reported a 10% year-on-year revenue increase in Q3 2024, with a projected revenue growth rate of 10% for the full year [3] - Retail sales of textiles and apparel reached 1.02 trillion yuan from January to September 2024, a year-on-year increase of 0.2% [3] Cross-Border E-commerce - The global e-commerce market is rapidly growing, with significant competition among leading cross-border e-commerce platforms [4] - TikTok Shop's GMV in the U.S. saw a 124% increase during the autumn promotion, indicating strong consumer momentum [4] Investment Recommendations - Suggested companies in the textile and apparel sector include Weixing Co., Huali Group, Baoxini, and others [5] - In the light industry, recommended companies include Oppein Home, Zhijia Home, and others [5] - For cross-border e-commerce, focus on platforms like Pinduoduo and SHEIN [5]