轻工行业周报：以旧换新补贴进行中，持续关注家居板块

Investment Rating - The report maintains an "Accumulate" rating for the light industry sector [2]. Core Insights - The ongoing "old-for-new" subsidy policy is showing positive effects, with 20.67 million consumers applying and 10.13 million purchasing major home appliances, leading to a total sales boost of 69.09 billion yuan [1][5]. - The consumer goods manufacturing investment increased by 14.9% year-on-year from January to August, with significant growth in production for washing machines (7%), smart TVs (6.7%), and refrigerators (4.7%) in August [1][5]. - The report emphasizes the importance of monitoring the home furnishing sector due to recent real estate policies and the "old-for-new" subsidy [1][5]. Summary by Sections 1. Ongoing "Old-for-New" Subsidy - The "old-for-new" subsidy has led to 20.67 million applications and 10.13 million purchases of major appliances, resulting in 13.17 billion yuan in central subsidies and 69.09 billion yuan in sales [1][5]. - The policy has effectively stimulated consumption, particularly in automobiles, home appliances, and home decoration, enhancing economic momentum [1][5]. 2. Market Review (October 14 - October 18) - The light industry manufacturing sector rose by 0.82%, ranking 21st among 31 sectors, underperforming compared to the Shanghai and Shenzhen 300 index, which increased by 0.98% [6][7]. - Year-to-date, the light industry index has decreased by 14.24%, while the Shanghai and Shenzhen 300 index has risen by 14.40% [7]. 3. Important News and Company Announcements - Significant growth in Russian timber transportation and trading volumes was reported, with a 12% increase year-on-year [10]. - Company announcements include a share repurchase plan by Shanying International, with a total repurchase amounting to approximately 331.56 million yuan [11].