轻工行业周报：10月地产数据向好，期待政策效果持续释放

Investment Rating - The report maintains a "Positive" investment rating for the light industry sector [1]. Core Insights - The real estate market shows signs of recovery, with October data indicating a positive trend in property transactions, suggesting that the effects of recent policies are beginning to take hold [3][4]. - The light industry index experienced a slight decline of 0.64% over the week, outperforming the CSI 300 index by 1.04 percentage points, ranking 19th among 31 sectors [2][10]. - The furniture manufacturing sector reported a year-on-year increase in retail sales, with furniture retail sales in September showing a positive growth of 0.4% [18]. Summary by Sections Market Overview - The light industry index closed at 1966.47 points, with a weekly decline of 0.64% [2][10]. - The performance of sub-sectors varied, with packaging and printing up by 0.81%, while home goods, paper, and entertainment products saw declines of 0.73%, 1.02%, and 3.30% respectively [2][10]. Real Estate Data - October saw a year-on-year increase of 0.9% in new residential property transactions, marking the first growth after 15 consecutive months of decline [3]. - The total transaction volume for new and second-hand homes increased by 3.9% year-on-year, indicating a broader recovery across more cities [3]. Policy Impact - The "Two New" policies have stimulated consumer demand, particularly in home renovation and appliance replacement, with significant sales figures reported [4]. - The government has allocated 300 billion yuan to support equipment upgrades and consumer goods replacement, which is expected to further boost the home goods sector [4]. Company Recommendations - The report recommends investing in leading companies with strong supply chain efficiency and management capabilities, such as Oppein Home (603833.SH) and Kuka Home (603816.SH) [5]. - Other companies to watch include Mousse (001323.SZ) and Juran Home (000785.SZ), which are focusing on channel expansion and digital transformation [5]. Key Company Announcements - Oppein Home reported a revenue of 13.879 billion yuan for the first three quarters of 2024, a decrease of 16.21% year-on-year [35]. - Other companies like Sophia and Aorijin also reported declines in revenue, while Qixin Group and Bull Group showed positive growth [35]. Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need to stabilize the real estate market and promote the transformation of the construction industry [35]. - In Shanghai, new housing policies have led to a significant increase in transaction volumes, with a 52.3% rise in October compared to September [35]. Export Performance - In September 2024, China's furniture and parts exports reached 4.66 billion USD, with a year-to-date total of 49.544 billion USD, reflecting a 7.7% increase year-on-year [30].