轻工制造及纺服服饰行业周报：关注国补下内销家居基本面修复，奢侈品Q3业绩延续分化

Investment Rating - The industry investment rating is maintained as "Overweight" [3][4]. Core Insights - The report highlights that the domestic home furnishing sector is expected to see a strong recovery in Q4 due to the implementation of government subsidies and promotional activities during the Double Eleven shopping festival [2][4]. - The luxury goods sector continues to show mixed performance, with brands like Hermès and Prada exceeding expectations, while LVMH and Kering Group reported declines [2][3]. - The overall market performance for the light industry and textile sectors has been under pressure, with significant declines in indices [1][3]. Summary by Sections Market Performance - The Shanghai Composite Index decreased by 0.84%, and the Shenzhen Component Index fell by 1.55% during the week of October 28 to November 1, 2024 [1]. - The light industry manufacturing index ranked 17th among 28 Shenwan industries, while the textile and apparel index ranked 22nd [1]. Key Company Performance - Major companies in the home furnishing sector, such as Oppein and Sophia, reported a year-on-year revenue decline of 21% [4]. - The report suggests that the implementation of national subsidy policies and company-specific promotions will likely stimulate demand in Q4, leading to a narrowing of revenue declines [4]. Industry Data - The total market capitalization of the industry is approximately 854.73 billion yuan, with 154 listed companies [1]. - The report indicates that the overall performance of the home furnishing sector in Q3 was under pressure, but there is a strong expectation for improvement in Q4 due to favorable policies [4]. Raw Material Prices - MDI prices decreased by 0.81% week-on-week, while TDI prices remained stable [14]. - Cotton prices showed a slight decline, with the cotton price index for 328 at 15,509 yuan per ton [17]. Sales Data - In the week of October 27 to November 2, 2024, the total number of residential property transactions in major cities reached 29,355 units, reflecting a year-on-year increase of 20.9% [23][24]. - The report notes that the sales area for residential properties also increased, indicating a potential recovery in the real estate market [23].