轻工制造行业周报：电动自行车以旧换新细则陆续出台，重视龙头机会

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - The report highlights the recent introduction of electric bicycle trade-in policies in various cities, which are expected to benefit leading companies in the sector, particularly Yadea and Aima Technology [2][5][6] - The report notes that the electric bicycle industry is facing increased safety standards and regulations, which could impact production and market dynamics [7][9] - The overall performance of the light industry sector has been mixed, with the paper and light manufacturing sectors showing varying trends in stock performance [9][11] Summary by Relevant Sections Electric Bicycle Trade-In Policies - Multiple cities, including Beijing, Shanghai, and Shenzhen, have introduced trade-in policies with subsidies ranging from 300 to 500 yuan per vehicle, with specific conditions for additional subsidies based on battery type [2][5][6] - The trade-in program is expected to stimulate demand for new electric bicycles, benefiting major brands with stronger market presence [7] Industry Performance - The light manufacturing industry index decreased by 0.64% last week, while the Shanghai Composite Index fell by 0.84% [9] - Year-to-date, the light manufacturing industry has declined by 8.85%, contrasting with a 9.99% increase in the Shanghai Composite Index [9] - Among sub-sectors, the packaging and printing sector performed the best, while the entertainment products sector saw the largest decline [9] Paper Industry Data - Recent data indicates fluctuations in paper prices, with specific prices for various types of paper such as waste paper and kraft paper showing slight increases or stability [11][12] - The report also mentions the financial performance of several paper companies, with many reporting significant declines in net profit for the third quarter of 2024 compared to the previous year [25]