轻工制造行业定期报告：看好顺周期景气复苏，包装纸价延续小幅提涨

Investment Rating - The report maintains a "Strong Buy" rating for the light industry manufacturing sector, indicating a positive outlook for the industry [3]. Core Views - The report highlights a cyclical recovery in the light industry, particularly in the home furnishing sector, driven by increased subsidies and improved real estate transactions in October. It emphasizes the potential for demand recovery in paper products as economic expectations improve [1][2]. - The report notes that the paper industry is experiencing price increases, particularly in boxboard and corrugated paper, which is expected to enhance industry profitability [1][4]. Summary by Sections Home Furnishing - The report discusses the expansion of home furnishing subsidies across various cities, including recent updates from Xiamen that broaden the scope of eligible products and sellers. This is expected to support a recovery in the home furnishing sector, with a focus on companies like Oppein Home, Sophia, and Zhijia Home [2][25]. - In September, furniture retail sales showed a year-on-year increase of 0.4%, while furniture exports decreased by 12.3%. The cumulative revenue for the furniture manufacturing industry from January to September increased by 2.5% year-on-year [25][26]. Paper and Packaging - As of November 8, 2024, prices for various paper products were reported, with boxboard prices increasing by 3.4% and corrugated paper prices rising by 21.25%. The report indicates that leading paper companies are implementing price increases to improve profitability [2][37]. - The report also highlights the performance of the packaging sector, noting a continuous demand for industrial paper packaging driven by the ongoing consumer electronics boom [5]. Export Chain - In October, China's dollar-denominated exports increased by 12.7% year-on-year, with cross-border e-commerce showing significant growth. The report emphasizes the resilience of light industry exports, particularly in the home furnishing sector [4][6]. Cost Tracking - The report provides insights into cost trends, noting a decrease in the PPI for engineered wood products by 0.5% year-on-year as of September. It also mentions fluctuations in raw material prices, including a slight increase in copper prices and a rise in shipping costs [31][41].