轻工制造：收储加速以旧换新扩容，关注家居龙头

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [3]. Core Insights - The report highlights the acceleration of policies related to real estate and the expansion of the "old-for-new" program, which is expected to significantly boost demand in the home furnishings sector [2][3]. - A total of 10 trillion yuan in local debt resources will be directly increased to support the real estate market, reflecting a strong commitment from the central government to stabilize the market [3]. - The home furnishings sector has seen a 36.7% increase in stock prices since September 24, 2024, indicating a positive market response to the new policies [3]. Summary by Sections Industry Events - On November 8, 2024, the National People's Congress announced the increase of local debt resources by 10 trillion yuan, with various real estate policies accelerating implementation [2][3]. - The government plans to expand the scope and scale of the "old-for-new" program, which is expected to have a substantial impact on home consumption [3]. Financial Overview - The report anticipates that the third quarter of 2024 will see a bottoming out of performance in the light industry sector, with expectations for policy effectiveness to drive recovery [3]. - The home furnishings sector has experienced a significant stock price increase, with the price-to-earnings ratio (TTM) reaching approximately 14x, indicating potential for further growth [3]. Investment Recommendations - The report suggests focusing on leading home furnishing companies that are likely to benefit from the new policies, including those involved in stockpiling and urban village renovations [3]. - Specific recommendations include traditional leaders like Sophia, and companies in soft furnishings and smart home sectors such as Gujia Home and Arrow Home [3].