纺织服饰行业周报：以旧换新政策持续，关注家居及品牌服饰内需增长

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights that the home furnishing sector is experiencing a surge in consumer enthusiasm due to the implementation of the "old-for-new" policy, which is expected to improve the outlook for cyclical sectors like home furnishings [1] - The report indicates that the textile and apparel industry is witnessing a weak recovery in the overall consumption environment, with policies aimed at boosting domestic demand enhancing consumer confidence [4] - The report emphasizes the strong performance of leading companies in the home furnishing sector, such as Oppein Home and Gujia Home, which are expected to benefit from favorable policies and market conditions [1][4] Summary by Relevant Sections Textile and Apparel Industry - The A-share SW textile and apparel index rose by 5.35% during the week of November 4-8, 2024, outperforming the Shanghai Composite Index, which increased by 5.51% [1] - The textile and apparel export value for October 2024 was $25.48 billion, showing a year-on-year increase of 11.9% [6] - The report suggests focusing on leading brands such as Bosideng and Haier, which are expected to perform well during the Double Eleven shopping festival [4][5] Home Furnishing Sector - The "old-for-new" policy is actively promoted across the country, leading to a rapid increase in sales of home-related products, with sales of furniture, decorative materials, and coatings growing by 35.7%, 12.9%, and 26.2% year-on-year, respectively [1] - The report notes that the home furnishing sector is expected to see a valuation recovery, with leading companies likely to benefit from the upcoming Double Eleven promotions [1] Paper and Packaging Industry - The report indicates that the paper industry is entering a peak season, with leading companies expected to perform well during key consumption periods like Double Eleven [1] - The price of corrugated paper has shown an upward trend, with the average factory price for 140g corrugated paper rising to 2,616 yuan per ton, a 0.46% increase from November 1 [1] Cross-Border E-commerce - The report highlights the rapid growth of the global e-commerce market, with a focus on cross-border e-commerce platforms and the potential for overseas warehouses to grow [7] - It suggests monitoring leading cross-border e-commerce companies such as Pinduoduo and SHEIN for investment opportunities [9]