轻工制造行业周观点：建议关注顺周期内需白马股

Investment Rating - The report maintains an "Overweight" rating for the light industry sector, particularly recommending cyclical domestic demand stocks in the home furnishing segment [1]. Core Insights - The report highlights a recovery in home furnishing orders starting in October, supported by policies promoting the replacement of old consumer goods and stabilization in the real estate market [1]. - It suggests that leading brands in the home furnishing sector are likely to benefit first from the recovery, with specific recommendations for companies like Oppein Home, Kuka Home, and Sun Paper [1]. - The report notes a mixed performance in the export sector, with furniture exports showing a year-on-year increase of 2.8% in October, indicating a potential recovery in global demand [1]. Summary by Sections 1. Market Review - The light industry sector outperformed the market, with a weekly increase of 7.58%, surpassing the Shanghai and Shenzhen 300 index by 2.08 percentage points [6]. - The home furnishing, paper, packaging, and entertainment products sectors recorded varying increases, with home furnishing up by 3.82% and paper by 9.04% [6]. 2. Paper Sector Tracking 2.1 Major Raw Material Price Trends - Domestic needle pulp averaged 5750 CNY/ton, down 0.2% week-on-week, while broadleaf pulp averaged 4515 CNY/ton, down 1.1% [10][12]. - The report indicates a stable price trend for waste paper, with an average price of 1470 CNY/ton [14]. 2.2 Major Paper Product Price Trends - The average price of corrugated paper was 2676 CNY/ton, up 0.6% week-on-week, while boxboard was 3617 CNY/ton, up 0.1% [18]. - White card paper saw a slight increase to 4147 CNY/ton, up 0.02% [17]. 3. Home Furnishing Sector Tracking 3.1 Home Real Estate Data Tracking - The report notes a significant increase in property transactions, with major cities seeing a 39.18% increase in sales week-on-week [20]. - The overall sentiment in the real estate market is improving, which is expected to positively impact the home furnishing sector [1]. 3.2 Home Export Data Tracking - October furniture and parts exports reached 38.2 billion USD, marking a 2.8% year-on-year increase, indicating a recovery in overseas demand [1][5].