轻工行业周报：契税调降落地，家具销售回暖

Investment Rating - Investment rating: Positive (maintained) [3] Core Views - The light industry sector has shown a decline, with the Shenwan Light Industry Index dropping by 3.68% in the week of November 11-15, 2024, underperforming the CSI 300 Index by 0.38 percentage points, ranking 17th among 31 Shenwan primary industries [5][18] - The furniture retail sales in October 2024 increased by 7.4% year-on-year, significantly improving from the previous value of 0.4%, driven by the "old-for-new" policy [7][30] - The new tax policies aimed at the real estate market, including reductions in deed tax and land value-added tax, are expected to lower housing costs and stimulate demand in the home improvement sector [6][63] Summary by Sections Market Overview - The Shenwan Light Industry Index closed at 2037.77 points with a weekly decline of 3.68%, and the light manufacturing sub-sectors experienced widespread declines, including home goods down by 5.06% [5][18] - Notable individual stock performances included Mingyue Lens, Shandong Huapeng, and Xianggang Technology with increases of 25.8%, 21.1%, and 20.6% respectively, while Wangli Security, Gaole Shares, and Jiahua Technology saw declines of 17.7%, 17.4%, and 15.9% [18][23] Key Industry Data Tracking - In October 2024, the residential sales area decreased by 0.5% year-on-year, with a significant reduction in new construction area by 25.7% [24] - The total retail sales of social consumer goods reached 39.90 trillion yuan in the first ten months of 2024, with a year-on-year growth of 3.5% [30] Company Announcements and Industry News - Recommended companies include leading soft furniture company Gujia Home (603816.SH), customized furniture leader Oppein Home (603833.SH), and stable growth in export business from Simoer International (6969.HK) [8] - The furniture and parts export in October 2024 was valued at 5.388 billion USD, with a year-on-year increase of 7.2% [48]