轻工制造行业投资策略周报：契税调整降低成本，关注家居相关转债

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - Recent tax adjustments have reduced costs, particularly benefiting the real estate market and related sectors. The announcement of tax incentives aims to support housing transactions and alleviate financial pressures on real estate companies. This is expected to stabilize the real estate market and suggests a focus on convertible bonds related to customized home furnishings and bathroom products [3][4] Summary by Sections Market Performance - In the last 12 months, the light manufacturing sector has shown a decline of 32%, while the Shanghai and Shenzhen 300 index has also experienced a decrease of 22% [2] Convertible Bond Market - The convertible bond market saw a decline this week, with the China Convertible Bond Index dropping by 0.91%, the Shanghai Convertible Bond Index by 0.82%, and the Shenzhen Convertible Bond Index by 1.10%. Notably, the Huayuan Convertible Bond increased by 60.97%, leading the gains in the light manufacturing sector [4] Convertible Bond Terms - Specific convertible bonds have triggered clauses for price adjustments and redemption. For instance, the Lege Convertible Bond has not opted for a downward price adjustment despite meeting the criteria, while the Songlin Convertible Bond has triggered its redemption clause but has chosen not to exercise it [5] Company Updates - Lege Co. plans to adjust its fundraising project, reallocating funds to an overseas warehouse project in Georgia, USA, with a total of 199 million yuan involved. Meanwhile, Haishun New Materials announced a cash dividend distribution plan amounting to 50 million yuan [6]