轻工制造及纺服服饰行业周报：10月社零同比回升，双11百亚GMV翻倍

Investment Rating - The report maintains an "Overweight" rating for the industry [1] Core Insights - The domestic home furnishing sector shows significant recovery, with October retail sales of furniture increasing by 7.4% year-on-year, the highest monthly growth rate in 2023 [1] - The report highlights the positive impact of government subsidies and promotional events like Double 11 on consumer demand, particularly in the home furnishing and decoration sectors [1] - Analysts recommend focusing on leading companies in the soft furniture segment, such as Xilinmen and Kuka Home, as well as custom furniture brands like Sophia and Oppein [1] Summary by Sections Market Performance - From November 9 to November 15, 2024, the Shanghai Composite Index decreased by 3.52%, while the Shenzhen Component Index fell by 3.7%. The light industry manufacturing index dropped by 3.68%, ranking 16th among 28 industries [1][19] - The textile and apparel index decreased by 3.38%, ranking 12th among the same industries [1][19] Key Company Data - The report lists 154 companies in the industry, with a total market capitalization of 878.31 billion yuan and a circulating market value of 758.19 billion yuan [1] Industry News - The report notes that October saw a significant improvement in retail sales, with furniture sales showing a year-on-year increase of 7.4% [1] - The report emphasizes the importance of the upcoming Double 11 shopping festival, which is expected to further boost sales across various sectors, including home furnishings and apparel [2][25] Raw Material Price Tracking - MDI prices decreased by 0.27% week-on-week, while TDI prices fell by 1.92%. Soft foam polyether prices increased by 0.57% [25] - Cotton prices have shown a year-on-year decline, with the cotton price index for various grades dropping between 9.09% and 13.32% [30] Real Estate Market Data - In the week of November 10 to November 16, 2024, the transaction volume of new homes in major cities increased by 5.9% year-on-year, with first-tier cities seeing a 51.4% increase [38][39] - The report indicates a significant decline in new construction and sales area year-on-year, with a cumulative decrease of 23.4% in completed housing area from January to October 2024 [40][41]