轻工制造行业周报：M10家具类零售额同比+7.4%，本周白板/箱板/瓦楞纸价环比上行

Investment Rating - The industry is rated as "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index within the next six months [50]. Core Insights - The furniture retail sales in October (M10) increased by 7.4% year-on-year, while prices for whiteboard, boxboard, and corrugated paper showed a slight increase week-on-week [4][24]. - The light industry sector experienced a decline of 3.68% this week, with a year-to-date drop of 5.55% [10][20]. - Strong performance was noted in individual stocks, with Qiangbang New Material leading with a year-to-date increase of 423.76% [10][20]. - The real estate market showed signs of pressure, with a decrease in transaction volume, but the decline is narrowing, suggesting potential recovery in the housing sector [20]. Market Review - The light industry index fell by 3.68% this week, underperforming compared to the Shanghai Composite Index and the CSI 300 [10]. - In the first ten months of 2024, furniture manufacturing revenue grew by 2.50%, and furniture exports increased by 2.51% [24][26]. - The retail sales of social consumer goods and furniture products in October showed year-on-year increases of 4.80% and 7.40%, respectively [24][25]. Real Estate Data Tracking - In October 2024, the transaction area of commercial housing in 30 major cities was 9.6355 million square meters, down 6.33% year-on-year, while the number of transactions decreased by 10.53% [20][21]. Industry Data Tracking - In the furniture sector, the price of TDI decreased slightly, while MDI remained stable. The current prices for TDI and MDI are 12,850 and 18,400 RMB per ton, respectively [24]. - The paper industry saw a decrease in import and export volumes for pulp and paper products, with imports down 17.70% and exports up 7.00% year-on-year [26][27]. - The packaging industry reported a rise in polyethylene prices by 2.69% year-on-year, while polypropylene prices fell by 1.74% [33]. Company Announcements - Reiter announced plans to invest in a project to produce 100,000 sets of prefabricated smart bathroom products, with an estimated total investment of 742 million RMB [37]. - Guanhao High-tech plans to transfer 100% equity and related debts of Huaxin Color Printing, with the transaction object yet to be determined [37]. Investment Recommendations - The furniture industry is expected to benefit from the recovery in the real estate sector and policies promoting consumption upgrades, suggesting a focus on resilient and undervalued leading companies [46]. - The paper industry is entering a traditional demand peak in Q4, with price increases likely to lead to profit recovery, recommending attention to integrated forest-pulp-paper leaders [47].