造纸轻工行业周报：关注双11表现优异公司；把握家居修复、造纸格局改善、出口个股Alpha

Investment Rating - The report maintains a positive outlook on the light industry manufacturing sector, particularly highlighting the performance of companies during the Double 11 shopping festival [1][3]. Core Insights - The report emphasizes the recovery of consumer spending, the improvement in the real estate market, and the stabilization of paper prices, suggesting a favorable environment for investment in the light industry [1][3]. - Key companies recommended for investment include Baia Co., Ltd., Dengkang Oral Care, Bull Group, and Morning Light Co., Ltd. due to their strong market positions and growth potential [1][3]. Summary by Sections 1. Light Industry Consumption - Consumer spending is expected to recover marginally, with quality companies gaining market share. Recommended companies include Baia Co., Ltd., Dengkang Oral Care, Bull Group, and Morning Light Co., Ltd. [1][10]. - Baia Co., Ltd. is noted for its transformation in product offerings and strong e-commerce performance, with significant growth in sales on platforms like Douyin and Tmall [1][10]. - Dengkang Oral Care is recognized for its strong brand presence and innovative product offerings, positioning it well for continued growth [1][11]. - Bull Group is expected to see revenue acceleration in Q4 due to channel reforms and new business initiatives [1][12]. - Morning Light Co., Ltd. is focusing on product diversification and international expansion [1][14]. 2. Home Furnishing - The real estate market is showing signs of improvement, with policies supporting housing sales and renovations driving demand in the home furnishing sector [1][15]. - The government has introduced tax incentives to stimulate the real estate market, which is expected to positively impact home furnishing sales [1][16]. - Home furnishing sales have shown positive growth, particularly benefiting from the "old for new" policy, which encourages consumers to upgrade their homes [1][19]. 3. Paper Industry - Prices in the pulp and paper sector are stabilizing, with expectations for price increases in corrugated paper during peak demand seasons [1][21]. - The report highlights that the industry is likely to see a gradual improvement in profitability as market conditions stabilize [1][21]. 4. Exports - The report notes potential disruptions due to tariffs, emphasizing the importance of companies with established overseas production capabilities [1][22]. - Companies such as Tianzhen Co., Ltd. and Yongyi Co., Ltd. are highlighted for their ability to adapt to changing trade conditions [1][22]. 5. Electric Two-Wheelers - The electric two-wheeler market is expected to see strong growth in the first half of 2025, driven by low inventory levels and new government standards [1][27]. - Companies like Yadi Holdings are recommended for their innovative product strategies and market positioning [1][31].