轻工制造行业定期报告：造纸限产供给改善，跨境电商政策支持

Investment Rating - The report maintains a "stronger than market" rating for the light industry manufacturing sector [3]. Core Insights - The paper industry is expected to see a short-term price boost for white cardboard due to production cuts and price increases by leading companies, indicating a potential recovery in industry profitability [2][3]. - The Ministry of Commerce has introduced policies to support the growth of cross-border e-commerce, which is anticipated to benefit the light industry [3][4]. - The home furnishing sector is experiencing a recovery in demand, supported by government subsidies and improving real estate data [2][4]. Summary by Sections 1. Weekly Market Performance - The light industry manufacturing sector outperformed the market, with a decline of 0.46% compared to a 2.6% drop in the CSI 300 index [15]. - The entertainment products sector index increased by 3.12%, while the paper and packaging sectors saw slight declines [15][23]. 2. Home Furnishing - As of November 10, 2024, nationwide subsidies for home furnishing products have reached 10.38 million units for kitchen and bathroom products and 8.2 million units for furniture [2]. - In October, furniture retail sales grew by 16.9% year-on-year, significantly faster than the previous month [2]. - The report maintains a positive outlook for the home furnishing industry, driven by domestic consumption recovery and improved real estate data [2][4]. 3. Paper Industry - As of November 22, 2024, prices for various paper products showed slight increases, with white cardboard up by 5 yuan/ton and boxboard up by 11 yuan/ton [2]. - Major companies in the white cardboard sector have announced price increases, indicating a potential short-term price boost and recovery in profitability [2][3]. - The report suggests focusing on companies with integrated operations and strong supply chains, such as Sun Paper and Nine Dragons Paper [2][3]. 4. Export Chain - The Ministry of Commerce has issued policies to stabilize foreign trade, emphasizing the development of new business models like cross-border e-commerce [3][4]. - In October, exports of various light industry products showed positive growth, with insulated cups and pet snacks increasing by 21% and 27% year-on-year, respectively [4]. 5. Packaging - The report highlights ongoing consolidation in the metal packaging sector, with recommendations for companies like Shengxing and Aori Jin [4]. - The paper packaging sector is advised to focus on leading companies in consumer electronics packaging and pulp molding [4].