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Investment Rating - The industry investment rating is maintained at "Overweight" [3][17]. Core Views - The textile and apparel industry index increased by 0.06% during the week of November 18-22, 2024, while the light industry sector decreased by 0.46%. In comparison, the CSI 300 index fell by 2.60% [3]. - The light industry is expected to benefit from favorable policies that stimulate real estate recovery and the effectiveness of the "old-for-new" policy, leading to improved consumer enthusiasm in home furnishings [4]. - The overall consumption environment is showing signs of weak recovery, with policies aimed at expanding domestic demand boosting consumer confidence, particularly in outdoor and sports apparel [7]. Summary by Sections Light Industry - The "old-for-new" policy has revitalized the home furnishings market, with significant sales increases reported during the National Day holiday. For instance, Guangdong province saw approximately 25,500 home renovations with sales around 292 million yuan [4]. - The home furnishings sector is expected to see valuation recovery as market confidence improves, with key companies to watch including Oppein Home, ZBOM Home, and KUKA Home [4]. Paper & Packaging - The paper industry is experiencing a positive outlook, with companies raising prices and expected profit increases in Q4. For example, the average price of corrugated base paper rose by 0.91% from November 17 to November 21 [5]. - The recovery in the paper industry is supported by stable market supply and macroeconomic policy effects, with recommendations to focus on leading companies like Sun Paper, Huawang Technology, and Wuzhou Special Paper [5]. Export Chain - The U.S. interest rate cut cycle is expected to benefit the light industry export chain, particularly products like thermos cups and office furniture. Companies such as Qiangxin Home and Jiayi Co. are highlighted for their overseas expansion strategies [6]. - Concerns regarding potential tariffs post-U.S. elections are deemed manageable, as leading export companies are proactively expanding overseas production capacities [6]. Textile Manufacturing - The long-term growth logic for textile manufacturing is driven by overseas production, market share increases, and enhanced core competitiveness. Companies like Huali Group and Weixing Co. are recommended for investment [9]. - Vietnam's textile and apparel export target for 2025 is set at $47-48 billion, with a projected 11.26% year-on-year growth in 2024 [9]. Cross-Border E-commerce - The global e-commerce market is rapidly growing, with increasing competition among leading cross-border e-commerce platforms. Companies like Pinduoduo and SHEIN are noted for their growth potential [10]. - Recent expansions include Temu's new site in Vietnam and Amazon's overseas flagship store on JD.com, enhancing the international business landscape [11]. Investment Recommendations - Recommended companies in the textile and apparel sector include Weixing Co., Huali Group, Baoxini, and Hai Lan Home [11]. - In the light manufacturing sector, focus on Oppein Home, ZBOM Home, and Sun Paper [11]. - For cross-border e-commerce, consider Pinduoduo, SHEIN, and Anker Innovations [11].