轻工制造行业周报：重视顺周期板块，持续关注家居二轮车

Investment Rating - The report emphasizes a positive outlook on leading companies within various sectors, particularly in light industry and home furnishing, suggesting a focus on cyclical sectors and key players for potential investment opportunities [2][6][55]. Core Insights - The report highlights that since early 2024, businesses have faced weak demand and complex market conditions, particularly in the real estate sector, which remains low. It suggests that leading companies are better positioned to withstand risks and maintain growth through effective management, cost control, and branding strategies [2][55]. - In the paper industry, the report notes that while pulp prices increased in the first half of 2024, there was a decline in Q3. However, a recovery in domestic demand and potential price rebounds are expected in Q4, benefiting profits, particularly for integrated pulp-paper firms like Shandong Sun Paper [2][56]. - The furniture sector is under pressure due to declining real estate, changing consumer preferences, and increased competition. However, policies such as trade-in programs in Q4 2024 may support recovery, with key targets including Oppein Home Group and Zbom Home Collection [3][58]. - Light industry exports have shown resilience despite US tariffs since 2018, with leading firms maintaining stable growth and profitability through strategies like cost control and capacity shifts. Key targets include Ziel Home Furnishing Technology and Aima Technology [3][59]. - The two-wheeler sector is benefiting from new safety standards and national policies promoting high-quality development, with leading firms like Aima Technology and Yadea Group positioned to gain from first-mover advantages [3][59]. - The personal care sector is characterized by strong consumer demand, with leading companies expanding e-commerce channels and enhancing brand influence, particularly Chongqing Baiya Sanitary Products Co., Ltd. [3][60]. Summary by Sections Paper Industry - The report indicates that the first half of 2024 saw pressure from rising pulp prices, but Q3 experienced declines. A recovery in demand and price rebounds are anticipated in Q4, benefiting profits for integrated pulp-paper firms [2][56]. Packaging and Printing - Recovery in both export and domestic demand is expected to boost revenue and profit for packaging companies, with performance anticipated to improve in 2024 as demand strengthens [2][57]. Furniture and Home Furnishing - The furniture sector faces challenges from declining real estate and changing consumer preferences, but potential policy support in Q4 2024 may aid recovery. Key companies to watch include Oppein Home Group and Zbom Home Collection [3][58]. Light Industry Exports - Despite the impact of US tariffs, leading firms in light industry exports have maintained stable growth and profitability, with strategies enhancing competitiveness. Key targets include Ziel Home Furnishing Technology and Aima Technology [3][59]. Two-Wheelers - The two-wheeler sector is experiencing favorable conditions due to new safety standards and national policies, benefiting leading firms like Aima Technology and Yadea Group [3][59]. Personal Care - The personal care sector shows strong consumer demand, with leading companies enhancing their market presence through e-commerce and brand promotion, particularly Chongqing Baiya Sanitary Products Co., Ltd. [3][60].