轻工制造&纺织服饰行业12月月报：以旧换新政策显效，头部纸企部分产能停产

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors, while maintaining an "Overweight" rating for specific companies including Oppein Home (603833.SH), Sophia (002572.SZ), Haotaitai (603848.SH), Toread (300005.SZ), and Semir Apparel (002563.SZ) [5][46]. Core Insights - The "old-for-new" policy is gradually showing effects, with significant increases in retail sales for furniture and sanitary ware in October, growing by 16.9% and 23% year-on-year, respectively [43][45]. - The light industry manufacturing sector outperformed the CSI 300 index by 4.79 percentage points from October 28 to November 22, with a return of 2.50% compared to the index's decline of 2.29% [39]. - The textile and apparel sector also outperformed the CSI 300 index by 1.63 percentage points during the same period, with a return of -0.67% [41]. Industry Development - From January to October, the retail sales of furniture reached 130.3 billion yuan, a year-on-year increase of 1.90%. The furniture manufacturing industry achieved revenue of 47.695 billion yuan, growing by 2.50% year-on-year [16][34]. - The domestic paper products output increased by 9.20% year-on-year, with a total production of 12.99392 million tons from January to October [25]. - The retail sales of sports and entertainment products grew by 11.50% year-on-year, while cultural office supplies saw a slight decline of 0.60% [32]. Market Review - The report highlights that the packaging and printing sectors performed well, with significant stock price increases for companies like Songfa Co. (68.07%) and Shifeng Culture (67.51%) [39]. - The textile and apparel sector saw notable stock performance, with companies like Kute Intelligent (90.01%) and Ribor Fashion (42.92%) showing strong gains [41]. Monthly Strategy - The report emphasizes the positive impact of the "old-for-new" policy, with over 10.38 million kitchen and bathroom products and 8.2 million furniture products subsidized as of November 10 [43][45]. - The report also notes that the ice and snow industry is moving towards high-quality development, with the potential to reach a total economic scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [46].