轻工制造行业周观点：地产链政策效果持续发酵，造纸龙头再发涨价函

Investment Rating - The report maintains an "Overweight" rating for the home furnishing sector and the paper industry, with specific recommendations for key companies [4][5][6]. Core Insights - The real estate chain policy effects are continuing to unfold, with leading paper companies issuing price increase notices. The home furnishing sector is experiencing a recovery in market sentiment due to supportive policies [6][7]. - In the home furnishing sector, cities like Shanghai, Beijing, Shenzhen, and Guangzhou have announced the cancellation of residential standards, leading to improved transaction volumes for new and second-hand homes [6]. - The report highlights the importance of leading companies in the home furnishing market, suggesting that their market sensitivity and organizational management capabilities will allow them to seize opportunities in a rapidly changing market environment [6]. Summary by Sections Home Furnishing Sector - The report notes that the home furnishing subsidy policy in Guizhou province has been implemented, covering various categories with a subsidy of 20% of the product invoice amount [6]. - Investment suggestions include focusing on custom home furnishing companies like Oppein, Sophia, and Zhibang, as well as soft furniture companies like Kuka and Mousse [6]. Paper Industry - Leading paper companies have announced price increases, with cultural paper prices rising by 300 CNY/ton and white card paper prices increasing by 200 CNY/ton [7]. - The report mentions that Chenming Paper has halted production across multiple lines, affecting a total capacity of 7.03 million tons, which represents 71.7% of its total capacity [7]. - The report suggests that the recovery in domestic demand and the downward trend in pulp prices create a favorable environment for leading companies like Sun Paper [7]. Export Sector - The report indicates a rebound in export values across various categories due to the release of backlogged orders following the end of extreme weather conditions [8]. - Investment suggestions include focusing on companies with established overseas production capacities and those in the home furnishing export sector [8]. Personal Care Sector - The report highlights a 14% year-on-year increase in GMV for the sanitary napkin industry during the Double 11 shopping festival, suggesting a positive outlook for companies with strong e-commerce channels [8].