轻工制造行业定期报告：浆系纸价略涨，IP衍生消费高景气

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector, indicating a positive outlook compared to the broader market [4]. Core Insights - Recent price increases in cultural paper and white cardboard suggest a recovery in profitability for the industry, with a focus on the high demand for IP-derived consumer products in the light industry manufacturing sector [1][2]. - The furniture manufacturing industry has shown a slight revenue increase of 1.6% year-on-year from January to October, with a notable recovery in October sales figures [1][3]. - The report highlights the potential benefits for companies focused on domestic sales and strong distributor networks, particularly in the customized furniture segment [1]. Summary by Sections 1. Industry Performance - The light industry manufacturing sector outperformed the market with a 5.35% increase in the index from November 25 to November 29, 2024, compared to a 1.32% increase in the CSI 300 index [17]. - The entertainment products index rose by 21.7%, while the home goods index increased by 5.76% during the same period [17]. 2. Furniture Industry - From January to October, the furniture manufacturing sector achieved a cumulative revenue growth of 1.6%, with October retail sales showing a year-on-year increase of 7.4% [40][41]. - The report notes a recovery in the real estate market, which is expected to positively impact furniture demand [1][33]. 3. Paper and Packaging - As of November 29, 2024, prices for various paper products have increased, with double glue paper at 5200 CNY/ton (+87.5 CNY), copper plate paper at 5420 CNY/ton (+80 CNY), and white cardboard at 4190 CNY/ton (+30 CNY) [2][49]. - The report suggests focusing on companies that integrate the forestry, pulp, and paper sectors, as well as those with diverse paper product offerings [2]. 4. Consumer Products - The light industry entertainment products index increased by 22%, with retail sales of sports and entertainment products rising by 26.7% year-on-year in October [3]. - Companies in the cultural and creative sectors, such as Morning Glory, are expected to benefit from a recovering domestic consumption environment [3]. 5. Export Dynamics - The report discusses potential tariff increases on products from Mexico, Canada, and China, which may impact export dynamics for light industry companies [3][7]. - Companies that have established overseas production capacities are better positioned to meet export demands [3].