轻工纺服行业周报：波司登FY24/25H1净利同增23%，关注旺季表现

Investment Rating - The industry investment rating is maintained at "Overweight" [1][15]. Core Viewpoints - The light industry sector is expected to improve due to favorable policies stimulating real estate recovery and the effectiveness of the old-for-new policy, leading to sustained consumer enthusiasm [1][4]. - In the home appliance sector, the old-for-new policy is anticipated to continue into 2025, with provinces like Jiangsu and Hubei taking the lead in implementation [1][4]. - The textile and apparel industry is experiencing a weak recovery in consumer sentiment, with policies aimed at boosting domestic demand enhancing consumer confidence [4][6]. Summary by Relevant Sections Light Industry - The light industry is benefiting from policies that stimulate real estate recovery and consumer spending, with expectations for improved performance in cyclical sectors like home furnishings [1][4]. - The home appliance sector is seeing proactive measures, with Jiangsu expanding its subsidy program to include more products, which is expected to help leading companies capture market share [1][4]. Textile and Apparel - The textile and apparel industry index has shown positive performance, with the sector ranking first among 31 industries in terms of growth [1][4]. - Bosideng's performance in the first half of FY24/25 shows a revenue increase of 17.8% and a net profit increase of 23%, indicating strong growth in its down jacket business [4][6]. - The overall consumption environment is showing signs of recovery, with outdoor and sports apparel sales expected to remain strong [4][5]. Cross-Border E-commerce - The global e-commerce market is rapidly growing, with increased competition among leading cross-border e-commerce platforms, suggesting growth potential in overseas warehouses [7][8]. - Amazon's announcement regarding fee policies and TikTok's expansion into Spain indicates a competitive landscape for cross-border e-commerce [7][8]. Investment Recommendations - Recommended companies in the textile and apparel sector include Weixing Group, Huali Group, and Bosideng, among others [8]. - In the light manufacturing sector, companies like Oppein Home, Zhijia Home, and Sun Paper are highlighted as potential investment opportunities [8].