轻工制造行业周观点：造纸行业供需改善，家居国补政策明年延续可期

Investment Rating - The report maintains an "Overweight" rating for the light industry sector, particularly highlighting the paper and home furnishing segments [1]. Core Insights - The paper industry is experiencing an improvement in supply and demand dynamics, with prices stabilizing and showing signs of recovery. The home furnishing sector is expected to benefit from continued government subsidies into 2025, which may enhance market opportunities for leading companies [1][2]. Summary by Sections 1. Market Review - The light industry sector outperformed the market, with a weekly increase of 5.35%, surpassing the Shanghai and Shenzhen 300 index by 4.04 percentage points. The home furnishing and paper segments saw respective increases of 5.76% and 1.18% [11]. 2. Paper Sector Tracking 2.1 Major Raw Material Price Trends - The average price of domestic waste paper is 1593 CNY/ton, up 3.2% week-on-week. The average price of American waste paper is 185 USD/ton, up 1.4% week-on-week [21]. - Domestic needle pulp averages 5781 CNY/ton, down 1.3% week-on-week, while broadleaf pulp averages 4410 CNY/ton, down 1.0% week-on-week [23]. 2.2 Major Paper Product Price Trends - The average price of corrugated paper is 2755 CNY/ton, up 1.2% week-on-week. The average price of boxboard is 3654 CNY/ton, up 0.5% week-on-week. White card paper averages 4174 CNY/ton, up 0.4% week-on-week [30][33][36]. 3. Home Furnishing Sector Tracking - In November, the sales volume of the top 100 real estate companies decreased by 6.9% year-on-year, indicating a challenging market environment. However, government policies supporting home upgrades are expected to continue, potentially benefiting leading companies in the home furnishing sector [2][6].