造纸轻工行业周报：以旧换新提振需求，关注家居板块和消费电子包装裕同科技；嘉益大客户营销深化，全球化空间广阔

Investment Rating - The report maintains a positive outlook on the light industry manufacturing sector, particularly in home furnishings and consumer electronics packaging, indicating a favorable investment rating [1]. Core Insights - The report highlights the impact of the "old-for-new" subsidy policy, which is expected to boost demand in the home furnishings sector and enhance market share for leading companies. Additionally, the introduction of subsidies for consumer electronics packaging is anticipated to benefit mid-to-high-end packaging firms [1][10]. - The paper industry is experiencing a supply-demand improvement due to production cuts by major players, leading to price stabilization and potential long-term optimization of the industry landscape [1][20]. Summary by Relevant Sections Home Furnishings - The "old-for-new" subsidy policy is being optimized, with strong continuity expected to stimulate demand and enhance the market share of leading companies. The real estate sector's supportive policies are also contributing to a recovery in the second-hand housing market, which is expected to positively impact the home furnishings industry [1][10][11]. - As of October 2023, the home furnishings retail sales have shown a significant increase, with a year-on-year growth of 1.9% for the first ten months and a notable 7.4% increase in October alone [10][11]. Packaging - The report notes that subsidies for consumer electronics packaging are being introduced, which will favor mid-to-high-end packaging companies. The Jiangsu Development and Reform Commission has announced a subsidy of 15% on the transaction price for various 3C digital products, with a cap of 1,500 yuan [1][17][19]. - The demand for consumer electronics is expected to shift towards higher-end models due to these subsidies, which will likely enhance the performance of companies like Yutong Technology [1][19]. Paper Industry - The report discusses the production cuts by Chenming Paper, which have led to a significant reduction in production capacity, thereby improving the supply-demand dynamics in the paper industry. The price of various paper products has begun to stabilize and increase, with notable price hikes announced for cultural paper and white cardboard [1][20][21]. - The long-term outlook for the paper industry is optimistic, with expectations of gradual recovery and profitability improvements for companies with strong management and cost advantages, such as Sun Paper and Nine Dragons Paper [1][24]. Individual Company Updates - Jia Yi Co. is expanding its global marketing strategy, leveraging celebrity endorsements to enhance brand visibility and market reach. The recent collaboration with global sports star Messi is expected to significantly boost sales and brand recognition [1][25][26]. - The report emphasizes the importance of supply chain efficiency and the ongoing expansion of Jia Yi's production capabilities in Vietnam, which is expected to support new customer acquisition and enhance operational responsiveness [1][26].