轻工制造行业月报：纸品需求改善，地产销售回暖

Investment Rating - The report maintains an "In Line with the Market" investment rating for the light industry manufacturing sector [2][3]. Core Insights - The light industry manufacturing sector outperformed the CSI 300 index in November 2024, with a growth of 6.40%, surpassing the index by 5.74 percentage points, ranking 4th among 30 primary sectors [3][44]. - The paper industry is experiencing continuous revenue and profit growth, although the growth rate is slowing down. The demand for various paper products is expected to rebound due to improved economic fundamentals and policy-driven consumption expectations [3][60]. - The home furnishing sector is benefiting from improved real estate sales and tax optimization policies, leading to a recovery in consumer demand and a positive outlook for orders in Q4 2024 [3][60]. Summary by Sections 1. Industry Performance Review - The light industry manufacturing index showed a significant increase, with a trading volume of 471.83 billion yuan in November, reflecting a 23.84% increase in average daily trading volume [3][44]. - Most sub-sectors within light industry manufacturing saw gains, with "Other Light Industry" and "Cultural and Entertainment Light Industry" leading with increases of 31.87% and 23.49%, respectively [3][47]. - Over 77% of stocks in the sector rose in November, with notable performers including Yuegui Co., Shifeng Culture, and Baixinglong [3][53]. 2. Key Industry Data Tracking - The paper industry reported a cumulative revenue of 1,188.22 billion yuan from January to October 2024, with a year-on-year growth of 4.1%, while profits totaled 35.7 billion yuan, up 27.1% year-on-year [3][60]. - Prices for waste yellow board paper increased by 6.77% to 1,577 yuan per ton, with inventory levels decreasing [3][69]. - The home furnishing sector is seeing improved sales due to favorable real estate policies, with retail sales of furniture showing a significant month-on-month increase [3][60]. 3. Important Company News - The report highlights key companies in the paper sector, such as Sun Paper, which benefits from integrated operations, and special paper companies like Xianhe Co. and Huawang Technology [3][31]. - In the home furnishing sector, leading companies such as Oppein Home and Sophia are noted for their recovery potential due to improved market conditions [3][31].