造纸轻工行业周报：家居消费+地产属性迎双重利好；关注优质消费个股及裕同科技

Investment Rating - The report maintains a positive outlook on the home furnishing industry, indicating a potential recovery in valuations due to supportive policies and improving market conditions [2][9][18]. Core Insights - The home furnishing sector benefits from dual advantages of consumer demand and real estate policies, with ongoing optimization of the old-for-new subsidy policy expected to boost demand and enhance market share for leading companies [2][9][10]. - Consumer spending is anticipated to gradually recover, with a focus on high-quality companies, recommending stocks such as Baiya Co., Morning Glory Co., and Bull Group [2][19]. - The packaging sector is positively impacted by subsidies for consumer electronics packaging, particularly benefiting mid-to-high-end packaging companies like Yutong Technology [2][24]. - The paper industry is experiencing supply-demand improvements due to production cuts by major players, leading to price stabilization and potential long-term optimization of the industry structure [2][26][30]. Summary by Sections Home Furnishing - The home furnishing industry is expected to see valuation recovery supported by government policies aimed at stabilizing the real estate market and boosting consumer demand [2][9][18]. - The old-for-new subsidy policy has shown significant effects, with substantial sales driven by the program, indicating a strong recovery in consumer engagement [10][11][12]. - Recent data shows a notable increase in sales and transactions in the home furnishing sector, with a year-on-year growth of 1.9% in furniture retail sales from January to October [10][11]. Consumer Sector - Consumer spending is projected to improve, with a focus on companies that can leverage supply chain advantages and diverse channel strategies, recommending stocks like Baiya Co. and Morning Glory Co. [2][19][20]. - The report highlights the importance of product innovation and market expansion for sustained growth in the consumer sector [19][20]. Packaging Sector - The introduction of subsidies for consumer electronics packaging is expected to significantly stimulate demand, particularly for mid-to-high-end packaging firms like Yutong Technology [2][24][25]. - The report notes that the expansion of subsidy programs will likely enhance consumer demand for high-quality electronic products [24][25]. Paper Industry - The paper industry is witnessing a positive shift due to production cuts by major companies, which is expected to lead to improved supply-demand dynamics and price stabilization [2][26][30]. - The report indicates that the recent production cuts by Chenming Paper have resulted in a significant reduction in output, which is likely to support price increases in the near future [26][29][30].