轻工行业：中央表态积极有力，看好家居&造纸顺周期表现

Investment Rating - The report maintains a "Recommended" rating for the light industry sector [4]. Core Viewpoints - The central economic work conference held on December 11-12, 2024, emphasized the need to expand domestic demand and stabilize the real estate market, indicating a positive macroeconomic environment ahead [2]. - The report highlights the expected recovery in demand for home furnishings and paper products due to favorable policies and a recovering real estate market [3]. Summary by Sections Home Furnishings - The report notes that policies aimed at stabilizing the real estate market and promoting consumption are expected to boost retail demand for home furnishings, with furniture retail sales revenue from January to November 2024 increasing by 16.8% year-on-year, significantly outpacing the overall retail growth of 4.5% [2][3]. - The report anticipates that the implementation of consumption-boosting policies will continue into 2025, further enhancing demand in the home furnishings sector [3]. Paper Industry - The paper industry is projected to experience a recovery in demand as the overall economic environment improves, with a noted bottoming out of industry sentiment in late 2024 [3]. - The report suggests that the demand for packaging paper will benefit from a resurgence in consumer spending, while cultural paper demand is also expected to rise with the economic recovery [3]. Investment Recommendations - The report recommends focusing on leading companies in the home furnishings and paper sectors, including names such as 欧派家居 (Oppein Home), 索菲亚 (Sofia), and 太阳纸业 (Sun Paper) among others, as they are likely to benefit from the anticipated economic recovery [3].