轻工制造&纺织服饰行业周报：聚焦扩大内需，关注高景气度细分领域

Industry Investment Rating - The report maintains a "Neutral" rating for the Light Industry Manufacturing and Textile & Apparel sectors [9] - Specific companies like Oppein Home, Sophia, Haotaitai, Toread, and Semir are rated as "Overweight" [3][9] Core Views - The report highlights the importance of expanding domestic demand, particularly in high-growth sub-sectors within the Light Industry Manufacturing and Textile & Apparel industries [4] - The Central Economic Work Conference emphasized boosting consumption and improving investment efficiency, which is expected to positively impact domestic demand [8] - The "old-for-new" policy has significantly driven sales in various sectors, including automobiles, home appliances, and home furnishings, with over 520 million passenger cars, 49 million home appliances, and 51 million home furnishing products sold [9] Industry News - Several international paper giants have announced price increases, with the highest increase reaching $90 per ton [4] - Zara's parent company, Inditex, reported a 7.1% revenue growth in the first three quarters of 2024, with a net profit increase of 8.5% [5] Company Announcements - Shanying International raised its share buyback price ceiling to 3.00 yuan per share [6] - La Chapelle's major shareholder, Eurostar Diamond, plans to reduce its stake by 3.00% [7] Market Performance - The Light Industry Manufacturing sector outperformed the CSI 300 Index by 4.61 percentage points from December 9 to December 13, with a 3.61% increase compared to the CSI 300's -1.01% [8] - The Textile & Apparel sector outperformed the CSI 300 Index by 5.24 percentage points during the same period, with a 4.23% increase [8] Weekly Strategy - The report suggests that the focus on expanding domestic demand, particularly in areas like "new consumption" and "silver economy," will drive growth in the Light Industry Manufacturing and Textile & Apparel sectors [45] - The "old-for-new" policy is expected to continue stimulating domestic demand, benefiting leading home furnishing companies [9] Key Data Points - Domestic TDI prices remained stable at 12,800 yuan/ton, while MDI prices increased by 120 yuan/ton to 18,800 yuan/ton [21] - Domestic pulp prices saw slight declines, with softwood pulp down 23.22 yuan/ton and hardwood pulp down 28.48 yuan/ton [25] - Whiteboard and white cardboard prices increased by 50.00 yuan/ton and 33.34 yuan/ton, respectively [26] Stock Performance - Top-performing stocks in the Light Industry Manufacturing sector included Yibin Paper (61.05%), Chuangyuan (59.72%), and Shifeng Culture (30.12%) [38] - In the Textile & Apparel sector, top performers included Harson (17.58%), Jinfa Laby (16.62%), and Metersbonwe (15.92%) [41]