轻工制造行业周观点：两会释放积极信号，重视内需主线布局

Investment Rating - The report maintains an "Overweight" rating for the home furnishing sector, with specific recommendations to increase holdings in companies such as Oppein Home, Kuka Home, and Sun Paper [1]. Core Insights - The report highlights positive signals from the Two Sessions, emphasizing the importance of domestic demand and macroeconomic policies aimed at stabilizing the real estate market and boosting consumption [2]. - The home furnishing sector is expected to benefit from expanding national subsidy policies, with significant support for home renovation and related products [2]. - The report suggests that leading companies in the home furnishing market are better positioned to capitalize on market opportunities due to their organizational capabilities and market sensitivity [2]. Summary by Sections Home Furnishing Sector - Policy updates indicate a commitment to more proactive fiscal and monetary policies by 2025, aimed at stabilizing the real estate market and enhancing domestic demand [2]. - Recent subsidy initiatives in cities like Suzhou and Chongqing are expected to stimulate home furnishing consumption significantly [2]. - Recommended companies include Oppein Home, Sophia, and Kuka Home for customized furniture, and Kuka Home and Mousse for soft furnishings [2]. Export Sector - China's exports to the U.S. have shown resilience, with a notable increase despite a slight decline in overall home furnishing exports in November 2024 [3]. - The report advises focusing on companies with established overseas production capabilities and those benefiting from the current interest rate environment [3]. Personal Care Sector - The sanitary napkin market has seen a 5.4% year-on-year increase in GMV on major e-commerce platforms [4]. - The report continues to recommend leading brands like Baiya for their national expansion and product optimization strategies [4]. Paper Industry - Paper prices have shown a slight increase, with specific prices for various types of paper reported, indicating a phase of supply-demand improvement in the industry [4]. - Companies like Sun Paper and Shanying International are highlighted as key players to watch in this sector [4].