轻工制造行业定期报告：11月家具社零亮眼，文化纸迎25年涨价函

Investment Rating - The report maintains an "Outperform" rating for the light industry sector [10]. Core Insights - The furniture retail sales in November showed a year-on-year increase of 10.5%, driven by national subsidies and a recovery in the real estate sector, indicating a continuous improvement in home demand [1][49]. - The cultural paper industry is expected to see a recovery in profitability, with leading companies announcing price increases for January and February 2025 [3][62]. - The report highlights the positive performance of exports in insulated cups and pet food, with significant growth in U.S. home sales, suggesting potential investment opportunities in related sectors [11]. Summary by Sections Furniture Industry - In November, furniture retail sales increased by 10.5% year-on-year, with a month-on-month growth of 3.1 percentage points [1]. - The construction area in November decreased by 40.1% year-on-year, while residential sales area increased by 4.2% year-on-year, indicating a recovery trend in the housing market [2]. - Companies like Mousse Holdings are expanding their overseas production and sales channels, enhancing their market presence in Southeast Asia [2]. Paper and Packaging - As of December 20, 2024, prices for various paper products showed slight increases, with white card paper at 4,240 RMB/ton (+10 RMB/ton) and corrugated paper at 2,918.13 RMB/ton (+41.88 RMB/ton) [3][56]. - The report suggests focusing on companies with integrated supply chains and diverse paper products, such as Sun Paper and Huawang Technology, which are expected to benefit from improved domestic demand [3]. Textile and Apparel - The textile and apparel sector experienced a year-on-year decline of 4.5% in retail sales for November, but cumulative sales from January to November showed a slight increase of 0.4% [7]. - The report anticipates a gradual recovery in consumer demand for branded apparel and home textiles due to government subsidy policies [7]. Export Trends - Exports of insulated cups and pet food showed strong performance in November, with year-on-year increases of 12% and 16%, respectively [11]. - The U.S. housing market is showing signs of recovery, with a notable increase in home sales, which may positively impact related export businesses [11].