轻工纺服行业周报：引领潮流的首发经济，多元化发展的新动力

Investment Rating - The industry rating is "Increase" [22] Core Insights - The report emphasizes the significance of the "first launch economy" as a driving force for consumption upgrades and industrial innovation, focusing on the debut of new products, technologies, services, and models, which not only meets consumer demand for novelty but also creates market hotspots for enterprises [38][40] - The first launch economy is characterized by a chain development feature, ensuring a seamless connection from research and development to sales, thus forming an efficient market feedback mechanism [38] - The report highlights the role of exhibition activities as a key platform for showcasing and launching new products, facilitating collaboration across various sectors and accelerating the transformation of innovative results [40] Summary by Sections Home Furnishing - Data from major cities indicates a significant drop in residential new construction area by 23.1% year-on-year, with total residential sales area down by 14.3% [2] - Furniture sales in November reached 19 billion yuan, showing a year-on-year increase of 10.5% [2] - The report suggests that the recovery of the real estate market and policies promoting home upgrades may stimulate home furnishing consumption growth [26] Packaging and Paper - The report notes that the price of various paper products has shown slight fluctuations, with needle pulp priced at 6240.71 yuan/ton, down by 0.28% [2] - The report recommends focusing on companies with horizontal product diversification and vertical integration in the paper industry, such as Sun Paper [26] Textile and Apparel - Retail sales in the apparel sector decreased by 4.5% year-on-year, while exports of clothing and accessories increased by 4.3% [26] - The report highlights the competitive strategies of major brands in the textile and apparel industry, leveraging collaborations with popular IPs to enhance market presence [44] Company-Specific Insights - Sun Paper is rated as "Buy" with projected EPS growth from 1.15 yuan in 2024E to 1.45 yuan in 2026E, with a PE ratio decreasing from 12.56 to 9.96 [6] - Jia Yi Co. is also rated "Buy," with EPS expected to rise from 7.22 yuan in 2024E to 9.98 yuan in 2026E, and a PE ratio of 15.48 in 2024E [6] - The report identifies several companies actively engaging in the first launch economy, such as Shunfeng Culture and Aofei Entertainment, which are innovating through IP collaborations and new product launches [44]