Investment Rating - The report maintains a "Positive" rating for the paper and light industry in China [30]. Core Insights - The report emphasizes two main investment themes in the post-real estate cycle: 1) Focus on the clean appliance sector with significant growth potential and market penetration, recommending companies like Stone Technology (688169, Buy) and Ecovacs (603486, Buy); 2) Attention to stable growth companies with high dividend ratios and low historical valuations, recommending Supor (002032, Accumulate), Oppein (603833, Buy), and Sophia (002572, Buy) [12][29]. Summary by Sections 1. Market Review (2024/12/23-2024/12/29) - The report notes that all sectors in the post-real estate cycle, except for white and black appliances, underperformed the market. The CSI 300 index rose by 1.36%, while white and black appliance sectors increased by 2.20% and 1.91%, respectively [58]. 2. Domestic Real Estate Demand - In November 2024, the national residential sales area increased by 4.2% year-on-year. However, the cumulative sales area from January to November 2024 decreased by 16.0%. The report also highlights that the residential completion area fell by 40.1% year-on-year in November [68][69]. 3. Retail Tracking - In November 2024, furniture retail sales reached 19 billion yuan, growing by 10.5% year-on-year, while home appliances and audio-visual equipment retail sales totaled 120 billion yuan, increasing by 22.2% year-on-year [48][59]. 4. Export Performance - The report indicates that in November 2024, home appliance exports grew by 10.1% year-on-year, while furniture and its parts exports decreased by 2.7% [10][48].
造纸轻工行业地产后周期产业链数据每周速递：2024年11月家具、家电零售额同比均有增长
Orient Securities·2024-12-30 02:42