轻工行业2025年投资策略：布局政策提振和成长性良好标的

Investment Rating - The report provides a positive investment rating for the light industry sector, highlighting potential growth opportunities driven by policy support and strong demand in specific segments [1][4]. Core Insights - The light industry sector has shown resilience, with certain sub-sectors like paper and personal care outperforming others such as home furnishings and packaging. The report emphasizes the emergence of domestic brands capturing market share from foreign competitors, supported by favorable policies [4][5]. - The report outlines four main investment themes for 2025: 1) Continued support for home consumption through government subsidies, 2) Growth of domestic brands in consumer goods, 3) High-value export targets with strong demand resilience, and 4) Recovery in demand for paper products driven by economic recovery [4][5]. Summary by Sections Industry Review and Outlook - In 2024, the light industry sector lagged behind the overall market, with a cumulative decline of 1.3%. The paper and entertainment sectors performed better than the overall light industry, while home furnishings faced pressure from real estate market challenges [4][13]. - The report notes that the home furnishings sector is expected to recover due to supportive policies and a rebound in demand, particularly from leading companies [4][30]. Recommended Stocks and Valuation - The report recommends several stocks based on their growth potential and market positioning, including Baiya Co., Runben Co., Sun Paper, Oppein Home, and others [4][5]. Home Furnishings Sector Analysis - The home furnishings sector has been impacted by real estate pressures, with revenue and profit growth declining. However, the introduction of policies to stimulate consumption is expected to support recovery [4][35]. - The report highlights the importance of cost control and efficiency improvements among leading companies, which have managed to maintain stable profit margins despite rising costs [4][36]. Economic and Policy Environment - The report discusses the positive impact of recent government policies aimed at stabilizing the real estate market, including interest rate cuts and subsidy programs for home renovations [4][54][56]. - The introduction of "old-for-new" policies in home furnishings has shown significant effects on consumer spending, with companies actively participating in these initiatives [4][61].