轻工制造行业周报：周观点，新年伊始多地家居国补政策衔接执行，外盘浆价涨价落地

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights a recovery in the paper industry due to multiple regions implementing national subsidy policies for home improvement, which is expected to boost demand [2] - The report emphasizes the importance of focusing on domestic demand recovery and suggests investing in quality stocks in the export sector [2] - The report indicates that the home furnishing sector is experiencing a seasonal peak in demand, with significant increases in new and second-hand housing transactions in major cities [4] Summary by Sections 1. Market Review - The light industry sector underperformed the market, with a decline of 6.46% compared to a 5.17% drop in the CSI 300 index, resulting in a relative underperformance of 1.29 percentage points [12] - The home furnishing, paper, packaging, and entertainment sectors experienced varying declines, with home furnishing down 5.54% and paper down 7.68% [12] 2. Paper Sector Tracking - The average price of corrugated paper is 2938 CNY/ton, up 0.4% week-on-week, while boxboard is at 3774 CNY/ton, up 0.3% [36] - The average price of imported needle pulp is 795 USD/ton, up 1.3% week-on-week, and imported broadleaf pulp is 570 USD/ton, up 3.6% [24][31] - The report recommends industry leaders such as Sun Paper and suggests monitoring companies like Bohui Paper and Shanying International as the industry enters a recovery phase [4] 3. Home Furnishing Sector Tracking - In December, major cities saw a 51.18% week-on-week increase in new home transactions, totaling 15488 units, while second-hand home transactions are expected to reach 2490 million square meters, up 46% year-on-year [46][4] - The report suggests focusing on leading companies in the home furnishing sector that are likely to benefit from national subsidy policies, including Gujia Home, Mousse, and Oppein [4] 4. Other Sector Insights - The report notes that the outdoor products sector has resumed normal order levels after inventory adjustments, with companies like Zhejiang Natural launching stock incentive plans [4] - It highlights the potential growth in AI glasses and suggests monitoring companies involved in this segment, such as Mingyue Lenses and Kangnait Optical [4]