轻工制造行业月报：加力扩围以旧换新，提振行业需求

Investment Rating - The report maintains an "In Line with the Market" investment rating for the light industry manufacturing sector [6][4]. Core Insights - The light industry manufacturing sector underperformed the market, with a decline of 10.28% in December 2024, lagging behind the CSI 300 index by 6.51 percentage points [14][16]. - The report highlights the positive impact of government policies, such as the "old-for-new" program, which is expected to boost demand in the home furnishings sector and improve overall industry performance [6][4]. - The paper and home furnishing segments are showing signs of recovery, with increased sales and improved pricing dynamics due to policy support and market demand [6][4]. Summary by Sections Industry Performance Review - The light industry manufacturing index fell by 10.28% in December 2024, ranking 23rd among 30 sectors [14][16]. - All sub-sectors within light industry manufacturing experienced declines, with furniture down by 7.34% and packaging down by 10.52% [16]. - The sector's PE (TTM) ratio stood at 30.84, within the 43.19% historical percentile, indicating a slight decline in valuation [20][21]. Key Data Tracking Paper Industry - The revenue of large-scale paper enterprises reached CNY 13,154.6 billion in the first 11 months of 2024, with a year-on-year growth of 3.9% [22]. - Prices for waste yellow board paper increased to CNY 1,600 per ton, reflecting a 1.46% rise from the previous month [25]. - The production of corrugated paper and boxboard saw price increases, with boxboard averaging CNY 3,774 per ton, up 3.21% [32]. Home Furnishing - The real estate sector showed signs of improvement, with new residential sales area increasing by 4.22% year-on-year in November 2024 [66]. - The furniture manufacturing sector reported a slight revenue increase of 0.8% year-on-year, with total revenue reaching CNY 6,016.8 billion [73]. - The "old-for-new" policy is expected to continue driving demand in the home furnishings market, with retail sales of furniture increasing by 10.5% year-on-year in November 2024 [77].