轻工制造&纺织服饰行业2月月报：聚焦国货潮品消费，电动两轮车景气度提升可期

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [3][36] - The report recommends "Increase" ratings for specific companies: Oppein Home (603833.SH), Sophia (002572.SZ), Guobao Pet (301498.SZ), Explorer (300005.SZ), and Semir Apparel (002563.SZ) [3][36] Core Insights - The domestic furniture industry is expected to see a retail sales total of 169.11 billion yuan in 2024, reflecting a year-on-year growth of 3.60% [9] - The textile and apparel sector's retail sales for clothing, shoes, hats, and textiles are projected to reach 1,469.05 billion yuan in 2024, with a slight increase of 0.30% [27] - The electric two-wheeler industry is anticipated to benefit from the implementation of old-for-new policies and new national standards, leading to sustained growth and increased market concentration among leading companies [35][36] Summary by Sections 1. Industry Development - The furniture manufacturing industry achieved a revenue of 601.68 billion yuan in 2024, with a year-on-year increase of 0.80% [9] - The domestic paper products sector saw a production increase of 8.60% in 2024, with a total output of 15,846.89 million tons [21] - The sports and entertainment retail sector recorded a retail sales total of 141.54 billion yuan, growing by 11.10% in 2024 [25] - The textile and apparel sector's clothing retail sales reached 1,071.62 billion yuan, with a modest growth of 0.10% [27] 2. Market Review - From December 30, 2024, to January 24, 2025, the light industry manufacturing sector underperformed the CSI 300 index by 1.99 percentage points, with a decline of 5.72% [30] - The textile and apparel sector outperformed the CSI 300 index by 0.45 percentage points, with a decline of 3.27% [31] 3. Monthly Strategy - The report emphasizes the focus on domestic product consumption and the rise of diverse consumption scenarios, particularly during the upcoming Spring Festival [34] - The "2025 National Online New Year Goods Festival" is highlighted as a key event to stimulate consumption, with a focus on premium shopping and cultural tourism [34]