轻工制造&纺织服饰行业周报：以旧换新春节假期持续显效，出口关税阶段性落地

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [5][31] - Specific companies such as Oppein Home, Sophia, Toread, Semir Apparel, and Guibao Pet are rated as "Buy" [5][31] Core Insights - In 2024, the paper and paper products industry achieved a total profit of 51.97 billion yuan, a year-on-year increase of 5.2% [12] - The National Development and Reform Commission and the General Administration of Sport have outlined plans to build around 100 high-quality outdoor sports destinations by 2030, which is expected to boost the outdoor sports equipment and apparel sectors [5] - The "old-for-new" consumption policy during the Spring Festival in 2025 has shown significant effects, with key monitored retail enterprises reporting a year-on-year sales increase of over 10% in home appliances and communication equipment [5][31] Industry News - The paper and paper products industry reported a revenue of 1,456.62 billion yuan in 2024, with a year-on-year growth of 3.9% [12] - The Weifu Group has shown initial success in its transformation, with a revenue of 2.8 billion USD in Q3 of FY2025, marking a 2% year-on-year increase [12] Market Review - From February 5 to February 7, the light industry manufacturing sector underperformed the CSI 300 index by 0.38 percentage points, with a weekly increase of 1.60% compared to the CSI 300's 1.98% [25] - The textile and apparel sector lagged behind the CSI 300 index by 1.43 percentage points, with a weekly increase of 0.55% [29] Weekly Strategy - The report emphasizes the importance of government policies in stimulating home decoration and household consumption, which are expected to benefit the home furnishing sector [5][31] - The report also notes that the recent U.S. tariffs on Chinese goods have led domestic export-oriented companies to accelerate their globalization strategies to mitigate tariff risks [5][31]