轻工制造&纺织服饰行业周报：文化纸温和上涨可期，上海推动IP、宠物消费发展

Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors, while recommending "Increase" ratings for specific companies including Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [25][4][24]. Core Insights - Global corrugated packaging giant Smurfit Westrock reported a record revenue of approximately 226.1 billion RMB for 2024, establishing a new industry benchmark [8]. - Hermes experienced a 13% year-on-year revenue growth, reaching 15.2 billion euros, with plans for a 6%-7% price increase globally [8]. - The cultural paper sector is expected to see a price increase of 200 RMB per ton starting March 1, 2025, driven by rising raw material costs and the upcoming peak demand season for educational printing paper [23][24]. Industry News - The corrugated packaging industry is witnessing significant growth, with Smurfit Westrock leading the way [8]. - The demand for cultural printing paper is anticipated to rise as the traditional peak season approaches [23]. - The Shanghai government is promoting new consumption initiatives, particularly in the IP and pet economy sectors, which are expected to stimulate market demand [24]. Company Announcements - Chenming Paper Industry received approval for the dissolution of its financial subsidiary [17]. - Aori Jin is expected to complete the acquisition of remaining shares from COFCO Packaging by April 17, 2025 [17]. Market Review - From February 10 to February 14, the light industry sector outperformed the CSI 300 index by 0.11 percentage points, while the textile and apparel sector lagged behind by 0.01 percentage points [18][21]. - The top-performing stocks in the light industry included Jinyun Laser and Delixi, while the textile sector saw significant movements in stocks like Ruibeka and Zhejiang Wenyi [18][21].