轻工制造行业月报：海外浆厂报价上涨，关注纸品价格提升

Investment Rating - The report maintains an investment rating of "Market Perform" for the light industry manufacturing sector [6]. Core Insights - The light industry manufacturing sector saw a 3.23% increase in February 2025, outperforming the CSI 300 index by 1.32 percentage points, ranking 17th among 30 primary industries [16][18]. - The report highlights a positive trend in the paper and home furnishing segments, with expectations for price increases in paper products due to rising raw material costs and improved market conditions in real estate [6][69]. Summary by Sections 1. Industry Performance Review - The light industry manufacturing index outperformed the market, with a 3.23% increase in February 2025, compared to a 1.91% increase in the CSI 300 index [16]. - Most sub-sectors within light industry manufacturing experienced gains, with "Other Light Industry" leading at 13.10% [18]. - Over 65% of stocks in the sector rose, with notable performers including Qunxing Toys and Yazhen Home [21]. - The sector's PE (TTM) ratio stood at 30.10, indicating a valuation at the 41.42 percentile over the past decade [22]. 2. Key Industry Data Tracking 2.1. Paper Industry - The paper and paper products industry reported a cumulative revenue of 1,456.62 billion yuan in 2024, a 3.9% year-on-year increase [25]. - Prices for waste yellow board paper fell by 5.59% in February 2025, influenced by rising inventories and reduced demand [29]. - The price of imported needle and broadleaf pulps fluctuated, with needle pulp priced at 6,501 yuan/ton and broadleaf pulp at 4,792 yuan/ton as of February 28, 2025 [32]. - The average price for boxboard paper was 3,691 yuan/ton, down 2.24% from the previous month [36]. 2.2. Home Furnishing - The real estate market showed signs of recovery, with new residential sales area increasing by 4.46% year-on-year in December 2024 [74]. - The furniture manufacturing sector's revenue grew by 0.4% in 2024, but profit margins faced pressure, with total profits declining by 0.1% [79]. - The implementation of the "old-for-new" policy has positively impacted sales, with the building materials and home furnishing market showing a good start in 2025 [82].