轻工制造行业周观点：家居国补陆续展开，继续看好内需消费主线

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the positive momentum in the real estate market, with key cities showing improved transaction volumes and price stability [4] - The introduction of national subsidies for home furnishings is expected to boost demand, with leading companies like Oppein and Sophia participating [4] - The report suggests that the home furnishing sector is currently undervalued, with a price-to-earnings ratio between 10-15x, and anticipates a recovery in performance for leading companies [4] - In the paper industry, prices for various types of paper are experiencing fluctuations, with some categories seeing price increases due to rising costs and demand recovery [4] - The report emphasizes the importance of AI technology in the home furnishing sector, recommending companies that are integrating AI into their products [4] Summary by Sections 1. Market Review - The light industry sector outperformed the market, with a weekly increase of 1.76% compared to the 1.59% rise in the CSI 300 index [6] - Sub-sectors such as home furnishings and paper showed positive performance, with home furnishings up by 2.66% [6] 2. Paper Sector Tracking - The average price of waste paper is 1522 CNY/ton, up 1.7% week-on-week [14] - Prices for various paper products, including corrugated paper and boxboard, have shown slight declines, while cultural paper prices have seen some increases [18][25] 3. Home Furnishing Sector Tracking - The report notes a significant drop in housing transactions in major cities, with a 28.78% decrease in sales [28] - Retail sales in the home furnishing sector reached 100.5 billion CNY in February 2025, reflecting a year-on-year increase of 15.6% [36] 4. Other Sector Tracking - The report provides insights into the performance of various commodities, including oil and polyethylene, with Brent crude oil priced at 70.05 USD/barrel [45][47]