轻工制造：消费预期回暖，看好政策受益和高景气子板块

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% over the next six months [13]. Core Viewpoints - The report highlights a recovery in consumer expectations, driven by a comprehensive policy initiative aimed at boosting consumption across various sectors, including support for families, cultural tourism, and the promotion of new consumption patterns [2][3]. - The policy emphasizes enhancing consumer capacity through income support and optimizing the consumption environment to address key constraints on consumption [2]. Summary by Relevant Sections Policy Impact - The policy plan covers a wide range of areas, including support for families, cultural tourism, and the promotion of green and smart upgrades in durable consumer goods [2]. - Specific measures include establishing a childcare subsidy system, enhancing services for the elderly and children, and promoting the replacement of old consumer goods with new ones [2]. Investment Recommendations - The report suggests a positive outlook for the home furnishing sector, particularly with the recovery of the second-hand housing market in first-tier cities and the anticipated impact of national subsidies [3]. - Recommended companies include leading custom furniture brands such as Oppein Home, Sophia, and Zhihong Home, as well as soft furniture leaders like Mousse and Gujia Home [3]. - In the packaging sector, the report recommends focusing on 3C packaging leader Yutong Technology due to improved demand in the supply chain [3]. - For the cultural and personal care sectors, the report highlights Morning Glory as a leading cultural brand and suggests attention to diaper manufacturer Haoyue Care [3]. High-Growth Segments - The report identifies high-growth segments such as new consumption-related IP, toys, smart glasses, and e-cigarettes, recommending companies like Blukoo and Mingyue Optical [3]. - It also continues to recommend dental care leader Dengkang Dental, which is expected to see sustained growth due to its high-value products and effective channel strategies [3]. - The outdoor sports sector is highlighted for its demand growth, with recommendations for companies like Zhejiang Nature and Anta Sports [3].