Investment Rating - The industry investment rating is maintained at "Overweight" [4][101]. Core Insights - The report highlights the opening of Li Ning's first outdoor store, indicating a strategic shift towards the light outdoor mass market, focusing on hiking, urban commuting, and suburban camping [6]. - The export chain is showing signs of recovery, particularly for companies like Henglin and Yongyi, with a notable increase in non-wood furniture exports to the U.S. from Vietnam [6]. - The report suggests that the upcoming Olympic cycle and improved management and inventory at Li Ning could lead to a positive turning point for the company [6]. Summary by Relevant Sections Market Performance - The light industry manufacturing index increased by 1.86%, ranking 6th among 28 industries, while the textile and apparel index decreased by 1.6%, ranking 24th [11]. - Sub-sectors within light industry manufacturing showed varied performance, with packaging printing up by 3.96% and home goods up by 0.5% [11]. Export Chain - The report emphasizes the recovery of U.S. orders post-tariff adjustments, predicting a boost in durable goods exports due to stable tariff policies and low downstream inventory levels [6]. - Companies like Henglin and Yongyi are recommended for their low valuations and potential for revenue recovery [6]. Brand Apparel - Li Ning's new outdoor store is seen as a significant step in brand image enhancement, with expectations for improved profitability in the second half of the year [6]. - Other recommended companies include Anta Sports, 361 Degrees, and Bosideng, focusing on functional footwear and apparel [6]. Manufacturing and Supply Chain - The report discusses the potential for investment opportunities in the outbound manufacturing sector, particularly in non-woven fabric and packaging industries [7]. - It highlights the need for attention on companies like Yanjing and Meiyingsen, which are positioned well for overseas expansion [7]. Textile Manufacturing - The report notes a shift in the caprolactam industry towards reducing over-competition, with a recommendation for Taihua New Materials [7]. - Companies like Crystal International and Huayi Group are highlighted for their potential growth due to improved customer structures and production capacity [7]. Home Furnishings - Recommendations include low-valuation leaders in the soft furniture sector such as Xilinmen and Kuka Home, as well as custom furniture companies like Sophia and Oppein [7]. Pet Products - The report suggests monitoring Yuanfei Pet for its growth potential in both OEM and OBM segments, particularly in Southeast Asia [7].