周观点：地产政策多箭齐发，家居估值修复仍未结束，摩托出口增速亮眼

Investment Rating - The report maintains an "Outperform" rating for the light industry manufacturing sector [1]. Core Insights - The report highlights that the real estate policy adjustments are expected to boost market sentiment and improve housing sales, which will benefit the home furnishing sector. The valuation recovery in this sector is still ongoing, with significant room for improvement [3]. - The report emphasizes the strong growth in motorcycle exports, with a notable increase in both production and sales figures for motorcycles, particularly in the high-displacement segment [7]. Summary by Sections Home Furnishing - Recent adjustments in personal housing loan policies by the central bank are aimed at lowering the threshold for home purchases, which is expected to stimulate market sentiment. The minimum down payment for first-time homebuyers has been adjusted to no less than 15%, and for second homes to no less than 25% [3]. - The report suggests continued investment in the home furnishing sector, particularly in customized furniture and companies closely linked with real estate developers, such as Zhigang Home, Jiangshan Oupai, and Sofia [3]. - The report also identifies opportunities in the soft furnishings sector, with companies like Oupai Home and Gujia Home showing strong growth potential [3]. Paper and Packaging - The report notes a mixed performance in the paper market, with slight price increases in needle pulp and stable prices for unbleached pulp. However, demand remains weak, which may limit price increases [4]. - It recommends focusing on companies with strong dividend yields and stable demand, such as Sun Paper and Huawang Technology, which are well-positioned in the specialty paper segment [4]. Personal Care and Entertainment - The report indicates that domestic brands in the personal care sector are gaining market share, with significant growth in sales through new channels like Douyin and Xiaohongshu. The sales of hygiene products on e-commerce platforms increased by 10% year-on-year [4]. - It suggests investing in companies like Baiya Co., which are experiencing high growth in e-commerce and expanding their national presence [4]. New Tobacco Products - The report highlights the tightening regulations in the new tobacco sector, which are expected to benefit compliant leading companies like Smoore International, as they continue to cultivate new growth points [6]. Exports and Brand Expansion - The report notes a positive trend in exports, with furniture and parts exports returning to positive growth, increasing by 3.5% year-on-year [6]. - It recommends focusing on companies that are effectively leveraging cross-border e-commerce channels, such as Henglin Co., which is expected to maintain high growth in Q2 [6].