轻工行业周报：多城跟进降利率，4月家具出口增速转正

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The light industry sector has experienced a decline, with the light industry index dropping by 5.71% in the week of May 20-24, 2024, underperforming the CSI 300 index by 3.63 percentage points, ranking 31st among 31 sectors [3][8] - Recent reductions in housing provident fund loan rates across multiple cities are expected to lower housing costs, boost consumer confidence, and stimulate economic activity, benefiting the home furnishing sector [3] - In April 2024, furniture exports improved, with a total export value of USD 6.26 billion, reflecting a year-on-year increase of 8.7% [3][36] Summary by Sections Market Overview - The light industry index closed at 2019.12 points, with a weekly decline of 5.71%, underperforming the CSI 300 index by 3.63 percentage points [3][8] - The sub-sectors within light industry, including packaging, printing, paper, entertainment products, and household goods, all experienced declines ranging from 4.53% to 7.23% [3][8] Key Data Tracking - In April 2024, residential sales area decreased by 17.1% year-on-year, with the decline in new construction and completion areas also narrowing [16] - The retail sales of furniture in April 2024 showed a year-on-year increase of 2.5% [22] Key Company Announcements and Industry News - Recommendations include focusing on leading companies in the customized home furnishing sector, such as Oppein Home (603833.SH) and Kuka Home (603816.SH), which are expected to benefit from improved supply chain efficiency and management capabilities [3] - The report highlights the launch of a "sell old buy new" initiative in Hefei to stimulate the real estate market [42] and adjustments in housing loan policies in Fuzhou to promote market stability [43]