轻工制造&纺织服饰行业周报：纸价平稳运行可期，中央财政已预下达以旧换新资金810亿元

Investment Rating - The report maintains a "Neutral" rating for the light industry manufacturing and textile apparel sectors [2][25]. Core Views - The report highlights the commencement of a life paper full industry chain project with an investment exceeding 10 billion yuan, which is expected to enhance production capacity and employment [9]. - The report notes a 10.40% increase in revenue for Fast Retailing, the parent company of Uniqlo, in the first quarter, indicating strong performance in the retail sector [9]. - The central government has allocated 81 billion yuan for a consumption upgrade program, which is expected to benefit the home furnishing sector as it is positioned to gain from post-real estate cycle consumption [25]. Summary by Sections Industry News - A life paper full industry chain project with an investment of 137 billion yuan has started construction, expected to produce 1.26 million tons of pulp and paper annually, generating an annual output value of 17.6 billion yuan [9]. - Fast Retailing reported a revenue of approximately 41.52 billion yuan for the first quarter, marking a 10.40% year-on-year increase [9]. Sub-industry Ratings - Home Products: Neutral [2] - Paper: Neutral [2] - Packaging and Printing: Neutral [2] - Entertainment Products: Neutral [2] - Textile Manufacturing: Neutral [2] - Apparel and Home Textiles: Neutral [2] Company Announcements - Taiping Bird reported a 39.06% decline in net profit for 2024, attributed to store closures and changes in consumer behavior [20]. - Arrow Home plans to repurchase shares worth between 50 million and 100 million yuan [20]. Market Review - From January 6 to January 10, the light industry manufacturing sector underperformed the CSI 300 index by 1.09 percentage points, with a decline of 2.23% [21]. - The textile and apparel sector also underperformed the CSI 300 index by 1.83 percentage points, with a decline of 2.96% [22]. Weekly Strategy - As of January 10, prices for various paper products showed mixed trends, with corrugated paper prices decreasing by 30 yuan per ton, while white card paper prices increased by 33.33 yuan per ton [23].