轻工纺服行业周报：关注国补提振及DeepSeek催化轻纺产业变革

Investment Rating - The industry investment rating is "Increase" [4] Core Viewpoints - The integration of AI technologies like DeepSeek with the light industry is expected to drive transformation, supported by policies promoting consumption and economic stability [2][4] - The home furnishing sector is poised for growth due to the implementation of national subsidies and the adoption of new technologies, with leading companies likely to gain market share [2] - The paper and packaging sector is experiencing price fluctuations in wood pulp, with potential upward pressure on prices due to tariffs, while demand is expected to improve as economic policies take effect [3] - The export chain is benefiting from ongoing overseas inventory replenishment, with specific products like insulated cups and office furniture expected to perform well [4][7] - The textile and apparel industry is seeing a weak recovery in consumer demand, with a focus on outdoor and sportswear driven by policy support [7][9] Summary by Sections Light Industry - DeepSeek and AI technologies are expected to enhance the light manufacturing sector, with policies promoting consumption and economic stability aiding recovery [2] - Major home furnishing companies are integrating DeepSeek models, which could lead to significant technological and user experience improvements [2] Paper & Packaging - Wood pulp prices are fluctuating, with needle wood pulp prices stable and broadleaf wood pulp prices slightly declining [3] - The imposition of tariffs by the US is likely to increase costs for Chinese needle wood pulp, while domestic demand for paper pulp is expected to improve [3] Export Chain - The export chain is benefiting from strong overseas demand, particularly in insulated cups and office furniture, with companies advised to focus on overseas capacity and supply chain resilience [4][7] Textile & Apparel - The textile industry is experiencing a cautious recovery, with a focus on high-growth segments and digital transformation driven by AI [7][10] - The sportswear sector is expected to maintain high growth due to increased consumer spending and government support for the sports industry [9] Investment Recommendations - Recommended companies in the textile and apparel sector include Weixing Group, Huali Group, and others [12] - In the light manufacturing sector, companies like Oppein Home and Sun Paper are highlighted for potential growth [12] - For cross-border e-commerce, platforms like Pinduoduo and SHEIN are suggested for their growth potential [12]