轻工制造行业周观点：两会释放政策端积极信号，看好内需 消费主线稳中求进

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report emphasizes the positive signals from government policies aimed at boosting domestic demand and stabilizing the real estate market, which is expected to benefit the home furnishing sector [4][6] - The report suggests that the paper industry is likely to experience a small recovery due to price increases in cultural paper and favorable competition dynamics [4][6] - The report highlights the potential for AI integration in home design and the positive outlook for companies involved in AI home products [4] Summary by Sections 1. Market Review - The light industry sector outperformed the market with a weekly increase of 1.34%, while the Shanghai and Shenzhen 300 index rose by 1.39%, resulting in a slight underperformance of 0.05 percentage points [6] - The home furnishing, paper, packaging, and entertainment products sectors recorded respective increases of 1.24%, 0.95%, 0.99%, and 3.02% [6] 2. Paper Industry Tracking - The report notes a mixed trend in paper prices, with packaging paper prices declining slightly, while cultural paper prices remained relatively stable [4][6] - Specific price data includes: - Corrugated paper at 2766 CNY/ton, down 0.7% week-on-week - Boxboard paper at 3687 CNY/ton, down 0.3% week-on-week - White card paper at 4318 CNY/ton, down 0.05% week-on-week - Double glue paper at 5445 CNY/ton, up 0.4% week-on-week - Copper plate paper at 5820 CNY/ton, up 0.4% week-on-week [4][6] 3. Home Furnishing Sector Tracking - The report highlights government initiatives to stimulate the housing market, including a 300 billion CNY subsidy for consumer goods, which includes home furnishings [4] - Data from March indicates a significant increase in new residential supply, with 721 million square meters expected, marking a 166% month-on-month increase [4] - The report recommends leading companies in the home furnishing sector, such as Oppein Home and Sophia, due to their strong retail business and potential for performance recovery [4] 4. Export Sector Tracking - The report discusses recent changes in tariffs affecting the automotive industry, which may have implications for the broader export market [4] - Export data for January-February shows a total export value of 539.9 billion CNY, a year-on-year increase of 2.3%, although home furnishing exports decreased by 15.5% [4][6] 5. Consumer Sector Tracking - The government has emphasized the need to boost consumption and investment, aiming to make domestic demand a key driver of economic growth [4] - The report identifies opportunities in AI glasses and personal care products, recommending companies that have performed well during promotional periods [4]