Workflow
轻工制造行业投资策略周报:天津江苏跟进补贴,关注相关家居转债
CAITONG SECURITIES·2024-09-16 02:23

Investment Rating - The report indicates a positive outlook for the home furnishing industry, suggesting potential investment opportunities due to government subsidies aimed at boosting consumer demand [3][7]. Core Insights - The recent subsidy policies in Tianjin and Jiangsu are expected to stimulate home furnishing demand, with Tianjin offering a 15% subsidy on home renovation products, capped at 2000 RMB per item, and Jiangsu providing similar support for green building materials [3]. - The convertible bond market showed a decline this week, with the China Convertible Bond Index dropping by 1.74%, while specific bonds like Mona Convertible Bond and Future Convertible Bond saw slight increases [3][4]. - Recommendations include focusing on convertible bonds related to customized home furnishings and sanitary products, such as Ou 22 Convertible Bond and Songlin Convertible Bond [3]. Summary by Sections Subsidy Policies - Tianjin's new plan supports home renovation and smart home consumption with a 15% subsidy, while Jiangsu offers a similar 15% subsidy for green building materials, with a limit of 3000 RMB per person [3]. Convertible Bond Market Performance - The convertible bond indices experienced declines, with the China Convertible Bond Index down 1.74% and specific bonds like Mona and Future showing positive performance [3][4]. Company Actions - Dongfeng Group plans to repurchase shares worth between 50 million and 100 million RMB, while Songlin Technology is reallocating funds from a beauty and health project to a new production base in Vietnam [4].