轻工行业政策点评：促进房地产市场止跌回稳，期待家居需求释放

Investment Rating - The report suggests a positive outlook for the home furnishing industry, indicating that it is expected to outperform the market benchmark index in the coming months [8]. Core Insights - The recent meeting of the Central Political Bureau emphasized measures to stabilize the real estate market, including controlling new construction, optimizing existing projects, and increasing loan support for "white list" projects, which is expected to benefit the home furnishing sector as it is part of the real estate supply chain [3]. - The government has announced policies to lower existing mortgage rates and adjust housing purchase restrictions, which are anticipated to stimulate demand in the home furnishing market [3]. - The "trade-in" program for home appliances is showing positive results, with various regions implementing subsidies to promote home renovations and smart home consumption, leading to a significant increase in retail sales for furniture and sanitary ware [3]. Summary by Sections Real Estate Market Stabilization - The report highlights the government's commitment to stabilize the real estate market through various measures, including optimizing existing housing stock and increasing financial support for key projects [3]. Consumer Demand and Trade-in Programs - The report notes that the trade-in programs for home appliances are gaining traction, with several regions actively promoting home renovations, which is expected to release pent-up demand in the home furnishing sector [3]. Sales Growth - Retail sales for furniture and sanitary ware have shown significant growth, with furniture sales increasing by 8.9% and sanitary ware by 12% year-on-year from April to August 2024, indicating a strong recovery in consumer spending [3].