轻工制造行业点评报告：河南省内出台地产及以旧换新相关政策，家居板块有望受益

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the light industry manufacturing sector, indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [14][15]. Core Insights - The introduction of supportive real estate policies in Henan Province is expected to stabilize the real estate market, which will benefit the home furnishing sector as it is part of the post-cycle of real estate [5][11]. - The launch of the home renovation and kitchen and bathroom upgrade subsidy program in Zhengzhou is anticipated to further stimulate consumer spending in home improvement and smart home products [6][12]. - The overall performance of the real estate market in Henan Province has shown positive trends, with key metrics outperforming national averages, suggesting a potential recovery in home furnishing sales [11]. Summary by Sections - Real Estate Policies: Henan Province has implemented 20 measures to promote a stable and healthy real estate market, including the cancellation of purchase restrictions and increased financial support for housing consumption [5][10]. - Home Renovation Subsidies: Zhengzhou has initiated a subsidy program for home renovation materials, covering 11 categories of items, with a maximum subsidy of 20,000 yuan per household [10][12]. - Consumer Spending Trends: The implementation of the "old for new" policy has led to significant increases in sales for home appliances and related products, with notable growth in sales during the recent holiday period [13].