轻工制造：地产政策持续加码，助力家居稳健发展

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The recent real estate policies are expected to stabilize the market and boost demand in the home furnishing sector, particularly benefiting leading companies with low valuations and stable operations [10][12] - The government announced a package of policies summarized as "four cancellations, four reductions, and two increases," which includes the implementation of 1 million urban village renovations and dilapidated housing renovations, potentially amounting to a policy scale of approximately 1 trillion yuan [10][11] - The "guarantee delivery" initiative is progressing, with 2.46 million units delivered, and the credit scale for "whitelist" projects expected to increase to 4 trillion yuan by the end of 2024, which will directly improve real estate completion data and increase orders for home furnishing companies [11][12] Summary by Sections Policy Impact - The recent policies aim to promote a stable recovery in the real estate market, including measures such as lowering existing mortgage rates and adjusting purchase restrictions, which are expected to drive home furnishing demand [12] - The "old-for-new" program is also being implemented, with subsidies ranging from 15% to 20%, which could significantly stimulate home furnishing consumption [12] Investment Opportunities - Focus on leading home furnishing companies that are likely to benefit from the stockpiling of existing homes and urban village renovation policies, including traditional leaders like Sophia in custom home furnishing and companies like Gujia Home, Mousse, and Minhua Holdings in soft furnishings [13] - Smart home products are also highlighted as having growth potential due to their relevance in existing home renovations and relatively low penetration rates [13]