家居行业专题报告：家居以旧换新专题：基本面改善正在路上，关注低进度区域潜力

Investment Rating - The industry investment rating is "Positive" (maintained) [8][31] Core Viewpoints - The "Old for New" policy for home goods is gradually improving the fundamentals, with significant government support and subsidies expected to stimulate consumer demand [3][6] - The report highlights the potential for growth in regions with low progress in implementing the subsidy measures, particularly in southern provinces like Guangdong and Sichuan [4][19] - Three positive changes are identified that could enhance terminal market conditions: the ability to strengthen policies if initial results are unsatisfactory, the integration of online platforms to maximize subsidy utilization, and leading companies launching dual subsidy campaigns [5][24] Summary by Sections 1. Overview of the "Old for New" Policy - The policy was expanded to include a wider range of products beyond appliances and automobiles, now covering kitchen upgrades and home modifications for the elderly [3][16] - Subsidy details show that many products receive a subsidy of 2,000 yuan, with total household subsidies potentially reaching 10,000 to 20,000 yuan when multiple categories are combined [3][16] 1.1 Subsidy Strength and Financial Support - The government has allocated approximately 150 billion yuan in long-term special bonds to support local implementation of the "Old for New" policy [16] - The report outlines that the subsidy process has been streamlined, with various provinces rolling out their specific measures [16] 1.2 National Progress Tracking - Southern regions are advancing faster than northern areas, with cities like Guangzhou and Sichuan showing significant consumer engagement and sales growth [4][19] - Specific examples include Sichuan's issuance of 2.4 billion yuan in vouchers, achieving a redemption rate of 94.07% and driving 10.52 billion yuan in home goods consumption [4][19] 1.3 Positive Changes Impacting Market Conditions - The report identifies three key changes: potential policy adjustments for better results, enhanced online integration for subsidy access, and leading brands leveraging government support for marketing [5][24] 1.4 Investment Recommendations - The gradual implementation of the "Old for New" subsidies is expected to encourage more distributors to participate, with a significant increase in orders anticipated in Q4 2024 [6][27] - Categories such as soft home furnishings and customized furniture are expected to benefit the most from the subsidies, with quick decision-making and short acceptance cycles [6][27]