造纸轻工行业周报：以旧换新政策持续加码，地产定调提升，关注家居修复弹性

Investment Rating - The report maintains a "Positive" investment rating for the home furnishing industry, highlighting the benefits of the "old-for-new" policy and improved real estate conditions [3]. Core Insights - The ongoing implementation of "old-for-new" policies across various regions is expected to stimulate demand in the home furnishing sector, particularly benefiting leading brands. The report emphasizes the potential for upward valuation adjustments for home furnishing companies due to fiscal support and improved real estate market conditions [6][10]. - Recent government policies are favoring collaboration with leading enterprises, enhancing their competitive edge and market share. The report notes that these policies are likely to lead to increased industry concentration [7]. - The report indicates that the real estate market is showing signs of stabilization, with various measures being introduced to support housing transactions and improve consumer confidence [8][9]. Summary by Sections 1. Weekly Insights - The "old-for-new" policies are gaining traction, leading to a recovery in home furnishing sales and stimulating demand. The report notes that since August, there has been a significant increase in dealer participation in these programs, which has positively impacted order volumes [6]. 2. Sector-Specific Insights - The report highlights that the "old-for-new" initiative is particularly advantageous for leading companies, as they are more likely to secure subsidies and thus enhance their pricing competitiveness. This shift allows consumers to purchase higher-end products within the same budget, promoting an upgrade in consumption patterns [7]. 3. Tracking Data Updates - The report provides data indicating that from January to September, the residential construction and sales figures have shown a narrowing decline, suggesting a potential recovery in the housing market. The home furnishing retail sales have also turned positive in September, reflecting improved consumer sentiment [9][10].