纺织服装行业：上海家纺消费补贴政策落地，家纺龙头销售增长显著

Investment Rating - The report maintains a "Buy" rating for Fuanna, indicating strong performance expectations for the next 12 months [2][3]. Core Insights - The implementation of the Shanghai home textile consumption subsidy policy has significantly boosted sales for leading home textile companies. Major brands like Luolai Life, Mercury Home Textiles, and Fuanna have reported sales increases of over 39%, 35%, and 71% respectively since the policy's launch [2]. - The stabilization of the real estate market, combined with favorable wedding demand, is expected to enhance demand for home textiles in 2025. The report highlights that daily replacement demand constitutes about 40% of home textile needs, with real estate and wedding-related demands each accounting for approximately 20% [2]. - The report suggests that if the subsidy policies are expanded nationwide, leading home textile companies with strong brand recognition and nationwide store layouts are likely to benefit significantly [2]. Summary by Sections Home Textile Consumption Subsidy Policy - The Shanghai Municipal Commerce Commission announced a subsidy of 15% on home textile products, benefiting brands such as Luolai Life, Mercury Home Textiles, and Fuanna. As of November 16, 2024, 76 retail locations and 237 specialty stores have participated, leading to notable sales growth [2]. Real Estate Market Stabilization - The report notes that recent government measures to stabilize the real estate market, including lowering down payment ratios and interest rates, have led to a recovery in property sales. The sales area of commercial housing showed a significant improvement in October 2024, with a year-on-year decline narrowing to -1.6% [2]. Investment Recommendations - The report recommends focusing on Fuanna due to its high product recognition and resilient performance. It also highlights Mercury Home Textiles for its cost-effective product positioning, which is expected to benefit from rational consumer spending. Both companies have high dividend payout ratios, placing them among the top in the industry [2].