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Investment Rating - The report maintains a positive outlook on the home furnishing industry, indicating an "Overweight" rating due to favorable macroeconomic policies and improving consumer demand [1][4]. Core Insights - The Central Political Bureau's recent meeting emphasized the implementation of more proactive macro policies to stimulate domestic demand and stabilize the real estate market, which is expected to benefit the home furnishing sector [1][4]. - The home furnishing industry is anticipated to see a boost from the "old-for-new" consumption policy, which has shown significant results in benchmark cities like Guangzhou, with substantial subsidies driving sales [1][4][5]. - The report highlights that the real estate market is showing signs of recovery, with an increase in second-hand housing transactions, which will support home furnishing demand [1][4][5]. Summary by Sections Industry Overview - The report discusses the positive signals from the Central Political Bureau regarding economic recovery and the importance of expanding domestic demand, particularly in the home furnishing sector [1][4]. Consumer Demand - The "old-for-new" policy is expected to continue to stimulate demand in the home furnishing market, with significant sales driven by government subsidies [1][4][5]. - As of October 24, 2023, approximately 6.3 million home furnishing products have been subsidized, leading to a total sales increase of 19 billion yuan [1][4]. Real Estate Market - The report notes a marginal improvement in the real estate sector, with second-hand home transactions in key cities showing a year-on-year increase of 1.1% from January to October 2023 [1][4][5]. - The report anticipates that the recovery in the real estate market will further enhance consumer confidence and spending in the home furnishing sector [1][4][5]. Company Recommendations - The report recommends focusing on leading companies in the home furnishing sector, including Sophia, Oppein, and Kuka Home, as they are expected to benefit from the favorable market conditions and government policies [5].