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Investment Rating - The report maintains a positive outlook on the industry, emphasizing the potential for quality export stocks and opportunities arising from new policies in the electric bicycle sector [1][3][5]. Core Insights - The report highlights the resilience of quality enterprises in the export sector, which are expected to continue high growth despite external disturbances [3][5][11]. - The implementation of the "old-for-new" policy is anticipated to stimulate demand in various sectors, including home decoration and digital products [3][5][17]. - Consumer spending is expected to show marginal recovery, with a focus on quality companies gaining market share [3][5][11]. - The paper industry is experiencing supply-demand improvements due to production halts, leading to price increases [3][5][11]. Summary by Sections Export Sector - Quality enterprises demonstrate strong risk resistance, with limited impact from external disturbances, and are expected to maintain high growth [3][5][11]. - Companies are expanding their global production capacities, particularly in Southeast Asia and the U.S., to mitigate risks associated with U.S. tariffs [7][9]. - The report identifies key players such as 嘉益股份, 匠心家居, and 永艺股份 as having significant advantages in supply chain and market expansion [6][11]. Policy Impact - The "old-for-new" policy is set to boost demand across various consumer goods, including home appliances and electric bicycles, with subsidies expected to drive sales [3][5][17]. - The report notes that the home improvement sector will benefit significantly from these policies, particularly for leading companies [17][20]. Consumer Trends - The report anticipates a gradual recovery in consumer spending, supported by government policies aimed at stimulating demand [3][5][11]. - The home furnishings market is projected to see improved demand due to the "old-for-new" policy and a recovering real estate market [16][24]. Real Estate Market - The report indicates a stabilization in the real estate market, with policies aimed at supporting housing demand expected to yield positive results [21][23]. - The recovery in the second-hand housing market is expected to provide a boost to the home furnishings sector [23][24]. Company Performance - 嘉益股份 is noted for its strong growth potential, driven by new customer acquisition and global expansion [11][12]. - 匠心家居 is actively expanding its customer base and product lines, positioning itself for future growth [12][13]. - 依依股份 is projected to see significant profit growth, driven by strong demand for its pet products [13][14]. - 天振股份 is expected to benefit from the recovery in PVC flooring orders and the introduction of new environmentally friendly products [14][15]. - 永艺股份 is focusing on a dual strategy of domestic and international sales, enhancing its competitive edge [15][16].