轻工制造行业事项点评：消费品补贴总额3000亿，1-2月家居订单表现稳健

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The total subsidy for consumer goods is set at 300 billion, with expectations for a significant release of demand in the housing market due to the high activity in second-hand housing transactions [3] - The report anticipates that the orders for the home furnishing sector in January and February will perform better than expected, with a stable performance during the subsidy gap [3] - The report suggests that the home furnishing sector is expected to see a steady recovery in 2025, driven by the implementation of the consumer goods subsidy policy [3] Summary by Sections Subsidy Impact - The government has allocated 300 billion for consumer goods, including 150 billion for the "old-for-new" program in 2024, which aligns with expectations [3] - The report highlights that the demand for home furnishings is expected to be stimulated significantly by the release of second-hand housing demand [3] Order Performance - For January and February, retail orders for soft furnishings are expected to remain flat or slightly increase, while custom orders may see a slight decline [3] - The report indicates that smart home products, particularly smart toilets, are experiencing strong demand due to high subsidy amounts [3] Market Outlook - The report expresses a positive outlook for the home furnishing sector in 2025, with expectations for a gradual recovery in orders as the "old-for-new" policy is implemented [3] - It notes that major brands such as Oppein, Sophia, and others are actively participating in the subsidy programs [3] Investment Recommendations - The report recommends focusing on companies with high renewal demand, such as Gujia Home, Xilinmen, and others, as well as those leading in the execution of the "old-for-new" policy [3]