造纸轻工行业周报：政府工作报告继续表态支持楼市及消费，关注受益国补的家居、两轮车，及新消费AI眼镜、国潮品牌

Investment Rating - The report maintains a positive outlook on the home furnishing sector, indicating a recovery in both fundamentals and valuations due to government support for the real estate market and the implementation of old-for-new subsidy policies [3][5][13]. Core Insights - The government work report emphasizes continued support for the real estate market, which is expected to stabilize gradually, thereby boosting the valuation of the home furnishing sector [5][6][8]. - The report highlights the significant impact of the old-for-new policy in the home furnishing industry, with a notable increase in consumer demand and sales [9][10][20]. - The report identifies key companies to watch in various sectors, including home furnishing, consumer goods, two-wheeled vehicles, and AI glasses, recommending specific stocks based on their growth potential and market positioning [3][5][21]. Summary by Relevant Sections Home Furnishing - The report notes that the government is actively promoting policies to stabilize the real estate market, which is expected to lead to a structural improvement in housing data and support the home furnishing sector [5][6][8]. - The old-for-new policy has been effective, with significant sales growth in home furnishing products, driven by consumer participation and government subsidies [9][10]. - Key companies in the home furnishing sector, such as Sophia, Oppein, and Midea, are expected to benefit from valuation recovery and increased market share due to their strong policy engagement [13]. Consumer Goods - The report highlights a resurgence in consumer demand, recommending companies like Baiya, Dengkang Oral Care, and Chao Hong Ji for their growth potential in the consumer goods sector [3][5][13]. Two-Wheeled Vehicles - The report indicates that the old-for-new subsidy policy for electric bicycles is expected to accelerate industry growth, with significant sales recorded in early 2025 [20]. - Recommended companies in this sector include Yadi Holdings and Aima Technology, which are positioned to benefit from the policy changes [20]. AI Glasses - The report discusses the upcoming AI glasses industry seminar aimed at promoting standardization and development, with major players entering the market [21][22]. - Companies such as Kangnait Optical and Mingyue Lens are highlighted for their potential in the rapidly evolving AI glasses market [21][22].