行业点评：重视以旧换新催化下的经营复苏

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of the "trade-in" policy as a catalyst for operational recovery in the light industry manufacturing sector, which is expected to be a core beneficiary of the current market liquidity overflow [2][3] - It is anticipated that the total amount of subsidies for home decoration and two-wheeled vehicles in 2025 will see a significant increase [2] Summary by Sections Home Furnishing - The "trade-in" policy is being actively implemented across various provinces, with increased subsidy amounts compared to 2024, particularly in cities like Guangzhou, Shenzhen, and Shanghai [3] - Orders in the home furnishing sector showed steady performance in January and February, with expectations for significant improvement during the 315 shopping festival [3] Two-Wheeled Vehicles - The "trade-in" and "new national standards" are driving supply and demand, with the national subsidy for 2025 expected to increase compared to 2024 [4] - In the first two months of 2025, 1.019 million old vehicles were traded in for new ones, generating sales of 2.66 billion yuan [4] - The report predicts strong growth for leading brands like Yadea and Aima in Q1, with a shift towards higher-quality products among consumers [5] Investment Recommendations - For the home furnishing sector, companies such as Kuka Home, Xilinmen, and Mousse Holdings are recommended due to their high demand for upgrades [5] - In the two-wheeled vehicle sector, attention is drawn to Yadea and Aima for their competitive advantages and market share growth potential [5]