轻工行业政策点评：一线城市降首付降利率，家居板块有望迎修复

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights recent policy changes in major cities aimed at boosting the real estate market, including lowering down payments and interest rates for first-time homebuyers. These measures are expected to enhance market confidence and stimulate housing demand [3] - The report notes a narrowing decline in residential sales area, new construction area, and completion area in April 2024, indicating potential recovery in the housing market, which could positively impact the home furnishing sector [3] - The report suggests that the home furnishing sector is likely to experience valuation and fundamental recovery, recommending attention to leading companies in the sector [3] Summary by Sections Policy Changes - On May 27, 2024, Shanghai announced a series of policies to optimize the real estate market, including reducing the down payment for first homes to 20% and adjusting loan interest rates [3] - Following Shanghai, Shenzhen and Guangzhou also announced similar policies on May 28, with Shenzhen reducing the first home down payment to 20% and lowering the interest rate floor [3] Market Performance - In April 2024, the residential sales area decreased by 17.1% year-on-year, a significant improvement from the previous decline of 27.1% [3] - New construction area and completion area also showed reduced declines of 13.7% and 13.4% year-on-year, respectively, indicating a potential stabilization in the market [3] Investment Recommendations - The report recommends focusing on leading companies in the home furnishing sector, such as Oppein Home (603833.SH) and Kuka Home (603816.SH), which are expected to benefit from improved supply chain efficiency and management capabilities [4] - Other recommended companies include Mousse (001323.SZ), Juran Home (000785.SZ), and Xilinmen (603008.SH), which are noted for their strong brand presence and market strategies [4]