Core Points - The company has completed the registration change and obtained a new business license from the Hefei Market Supervision Administration [2] - The total share capital of the company has been reduced from 436,505,713 shares to 434,349,842 shares, and the registered capital has changed accordingly [1] - The company’s new registered capital is 434,349,842 RMB [2] Company Information - The company is named "Zhihong Home Co., Ltd." and is classified as a joint-stock company [2] - The legal representative of the company is Sun Zhiyong [2] - The company is located at 19 Lianshui Road, Luyang Industrial Zone, Hefei City, Anhui Province [2] Business Scope - The company’s business scope includes furniture manufacturing, sales, and installation services, as well as various home appliance manufacturing and sales [2] - It also engages in the production and sale of building materials, household goods, and provides supply chain management services [2] - The company is involved in internet sales and various consulting and design services [2]

如其所言，今年以来中国消费市场规模稳步扩大，前三季度社会消费品零售总额同比增速比上年同期、 上年全年分别加快1.2个、1.0个百分点，这得益于提振消费政策的持续显效。 今年，有关方面分四批向地方下达了3000亿元(人民币，下同)超长期特别国债资金支持消费品以旧换新 加力扩围，以"真金白银"助力居民消费需求释放。 前三季度，以旧换新政策涉及的限额以上单位家用电器和音像器材类、文化办公用品类、家具类、通讯 器材类商品零售额均保持两位数增长。截至9月10日，今年全国汽车以旧换新申请量已突破830万份，相 当于每天有超3万人申请换新车。 在扩大服务消费系列政策措施带动下，中国服务消费需求亦加速释放，有力拉动消费市场增长。前三季 度，服务零售额同比增长5.2%，增速比1—8月份加快0.1个百分点，高于同期商品零售额0.6个百分点。 此外，即时零售、直播带货、社交电商等新兴消费模式快速增长。前三季度，中国网上零售额同比增长 9.8%，增速比1至8月份加快0.2个百分点，自5月份起增速持续加快。 国家统计局贸易外经统计司司长于建勋表示，进入三季度以来，实物商品网上零售额增速逐月加快，线 上商品消费对社会消费品零售总额增长的 ...

来源：环球网 ·前三季度家具出口3384亿元 同比下降3.9% ·前三季度家装消费品新增332.4万种 同比增长471.4% ·以旧换新国补政策成效显著 家具销售收入同比增长33.2% ·前8月浙江家具业产值达739.49亿元 累计产量1.81亿件 ·全国建材家居卖场9月销售额环比上涨23.84% ·第138届广交会启幕 ·红星美凯龙创始人车建兴调任非执董 朱家桂出任副总经理 ·居然之家联袂京东MALL落子沈阳 预计2026年开业 ·马可波罗正式启动申购 3.以旧换新国补政策成效显著 家具销售收入同比增长33.2% ·南洋迪克打假 公示70余家侵权网店 ·顾家家居定增申请获受理 盈峰持股比例再上升 ·立邦发布《2026中国流行色彩趋势》 ·意大利高端寝具品牌RINALDI里纳尔迪中国首店开业 ·东方雨虹旗下智利Construmart第32店开业 ·松霖科技拟向越南子公司追加投资3000万美元 1.前三季度家具出口3384亿元同比下降3.9% 10月13日，海关总署发布数据显示，今年前三季度，家具及其零件出口额3384亿元，同比下降3.9%； 灯具照明产品出口额2028.3亿元，同比下降7.4%。陶瓷产品出口额 ...

Core Viewpoint - The macroeconomic policies implemented in China have effectively supported economic stability and growth, with significant contributions from consumer spending and industrial upgrades [1][2][3][4] Group 1: Consumer Spending - In 2023, the contribution rate of final consumption expenditure to economic growth reached 53.5%, an increase of 9.0 percentage points compared to the previous year [2] - The government allocated 300 billion yuan in special bonds to support the replacement of old consumer goods, leading to a significant increase in retail sales of household appliances and other consumer goods [2] - The number of applications for vehicle replacements exceeded 8.3 million by September 10, indicating strong consumer demand for new vehicles [2] Group 2: Industrial Upgrades - Investment in equipment and tools increased by 14.0% year-on-year in the first three quarters, contributing 2.0 percentage points to overall investment growth [2] - Key manufacturing sectors such as general equipment and aerospace saw investment growth rates of 11.8% and 22.3%, respectively [2] Group 3: New Growth Drivers - The production value of industries related to lithium-ion batteries, shipbuilding, and electric motors grew by 29.8%, 22.9%, and 17.1% year-on-year, respectively [3] - The output of new energy vehicles and electric bicycles increased by 29.7% and 27.1%, respectively, reflecting a shift towards high-quality products [3] Group 4: Economic Circulation - The focus on expanding domestic demand has improved market competition and accelerated the flow of goods, personnel, and capital [4] - The Producer Price Index (PPI) showed a narrowing decline for two consecutive months, indicating improved market conditions [4] - The trading volume of stocks in the Shanghai and Shenzhen markets increased by 106.8% year-on-year in the first three quarters, boosting social confidence [4]

行 轻工制造 2025 年 10 月 19 日 业 研 究 轻工制造 出口把握阿尔法，新消费情绪改善关注优质个护 投资要点： 行 业 定 期 报 告 【周观点】10 月 17 日特朗普释放缓和对华关税立场信号，对中国商品征 收的高额关税不会长期存在，贸易冲突缓和有望带动出口链情绪好转，精 选强阿尔法。自由点品牌官宣演员金靖担任品牌代言人，近期新消费情绪 有所改善，建议关注优质个护龙头登康口腔、稳健医疗、百亚股份、豪悦 护理。 【周研究】本周发布出口链专题《从成本拆解看出口制造优势几何？》。 近期美国对全球关税政策基本确定，结合关税税率与成本结构分析，我们 认为家具制造回流美国难度大，越南等海外制造软体家具制造优势更为凸 显，持续看好海外产能布局充分的优质制造企业。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S021 ...

Core Insights - The article highlights the acceleration of equipment upgrades and the effectiveness of the old-for-new consumption policy in China, leading to significant growth in various sectors [1] Group 1: Equipment and Machinery - In the first three quarters, the amount spent by industrial enterprises on machinery and equipment increased by 9.4% year-on-year [1] Group 2: Consumer Goods - Retail sales revenue for daily household appliances, such as refrigerators, grew by 48.3% year-on-year [1] - Retail sales revenue for home audio-visual equipment, such as televisions, increased by 26.8% year-on-year [1] - Retail sales revenue for furniture and lighting fixtures rose by 33.2% and 17.2% year-on-year, respectively [1]

Core Insights - The article highlights the acceleration of equipment updates and the effectiveness of the old-for-new consumption policy in China, leading to significant growth in various sectors [1] Group 1: Equipment and Machinery - In the first three quarters, the amount spent by industrial enterprises on machinery and equipment increased by 9.4% year-on-year [1] Group 2: Consumer Goods - Retail sales revenue for daily household appliances, such as refrigerators, grew by 48.3% year-on-year [1] - Retail sales revenue for home audio-visual equipment, such as televisions, increased by 26.8% year-on-year [1] - Retail sales revenue for furniture and lighting fixtures rose by 33.2% and 17.2% year-on-year, respectively [1]

引言：家具行业渠道变革的必然性 中国家具行业正经历结构性调整：2025年1-5月内销零售额同比增长21.4%，但规模以上企业营收同比下降3.9%，出口额同比下降8.2%。这 种"内需回暖、外需承压"的格局下，渠道效率成为企业破局关键。传统渠道模式面临三大挑战：经销商能力参差不齐导致市场覆盖效率低下， 资源分配缺乏科学依据引发渠道内耗，信息孤岛阻碍供应链协同。在此背景下，经销商分级管理结合数字化平台，成为家具企业重构渠道竞争 力的核心战略。 一、经销商分级管理的价值重构 1.1 动态分级体系：从经验判断到数据驱动 传统分级管理依赖人工评估，存在主观性强、更新滞后等问题。数商云B2B平台通过构建多维评估模型，将分级标准细化为四大维度： 某头部家具企业应用该模型后，将全国经销商从2300家精简至1800家，但渠道覆盖率提升15%，单店年均产值增长28%。平台实时采集终端销 售数据，每季度自动生成分级报告，使分级调整周期从年度缩短至季度。 1.2 资源精准配置：从"大水漫灌"到"精准滴灌" 分级管理的本质是资源分配的优化。数商云平台通过三大机制实现资源精准投放： 某软体家具企业实施该策略后，市场推广费用占比从12%降 ...

Group 1: Market Performance - The market has shown a month-on-month recovery driven by "national subsidies" and the traditional peak season of "Golden September and Silver October," with a 23.84% increase in sales revenue from building materials and home furnishings compared to the previous month [1][2] - The Building Materials Home Furnishing Index (BHI) for September was reported at 122.93, reflecting a month-on-month increase of 12.87 points but a year-on-year decline of 3.75 points [1][2] - Cumulative sales revenue for the first three quarters of 2025 reached 1,044.801 billion yuan, representing a year-on-year decrease of 3.75% [1] Group 2: Export Trends - Furniture and its parts exports for the first three quarters of 2025 amounted to 338.4 billion yuan, showing a year-on-year decline of 3.9% [5] - The export value of lighting products decreased by 7.4% to 202.83 billion yuan, while ceramic products saw a slight increase of 1.7% with an export value of 114.77 billion yuan [5] - In September alone, furniture exports were 33.37 billion yuan, while lighting products and ceramics had exports of 18.81 billion yuan and 10.52 billion yuan, respectively [6] Group 3: Consumer Trends - The use of product barcodes in the furniture and home appliance categories saw a remarkable increase of 1,178% in the first three quarters of 2025 [9] - The introduction of new products in the home renovation sector, driven by the "old-for-new" consumption policy, resulted in a significant increase in the number of registered barcoded products [11][12] - The home appliance sector also experienced growth, with 18.1 million new barcoded products introduced, marking a year-on-year increase of 47.3% [12] Group 4: Industry Outlook - The Building Materials Industrial Prosperity Index rose by 4.4 points in September, indicating a recovery trend in the industry [13][15] - The investment demand index for building materials was reported at 106.4 points, reflecting a month-on-month increase of 6.3 points, suggesting continued recovery in the investment market [15] - The industrial consumption index also showed improvement, reaching 104.5 points, indicating a rebound in demand for building materials in related manufacturing sectors [15]

证券之星消息，10月16日，顾家家居（603816）融资买入845.1万元，融资偿还809.22万元，融资净买入 35.88万元，融资余额1.68亿元，近3个交易日已连续净买入累计468.61万元，近20个交易日中有12个交 易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-10-16 | 35.88万 | 1.68亿 | 0.68% | | 2025-10-15 | 365.55万 | 1.67亿 | 0.67% | | 2025-10-14 | 67.19万 | 1.64亿 | 0.67% | | 2025-10-13 | -720.73万 | 1.63亿 | 0.67% | | 2025-10-10 | 95.83万 | 1.70亿 | 0.70% | 融券方面，当日融券卖出4200.0股，融券偿还0.0股，融券净卖出4200.0股，融券余量24.1万股，近20个 交易日中有12个交易日出现融券净卖出。 小知识 融资融券余额1.75亿元，较昨日上涨0.21%。 | 交易日 | 两融余额(元) ...