回顾 2024 年：家居首次开展国补，各地积极探索跑通模式，需求提振&格局优化已见成效。 2024 年在中央文件指引下，8-9 月各地密集出台家居家装补贴细则，到年底全国各省区均实现 补贴政策覆盖，只是具体品类覆盖度上仍存在分化。不过伴随政策端优化及推进加速，终端参 与度逐步提高，补贴成效已有显现，据商务部数据，2024 年家装厨卫“焕新”带动相关产品销 售累计近 6000 万件，销售额约 1200 亿元；8/9/10/11/12 月家具零售额增速分别为- 3.7%/+0.4%/+7.4%/+10.5%/+8.8%，景气提振明显；上市公司层面，预计 Q4 经营趋势环比 Q3 或有明显修复。同时，头部公司凭借规模体量、组织效率和渠道执行效率等优势超额受益于国 补，格局优化趋势正在强化。

受益于AIGC技术迭代与场景创新双轮驱动，AI正加速渗透实体经济。轻工作为典型的传统制造行业，一方面积极拥抱智能化转型，另一方面 ，技术的落地与新应用场景的开拓也在加速AI眼镜、AI玩具等新兴赛道的蓬勃发展。轻工企业正踊跃参与AI发展大潮：用AI提升产品智能化水平与助推新品类的突破，接入DeepSeek等大模型赋能数据分析、智能交互与重塑生态，以及横向开拓AI相关产业来培育业务新增长点。

Do-it-yourself home improvement retailing refers to the sales of do-it-yourself home improvement products used for maintaining buildings, plumbing, gardening, lighting, and other home improvement purposes

2025 年 1 月轻工制造板块下跌 2.7%，跑赢沪深 300 指数 0.29pct，涨幅在中信一级行业中排名第 14 名。本月个股涨幅靠前的 5 名分别是实丰文化、依依股份、匠心家居、浙江自然、民士达。 

The global do-it-yourself (DIY) home improvement retailing market is a part of the global broadline retail market. The global broadline retail market was valued at $11,874.21 billion in 2021 and reached $15,245.48 billion in 2023. The global broadline retail market witnessed an incremental growth of $3,371.3 billion and registered a CAGR of 13.3% from 2021 to 2023.

The global industry is characterized by the presence of a few established players and new entrants. Many big players are increasing their focus on the growing trends of mattresses. Players in this industry are diversifying the service offering to maintain their market share. For instance,

The manufacturing process of many industries needs to be carried out in a clean and controlled environment. For example, optics and lens manufacturing, nanotechnology, advanced military equipment manufacturing, and food & beverage industries manufacture products that are sensitive to particulates and contaminants in the surrounding atmosphere. Hence, such industries require cleanroom facilities to ensure that the manufacturing process is controlled and does not affect the quality of products.

在10月27日我们发布的家居以旧换新专题(系列之一)报告中，主要梳理和对比了各省市的支持措施及其特点，并分析 了四川、广州等成功案例。本次系列之二更加聚焦于:1)2025年补贴延续性分析。2)以旧换新补贴不同区域的最新进 度，哪些区域后续值得关注?3)线上通道发生了什么样的变化? 2025年家居补贴延续性分析:基本确定。从11.8财政部表态，到11.21商务部对汽车接续政策表态，再到11.27湖北省启 动25年家装补贴商户报名，不断印证2025年家居补贴将会延续，这也是24Q4补贴刺激效果好的正反馈。

Staircases serve as both functional and decorative elements, connecting different levels within a structure while contributing significantly to the overall interior design. This market encompasses a wide range of staircase types, materials, and styles, reflecting the diverse preferences and evolving trends in architecture and interior design. The interior staircase market is influenced by various factors, such as the overall growth in the construction industry, changing consumer preferences, and advances in materials and manufacturing technologies.

Geofencing is a virtual perimeter generated around a fixed location or moving object, which helps track, monitor, and detect the devices entering and exiting the defined perimeter.