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.

Furniture can be termed as movable objects such as desks, chairs, and beds, which support various human activities such as sitting, sleeping, working, eating, and storage. They can be placed in a residential or commercial environment. Furniture is primarily made from materials such as wood, metal, glass, and plastic. Its primary usability is to make any residential or commercial environment suitable for human habitat.

The growth in security concerns has fuelled the market for door-related hardware, including prosperity, urbanization, and increasing construction output with high demand for doors and related accessories, access control systems, and components. The security solutions for doors have also grown, and developments have been witnessed to meet the unique and diversified needs of commercial facilities with huge foot traffic.

 分品类来看，补库逻辑下多数轻工品类 24 年 6 月出口总额增速同比上行趋势延 续，但环比来看增速略有放缓，多数品类客单价有所下滑。线上销售数据显示 美亚多数品类表现出色，亚马逊美国站家具行业 24 年 6 月销售额同比增速持续 向上，主要系销量增幅明显，以量换价趋势延续。                                

中国家具出海到了什么阶段？产品出海可以分为三大阶段：中国制造（代工）→中国销售/品牌→中国渠道，其中：1）家具出海已从中国制造升级到以跨境电商为主的中国售卖（以亚马逊等三方电商渠道销售为 主的平台卖家），傲基科技、致欧科技、恒林股份领跑中国卖家；2）从铺货式售卖到精品式售卖、品牌化售卖正在进行中，致欧领先；3）暂未出现类似宜家或SHEIN之类的中国家具/家居零售渠道出海巨头。

从行业累计涨跌幅来看，A股轻工制造行业排名24。2024年1月2日至4月30日，A股轻工制造行业的累计涨跌幅为-6.85%，在申万31个一级行业中排名第24位，落后于家用电器、银行、石油石化、煤炭、有色金属等行业的表现。从市场表现来看，轻工二级行业中，各板块均跑输沪深300。2024年1月2日至4月30日，A股轻工制造(申万I级)/包装印刷(申万II级)/家居用品(申万II级)/造纸(申万II级)/文娱用品(申万II级)/沪深300的累计涨跌幅分别为-6.85%/-12.24%/-5.67%/+2.15%/- 16.05%/+5.05%，轻工制造(申万I级)/包装印刷(申万II级)/家居用品(申万II级)/造纸(申万II级)/文娱用品(申万II级)相对于沪深300的超额收益率分别为-11.90/-17.29/-10.72/-2.90/-21.10pcts。其中，造纸板块在轻工各二级行业中表现较好。

内销承压，外销延续高景气度。定制：23A 营收/净利同增 2%/21%，原材料降价+降本增效提升盈利能力，零售端客流承压，通过大家居+品类拓展，整装+线上+拎包多渠道引流，大宗受益于竣工改善回暖，积极布局海外，研究旧改产品和模式，为存量房市场提前布局。软体：23A 营收/净利同增 7%/28%，降本增效+产品结构优化提升盈利，内销更新需求提升+外销高景气，表现优于定制。线上加大新兴渠道投入，线下拓店/门店优化，提升连带率和客单值，加大低线市场投入获客。短期：看好更多地产利好政策出台，改善性住房需求释放，消费信心回暖，积压装修需求释放；中期：消费品逻辑&集中度提升未被证伪。推荐质地更优的龙头企业，如欧派家居/慕思股份/顾家家居/志邦家居等。