金吾财讯 | 华泰证券表示，展望2025，该行维持看好重装需求显着超越新房装修、成为更加可持续的成长赛道。以Wind上同时有一手及二手房成交面积的城市数据为样本进行测算，24年成交面积中，样本城市二手房成交面积占比为58.7%，较23年提升9.1pct，18年以来二手成交面积首次占比超出50%，该行认为二手房成交是存量房重装意愿的较强催化，中短期二手房成交的结构性提升同样对家装建材零售需求形成边际支撑。该行更新测算认为25-26年家装需求总面积约18亿平米/年左右（每年约2000万套），2024年成为存量需求崛起的新起点。
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