国泰海通|轻工:新旧共振,轻工掘金

国泰海通证券研究
Jul 16, 2025

家具:乘国补东风,扭转颓势。压力客观存在,我国存量房市场需求走强,以旧换新国补政策持续推进,家具需求得到支撑。我们认为,龙头企业往往具备更为全面的渠道布局、更强的品牌力、更成熟的营销体系,中小型企业则有可能面临“流量瓶颈”,使得头部企业的优势进一步放大。个护:需求相对刚性,新产品&新渠道是抓手。需求相对刚需,企业更加注重产品的创新、消费者的精准定位,线上线下融合发展是趋势。出口链:关税扰动,海外...

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