According to the Zhongtai Securities Research Report, while trade-in subsidies continue to be implemented, the implementation of this round of home improvement subsidies is slower than that of home appliances, mainly due to: 1) home improvement has not fully enjoyed subsidies before, and specific implementation plans need to be re-formulated; 2) the home furnishing industry is less concentrated, and there are many small businesses, making qualification review more difficult. With the gradual implementation of subsidies, it is determined that demand for home furnishings will improve marginally in the fourth quarter. At the same time, due to factors such as subsidies requiring advance funds from dealers, it is judged that big brands and big dealers will benefit more, and the competitive pattern of the industry is expected to improve.

According to the Zhongtai Securities Research Report, while trade-in subsidies continue to be implemented, the implementation of this round of home improvement subsidies is slower than that of home appliances, mainly due to: 1) home improvement has not fully enjoyed subsidies before, and specific implementation plans need to be re-formulated; 2) the home furnishing industry is less concentrated, and there are many small businesses, making qualification review more difficult. With the gradual implementation of subsidies, it is determined that demand for home furnishings will improve marginally in the fourth quarter. At the same time, due to factors such as subsidies requiring advance funds from dealers, it is judged that big brands and big dealers will benefit more, and the competitive pattern of the industry is expected to improve.