Galaxy Securities research report states that the national subsidy policy will continue in 2025, helping leading home furnishing companies to recover their performance. It is expected that national subsidy funds will be gradually allocated to local areas after the Two Sessions. It is recommended to continuously pay attention to the implementation progress and marginal changes of the national subsidy policy in 2025. Compared to 2024, it is expected that in 2025: 1) the subsidy amount is likely to increase; 2) the subsidy intensity will be strengthened: the maximum discount rate for home decoration kitchen and bathroom subsidies is expected to reach 30%; 3) application restrictions will be stricter: local subsidies can only be received and used locally. From the performance perspective, the national subsidy in 2024 will have a significant catalytic effect on the company's performance, but due to factors such as order cycles, it is expected to be concentrated in the first quarter of 2025, with the overall performance in 2024 temporarily under pressure. The performance sustainability recovery of leading companies in 2025 is optimistic