[Office Partner Information Center] Event: From the end of September to the beginning of October this year, in order to curb the excessive rise in housing prices, Beijing, Tianjin, Suzhou, Chengdu, Zhengzhou, Wuxi, Jinan, Hefei, Wuhan, Shenzhen, Guangzhou and other more than 20 cities intensive The property market regulation policy was introduced. The adjustment of credit structure in the context of economic slowdown has determined that this regulation is difficult to tighten the trend of mortgage loans on a large scale, and the actual strength is limited. Different from the previous policies for the regulation of first- and second-tier cities, one of the distinguishing features of the regulatory policies introduced in this round is that the policies are intensive and involve many cities. From the perspective of credit structure, we found that, unlike the 13-year bank tightening of mortgage loans, 16 years of banks did not explicitly limit the amount of credit for home purchases. Currently, home purchase loans have become an important support for loan growth in the entire financial industry. We believe that the main reason is that credit supply tends to be in the real economy credit field when the economic environment is good. At present, the macro economy continues to operate at a low level, and the concern is not good. The mortgage loan has become the main credit line of the bank, so it is difficult for the bank in the future. There is a trend of large-scale tightening of mortgages. Historically, the negative impact on the performance of the home industry is controllable, with only a short-term impact on stock prices. Looking back at the impact of property market regulation on the home furnishing industry in the past few times, we found that before and after the introduction of the regulatory policy, it has little effect on the decisive change of the household industry index trend, more related to the current economic environment; and on the overall performance of the furniture industry. , it will generally have a negative impact of a year or so, and basically return to the normal growth range of 10%-20%. We believe that due to the profit growth rate of 13.4% in the furniture manufacturing industry in the past 15 years, the basic sustained and steady growth trend in the past 16 years, it is expected that the subsequent housing market regulation policy will also be more controllable for the decline in the growth rate of the entire industry. In the long run, in the context of secondary home ownership, homes are increasingly equipped with consumer goods attributes. The real estate policy is generally a valuation disturbance to the industry and has little impact on earnings. Continue to be optimistic about the market prospects of customized home businesses. We believe that, first of all, the downward trend of the impact of this round of property market regulation on the growth rate of the home furnishing industry has been limited. Secondly, even if the real estate market increases by 0 in the future, we continue to be optimistic about the growth prospects of customized home furnishing enterprises for two reasons: There is still room for improvement in market penetration; 2) Real estate consumption http://quote.cfi.cn/quote_H30165.html Event: From the end of September to the beginning of October this year, in order to curb the excessive rise in housing prices, Beijing, Tianjin, Suzhou, Chengdu, Zhengzhou, Wuxi, Jinan, Hefei, Wuhan, Shenzhen, Guangzhou and other more than 20 cities intensively introduced the property market regulation policy. The adjustment of credit structure in the context of economic slowdown has determined that this regulation is difficult to tighten the trend of mortgage loans on a large scale, and the actual strength is limited. Different from the previous policies for the regulation of first- and second-tier cities, one of the distinguishing features of the regulatory policies introduced in this round is that the policies are intensive and involve many cities. From the perspective of credit structure, we found that, unlike the 13-year bank tightening of mortgage loans, 16 years of banks did not explicitly limit the amount of credit for home purchases. Currently, home purchase loans have become an important support for loan growth in the entire financial industry. We believe that the main reason is that credit supply tends to be in the real economy credit field when the economic environment is good. At present, the macro economy continues to operate at a low level, and the concern is not good. The mortgage loan has become the main credit line of the bank, so it is difficult for the bank in the future. There is a trend of large-scale tightening of mortgages. We believe that this change in the credit structure has largely hedged the negative impact of the purchase restriction policy, and the actual impact of policy tightening on national purchase demand is relatively limited. Historically, the negative impact on the performance of the home industry is controllable, with only a short-term impact on stock prices. Looking back at the impact of property market regulation on the home furnishing industry in the past few times, we found that before and after the introduction of the regulatory policy, it has little effect on the decisive change of the household industry index trend, more related to the current economic environment; and on the overall performance of the furniture industry. , it will generally have a negative impact of a year or so, and basically return to the normal growth range of 10%-20%. We believe that due to the profit growth rate of 13.4% in the furniture manufacturing industry in the past 15 years, the basic sustained and steady growth trend in the past 16 years, it is expected that the subsequent housing market regulation policy will also be more controllable for the decline in the growth rate of the entire industry. In the long run, in the context of secondary home ownership, homes are increasingly equipped with consumer goods attributes. The real estate policy is generally a valuation disturbance to the industry and has little impact on earnings. Continue to be optimistic about the market prospects of customized home businesses. We believe that, first of all, the downward trend of the impact of this round of property market regulation on the growth rate of the home furnishing industry has been limited. Secondly, even if the real estate market increases by 0 in the future, we continue to be optimistic about the growth prospects of customized home furnishing enterprises for two reasons: There is still room for improvement in market penetration; 2) Real estate consumption is expected to open secondary home buyers. Consumers will gradually prefer brand consumption when re-purchasing furniture. Environmental protection, cost-effectiveness and home environment are new driving factors. Risk factors: property regulation has intensified and credit tightening policy exceeded expectations. Fees are expected to open secondary home buyers, consumers will gradually prefer brand consumption when re-purchasing furniture, environmental protection, cost-effective and home environment is a new driving factor. Risk factors: property regulation has intensified and credit tightening policy exceeded expectations. Spring Mattres,Spring Bed,Mattress Box Spring,Full Mattress And Box Spring Jiangsu Sleeptight Household Technology Co., Ltd. , https://www.sleeptightoem.com
We believe that this change in the credit structure has largely hedged the negative impact of the purchase restriction policy, and the actual impact of policy tightening on national purchase demand is relatively limited.