Since May, the Shanghai and Shenzhen 300 Index fell 3.27%, but the wood furniture sector ranked among the top three with a 4.08% increase.
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Furniture stocks become anti-falling force
The data shows that China, as the world's largest furniture exporter, has an external dependence of about 25%, of which Europe and the United States account for more than 60%. As of the end of April this year, the cumulative value of China's furniture exports was 13.236 billion US dollars, a year-on-year growth rate rebounded to 12.7%.
According to the China Building Materials Circulation Association, the national building materials home prosperity index in April was 108.55, which followed the upward trend in March, an increase of 9.49% from the previous month. The gross profit margin of the industry in the first quarter rose slightly to 16.04%.
It is reported that Beijing will implement the "old-for-new" policy for furniture from July 1, and Tianjin, Chongqing and other places have also started the "old-for-new" pilot of furniture. In this regard, the industry pointed out that the policy of “replacement of furniture†may gradually radiate to the whole country. This is another important factor in improving the industry's prosperity in addition to this year's export recovery.
“The combination of policy promotion and consumption upgrading, the high demand elasticity of the industry will be quickly reflected in the situation of increasing income.†Wu Zhengwu, a researcher at Aijian Securities, said that unlike other consumer industries, the demand of the furniture industry The elasticity is obviously high. As the income of residents continues to grow, with the support of various consumer policies, the release of demand brought about by consumption upgrades will be quickly reflected.
Wu Zhengwu believes that both internal and external factors have improved at the same time. Under the consumption-driven economy model, wood industry furniture has different dependence on overseas markets and high demand elasticity in the real economy. This unique factor also makes it It has become a stagnant force in the capital market.