金吾财讯 | 花旗银行最新研报指出，中国家居行业目前正面临补贴计划耗尽的挑战。2024年11月15日，部分省份和城市（如广东、义乌等）的家具补贴配额已经结束，导致家具行业在上周五（11月15日）下跌了3-7%。花旗银行认为，地方政府不太可能增加家具补贴配额，补贴政策面临资金规模不足和地方政府补贴配额低于预期的双重约束。花旗银行对行业的整体看法是，补贴政策的不确定性对家居行业构成了压力。研报中提到，中国政府之前推出的3000亿元人民币的补贴计划，旨在刺激包括家具在内的九个类别的替换需求。然而，一旦地区耗尽其分配的中央政府资金配额，任何额外的资金需求必须通过地方政府资金支持，而中央政府将不再提供进一步支持。花旗银行预计，随着当前配额的耗尽，地方政府在收紧资产负债表的情况下，不太可能补充补贴配额。
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