竣工数据延续稳健增长。23年2-10月，住宅竣工面积当月同比增速分别为9.7%/35.4%/28.3%/17.2%/15.8%/38.4%/10.5%/24.0%/14.0%，增速环比变动15.4pct/25.7pct/-7.1pct/-11.1pct/-1.4pct/22.6pct/-27.8pct/13.5pct/-10.0pct。
　　住宅销售面积当月同比变化-0.6%/0.2%/-9.5%/-16.2%/-27.9%/-24.9%/-25.6%/-21.1%/-21.0%，增速环比变动30.9pct/0.7pct/-9.6pct/-6.7pct/-11.7pct/3pct/-0.7pct/4.5pct/0.1pct。30大中城市商品房成交套数分别同比变化32.4%/40.9%/25.4%/18.0%/-33.1%/-29.5%/-25.1%/-22.4%/-3.3%。
　　家居零售小幅回暖。23年2-10月，家具类零售额当月同比变动分别为5.2%/3.5%/3.4%/5.0%/1.2%/0.1%/4.8%/0.5%/1.7%，增速环比变动5.2pct/-1.7pct/-0.1pct/1.6pct/-3.8pct/-1.1pct/4.7pct/-4.3pct/1.2pct。
　　建材家居卖场销售额当月同比变动分别为34.5%/20.4%/60.7%/12.9%/2.5%/7.9%/46.0%46.6%/79.9%，增速环比变动55.6pct/-14.2pct/40.3pct/-47.7pct/-10.5pct/5.5pct/38.0pct/0.7pct/33.3pct。
　　24年竣工数据仍有支撑下，家居板块业绩修复可期。推荐家居龙头上市公司欧派家居、志邦家居、顾家家居、慕思股份、江山欧派、索菲亚、金牌厨柜、尚品宅配、喜临门。
　　风险提示：地产政策放松不及预期，终端需求不及预期，行业竞争加剧，原材料价格大幅波动。