According to a research report published by Bank of America Securities, considering the short-term resumption of work and the structural downward cycle of the real estate industry, it is expected that the highly fragmented furniture industry will integrate at an accelerated pace. The deterioration in the business environment since the pandemic has forced smaller market participants to withdraw, while industry leaders have seized market share by expanding sales channels vertically and diversifying their product portfolios horizontally. The bank raised the industry's profit forecast for this year and next two years by an average of 9% to 18%. It expects differences in the fundamentals of individual stocks. It raised the rating of Minhua Holdings from outperforming the market to neutral, and raised the target price to HK$9.8, which is equivalent to about 14 times the price-earnings ratio predicted in 2024. Bank of America expects that the steady introduction of support policies and reopening will support the revaluation of the soft goods industry within this year. At the same time, potential inventory removal inflection points in Europe and the US may also drive export recovery. It is optimistic that leading companies with the potential for rising stock prices will receive valuation premiums.