Ge Long Hui A P P·2025-09-27 03:41Core Viewpoint - The construction industry experienced a decline in revenue and net profit in the first half of the year, but improvements in cash flow and impairment were noted due to debt reduction policies [1] Industry Summary - The overall revenue of the construction industry reached 39,711 billion yuan, a year-on-year decrease of 5.9%, with a growth rate decline of 2.8 percentage points compared to the same period last year [1] - The net profit attributable to shareholders was 911 billion yuan, reflecting a year-on-year decrease of 6.9%, although the decline was narrowed by 2.8 percentage points compared to the previous year [1] - The industry is facing performance pressure, but the implementation of debt reduction policies has led to improvements in cash flow and impairment [1] - Industry concentration continues to increase, with energy and overseas projects maintaining high growth [1] Company Outlook - In the context of the industry focusing on high-quality development while controlling scale, high-quality infrastructure companies are expected to benefit from increased market enthusiasm, balance sheet recovery, and improved macro expectations, leading to valuation enhancements [1] - Some construction companies targeting new productivity will achieve both performance and valuation improvements [1]