建筑行业基金持仓分析：24Q2公募基金小幅加仓建筑业，高股息央国企、工程咨询板块配置占比提升

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [3][34]. Core Insights - As of July 23, 2024, public funds have slightly increased their holdings in the construction sector, with the SW construction sector's holding ratio rising to 0.52%, up 0.04 percentage points from the previous quarter [2][11]. - The report highlights an increase in public fund holdings in sub-sectors such as steel structures, infrastructure, and international engineering, while the housing construction sector saw a decrease in holdings [2][13]. - Notable companies with increased fund holdings include China State Construction, Honglu Steel Structure, and China Railway, with significant increases in holdings for Honglu Steel Structure and Tunnel Shares [2][30]. Summary by Sections 1. Fund Holdings in the Construction Industry - The overall fund holding ratio in the construction and decoration industry remains low, with a slight increase in Q2 2024. The total market value of the SW construction sector is reported at 1.6889 trillion CNY, with public fund holdings amounting to 8.987 billion CNY [11][27]. 2. Sub-sector Analysis - Public funds have increased their holdings in steel structures and infrastructure, with the holding ratios for these sectors at 0.077% and 0.135%, respectively. Conversely, the housing construction sector's holding ratio decreased to 0.177% [2][16][18]. - The report notes significant increases in holdings for specific companies, such as Honglu Steel Structure, which saw a 195.4% increase in shares held [2][32]. 3. Company-Specific Insights - The top companies by public fund holdings include China State Construction, Honglu Steel Structure, and China Railway, with respective holdings of 5.71 billion shares, 0.78 billion shares, and 1.88 billion shares [30][34]. - The report identifies the largest increases in holdings for companies like China Steel International and Tunnel Shares, with increases of 644.4% and 234.3%, respectively [30][32]. 4. Investment Recommendations - The report recommends focusing on state-owned enterprise reforms, power sector reforms, and effective demand under fiscal reforms. Key companies to watch include China State Construction, China Railway, and China Communications Construction [35].