建筑装饰行业点评报告：多部门政策集中发力，把握低估值建筑央企投资机会

Investment Rating - The report maintains a "Recommended" investment rating for the construction decoration industry [1]. Core Viewpoints - The report highlights that recent monetary policy measures, including a 50 basis point reduction in the reserve requirement ratio and lower mortgage rates, are expected to provide liquidity support to the construction sector, particularly benefiting state-owned construction enterprises [1][2]. - The report emphasizes that major state-owned construction companies are undervalued, with price-to-book (PB) ratios around 0.5, indicating significant potential for valuation improvement [2]. - The introduction of new monetary policy tools is anticipated to enhance liquidity for quality listed companies, which will directly benefit the construction sector [1][2]. Summary by Sections Recent Developments - On September 24, the People's Bank of China announced several measures to support economic development, including a reduction in the reserve requirement ratio and adjustments to mortgage rates, which are expected to alleviate household repayment pressures and boost consumption [1]. - The China Securities Regulatory Commission released guidelines aimed at enhancing the investment value of listed companies, which will particularly benefit state-owned construction enterprises [1]. Investment Recommendations - The report recommends leading state-owned construction companies such as China Communications Construction Company (601800.SH), China Railway Group (601390.SH), and China National Materials Group (600970.SH) for investment, while also suggesting to pay attention to China State Construction Engineering (601668.SH) and China Railway Construction Corporation (601186.SH) [2]. - The report notes that the construction industry is expected to benefit from the recent monetary policy changes, maintaining a "Recommended" rating for the sector [2]. Financial Metrics - The report provides financial forecasts for key companies, indicating that China National Materials Group is expected to have an EPS of 1.24 in 2024, while China Railway Group is projected to have an EPS of 1.45 [3]. - The PB ratios for major companies are highlighted, with China Railway Construction Corporation at 0.42, indicating substantial room for growth [2].