建筑行业跟踪报告：政治局会议要求“干字当头”，继续重点推荐地产链及有效需求投资机会

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The Politburo meeting held on September 26 emphasized the unchanged favorable conditions for China's economy, including strong resilience and potential. It also highlighted the need for effective implementation of existing policies and the introduction of new measures to address emerging economic issues [3] - The meeting called for increased counter-cyclical adjustments in fiscal and monetary policies, including lowering the reserve requirement ratio and implementing significant interest rate cuts. It also stressed the importance of government investment through special bonds to stimulate the economy [3] - The report suggests a focus on four industry chains: (1) undervalued housing construction chain, recommending companies like China State Construction and Anhui Construction; (2) effective demand, with recommendations for China Communications Construction and China Electric Power Construction; (3) international engineering, benefiting from overseas investments, recommending China Steel International; (4) domestic cyclical demand, recommending companies like Honglu Steel Structure and Huatie Emergency [3] Summary by Sections Industry Overview - The report discusses the need for policies to stabilize the real estate market, including adjustments to housing purchase restrictions and lowering existing mortgage rates. These measures aim to improve the supply-demand structure in the real estate market [3] Investment Recommendations - The report recommends focusing on low-valuation housing construction leaders, effective demand enhancement, international engineering opportunities, and domestic cyclical recovery [3] Company Ratings - Specific companies are rated as "Buy," including: - China State Construction (601668.SH) with a target price of 5.92 CNY - China Railway (601390.SH) with a target price of 6.64 CNY - China Railway Construction (601186.SH) with a target price of 8.02 CNY - China Communications Construction (601800.SH) with a target price of 9.82 CNY - China Electric Power Construction (601669.SH) with a target price of 7.50 CNY - China Chemical (601117.SH) with a target price of 7.81 CNY - China National Materials (600970.SH) with a target price of 13.77 CNY - China Steel International (000928.SZ) with a target price of 7.76 CNY - Honglu Steel Structure (002541.SZ) with a target price of 13.96 CNY [9][10]