建筑行业双周报：政治局会议再提发挥政府投资带动作用，利好政策频出推动板块估值提升

Investment Rating - The report maintains a positive outlook on the construction decoration industry, rating it as "Overweight" [2][3]. Core Insights - The construction decoration sector has shown a significant performance increase, with the SW Construction Decoration Index rising by 25.04%, slightly underperforming the CSI 300 Index which increased by 25.52% [2][3]. - Key macroeconomic policies discussed include increased fiscal and monetary policy adjustments to stimulate necessary government spending and the issuance of long-term special bonds [2][13]. - The report highlights the strong growth potential in infrastructure investment, particularly in state-owned enterprises, recommending companies such as China Railway and China Railway Construction [2][18]. Summary by Sections Industry Performance - The construction industry experienced a two-week increase of 25.04%, outperforming the Shanghai Composite Index but underperforming the Shenzhen Component Index and other indices [3][5]. - The top three sub-sectors in terms of weekly growth were International Engineering (+26.74%), Steel Structure (+26.74%), and Central Enterprises in Infrastructure (+26.63%) [5][8]. Key Company Developments - China Metallurgical Group introduced third-party investors for capital increases totaling 27.13 billion and 27.00 billion yuan [18]. - China Power Construction signed new contracts worth 764.744 billion yuan from January to August 2024, reflecting a year-on-year increase of 7.05% [18]. - China Chemical's general manager resigned due to work adjustments, with no further positions held post-resignation [18]. Market Trends and Changes - The report notes that the central bank has proposed lowering existing mortgage rates and unifying the minimum down payment ratio for housing loans [13][16]. - The political bureau meeting emphasized the need for fiscal policy adjustments to enhance government investment's role in economic recovery [13][16]. Investment Recommendations - The report recommends focusing on state-owned enterprises like China Railway, China Railway Construction, and China Communications Construction, while also paying attention to companies in the international engineering sector such as China Steel International and China National Materials [2][18].