多因素共振，建筑板块迎较优配置期

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector [1] Core Viewpoints - The construction sector is entering a favorable allocation phase due to multiple positive factors, including improved valuations and demand expectations [1] - The report highlights the significant rise in stock prices of major state-owned construction enterprises, with some companies experiencing gains exceeding 8% [1] - The report recommends focusing on subsequent fiscal counter-cyclical measures and the specific progress of local debt management to assess the improvement in the fundamentals of construction companies [1] Summary by Sections Investment Recommendations - Key recommended stocks include China State Construction, China Railway, and China Communications Construction, all of which are large state-owned enterprises [1][4] - The report provides target prices for these companies, such as 7.94 for China State Construction and 11.13 for China Communications Construction [4] Financial Performance - China State Construction reported a revenue of 1.14 trillion yuan for the first half of 2024, with a year-on-year growth of 2.81% [4] - China Communications Construction's revenue for the same period was 357.4 billion yuan, showing a decline of 2.5% year-on-year [4] - China Railway's revenue decreased by 7.8% year-on-year, amounting to 543.3 billion yuan [4] Market Conditions - The construction sector is characterized by low holdings and low price-to-book (PB) ratios, with the CS construction index's market value proportion in fund allocation at 1.19%, ranking 21st among 30 industries [1] - The report notes that major state-owned construction companies have PB ratios generally between 0.5 and 0.6 [1] Policy Impact - The report emphasizes the positive impact of recent policy measures aimed at stabilizing growth and market expectations, which are expected to gradually improve the industry's fundamentals [1][4] - It anticipates that the overall operation of the industry will show slight improvement in Q3 2024, with accelerated improvement expected in Q4 as policies are implemented [1]