建筑工程业：四川建设投资有望加速，推荐区域龙头及建筑央企

Investment Rating - The report assigns an "Overweight" rating for the construction engineering industry, maintaining the previous rating of "Overweight" [3][11]. Core Insights - Significant investment opportunities are anticipated in Sichuan, with major projects expected to total approximately 2.15 trillion yuan over the next 2-3 years, including 1.31 trillion yuan for infrastructure projects [4]. - Recommended companies include regional leaders such as Sichuan Road and Bridge, as well as central enterprises like China State Construction, China Communications Construction, China Railway, and China Railway Construction [3][4]. Summary by Sections Major Projects in Sichuan - In October 2024, Sichuan held a site promotion event for 601 infrastructure projects with a total investment of 364.5 billion yuan, accounting for 46.4% of the total projects [4]. - The province plans to invest 2.15 trillion yuan in major projects over the next 2-3 years, with 1.31 trillion yuan allocated for infrastructure [4]. Company Recommendations - Sichuan Road and Bridge is highlighted as a competitive player in the engineering sector, with a focus on construction, mining, and clean energy [4]. - Other recommended companies include Chongqing Construction and Chengdu Road and Bridge, which are expected to benefit from the regional investments [4]. Financial Performance of Key Companies - Sichuan Road and Bridge reported a 31.2% decline in revenue for H1 2024, with a net profit decrease of 43.9% [4]. - China State Construction announced plans to increase its shareholding by 600 million to 1.2 billion yuan within 12 months [4]. - China Communications Construction is actively involved in various projects in the Sichuan-Chongqing region, including urban rail transit and infrastructure development [4].