建筑央企增持点评：增持反应行动力，建筑央企有望价值重估

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [10][11]. Core Insights - The report highlights that major state-owned construction enterprises are likely to see a revaluation of their market value due to recent policy measures and shareholder actions, such as the planned share buybacks by China State Construction and China Energy Engineering [1]. - The report emphasizes that the construction sector is expected to benefit from a series of favorable policies aimed at improving the fundamentals of the infrastructure industry, including debt resolution and increased financing support for major projects [1]. - It notes that the valuation of major construction state-owned enterprises has reached historical lows, with most price-to-book (PB) ratios remaining below 1, suggesting potential upside for investors [1]. Summary by Sections Recent Events - On October 15, China State Construction and China Energy Engineering announced plans for their controlling shareholders to increase their stakes in the companies, with China State Construction planning to buy back up to 1.2 billion yuan worth of shares and China Energy Engineering aiming to increase its A-share holdings by no less than 300 million yuan and no more than 500 million yuan within six months [1]. Policy Environment - The report discusses the ample policy tools available to support the construction sector, including the recent issuance of guidelines by the China Securities Regulatory Commission encouraging share buybacks and dividend planning, as well as new liquidity support measures from the central bank [1]. - It also mentions that the central bank's new tools, such as stock repurchase and increase loans, are expected to enhance the liquidity and stock buyback capabilities of listed companies [1]. Financial Performance - The report provides financial performance data for major construction state-owned enterprises for the first half of 2024, showing stable revenue figures with China State Construction achieving 1,144.6 billion yuan, and others like China Railway Construction and China Communications Construction showing slight declines [1]. - The calculated dividend yields for these enterprises are generally above 3%, with some reaching as high as 4.51%, indicating a strong return potential for investors [1]. Investment Recommendations - The report suggests focusing on major state-owned construction enterprises such as China State Construction, China Railway Construction, and China Communications Construction, as well as local state-owned enterprises like Sichuan Road and Bridge and Anhui Construction [1].