建筑行业跟踪报告：财政化债政策“及时雨”即将落地，重申继续关注龙头绩优央国企

Investment Rating - The industry investment rating is "Buy" with a previous rating of "Buy" as well [1]. Core Viewpoints - The report emphasizes the upcoming fiscal policy measures aimed at stabilizing growth, expanding domestic demand, and mitigating risks, including significant debt replacement for local governments and support for the real estate market [2]. - The "risk mitigation" strategy is highlighted as a key focus, with over 22 trillion yuan allocated for local government debt support and an additional 1.2 trillion yuan planned for 2024 [2]. - The report suggests that the debt resolution efforts will positively impact construction companies' order acquisition, financial structure improvement, and project funding availability [2]. Summary by Sections Fiscal Policy Measures - The Ministry of Finance plans to introduce targeted policies to address local government debt and support the real estate market, which includes issuing special bonds to bolster bank capital and enhance credit capacity [2]. - Emphasis on maintaining government investment levels to stimulate economic development [2]. Construction Industry Outlook - The report anticipates that debt resolution will lead to improved cash flow for construction firms and enhance the profitability of leading state-owned enterprises [2]. - It predicts a recovery in valuations for the construction sector due to improved fundamentals and new infrastructure investment opportunities [2]. Investment Recommendations - The report recommends focusing on leading state-owned construction companies in key provinces, central construction enterprises with high infrastructure ratios, design consulting firms, and specialized engineering state-owned enterprises [2]. - Specific companies to watch include Anhui Construction, Tunnel Co., China Communications Construction, and China State Construction Engineering [2].