建筑工程业行业事件快评：地产政策优化行业筑底，推荐中国建筑等产业链龙头

Investment Rating - The report rates the construction industry as "Overweight" [2] Core Viewpoints - The report highlights that the optimization of real estate policies is helping the industry to stabilize, recommending leading companies in the construction chain such as China State Construction [2][4] - The real estate market is beginning to bottom out, supported by policies such as the monetization of 1 million old housing renovations and increased credit for "white list" projects [5][11] - The report emphasizes the expected improvement in cash flow and asset quality for construction companies due to favorable fiscal policies [11][12] Summary by Relevant Sections Recent Key Reports - The report discusses the acceleration of construction investment in Sichuan, recommending central enterprises like China State Construction and China Railway [8][9] - It notes that Sichuan plans to invest approximately 2.15 trillion yuan in major projects over the next 2-3 years, with a significant portion allocated to infrastructure [9] Key Company Recommendations - The report recommends China State Construction, which has announced plans to increase its shareholding by 600-1,200 million yuan within 12 months [5][8] - Other recommended companies include China Railway, China Communications Construction, and China Railway Construction, all of which have shown positive order growth [5][8][11] - The report also highlights the performance metrics of these companies, such as China State Construction's new orders of 3.2 trillion yuan, a year-on-year increase of 5% [5][11] Profit Forecasts - The report maintains a profit forecast for China State Construction with expected EPS of 1.40, 1.47, and 1.54 yuan for 2024-2026, reflecting growth rates of 7%, 5%, and 5% respectively [25][27] - It also notes the expected dividend yield of 5.2% for China State Construction, with a price-to-book ratio of 0.5 [25][27]