建筑行业周报：5年期LPR再降息25BP，超长期特别国债持续发行

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, rating it as "Overweight" [3][5]. Core Insights - The construction and decoration sector has shown strong performance, with the SW Construction Decoration Index increasing by 3.50%, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [5][6]. - Key sub-sectors that performed well include home decoration (+22.17%), ecological landscaping (+11.06%), and infrastructure private enterprises (+7.86%) [6][8]. - Major companies like Dongyi Risheng and Nongshang Environment saw significant weekly gains of 46.52% and 55.03%, respectively [8][9]. - The report highlights macroeconomic factors such as the People's Bank of China lowering the Loan Prime Rate (LPR) by 25 basis points, which is expected to stimulate the market [13][14]. Industry Performance - The construction industry outperformed the market with a weekly increase of 3.50%, ranking 14th among 31 sectors [5][6]. - The best-performing sub-sectors for the week were home decoration, ecological landscaping, and infrastructure private enterprises, with notable individual stock performances [6][8]. - Year-to-date, the best-performing sub-sectors include infrastructure central enterprises (+25.37%) and design consulting (+10.43%) [6][8]. Key Company Developments - China Communications Construction Company reported a new project signing amount of 12,804.56 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 9.28% [15][17]. - Zhi Te New Materials achieved a net profit of 59.33 million yuan in Q1-Q3 2024, a significant increase from 329,700 yuan in the same period last year [15][16]. - Anhui Construction's net profit decreased by 9.55% year-on-year for Q3 2024, indicating challenges within the company [15][16]. Market Trends - The report notes that the government will continue to issue long-term special bonds to support major national strategies and key areas of safety capability construction [13][14]. - The expansion of housing fund withdrawal for home purchases in Hefei is expected to boost the housing market [13][14]. Investment Recommendations - The report recommends focusing on state-owned enterprises such as China Railway and China Railway Construction, as they are expected to have better allocation value due to ongoing reforms [3][15]. - Other companies to watch include China Communications Construction, China Metallurgical Group, and various firms in the real estate recovery chain [3][15].