建筑行业第370期周报：预期三季报业绩差强人意，把握结构性机会

Investment Rating - The report rates the construction industry as "Overweight" [1] Core Viewpoints - The report anticipates that the overall performance of the construction industry in the third quarter will be mediocre, suggesting a focus on structural opportunities [1][3] - It recommends themes such as renewable energy, fiscal debt, state-owned enterprise reform, high dividend stocks, real estate chain, and low-altitude economy [3][4] Summary by Relevant Sections Investment Highlights - The State Council emphasizes the implementation of a package of incremental policies to stimulate economic growth, with nearly half of the measures already in place [2] - The National Development and Reform Commission (NDRC) plans to expand the scope and scale of special bonds to support various projects, with a total investment of approximately 880 billion yuan from 121 construction projects [2] - The Ministry of Finance will enhance fiscal policy to alleviate local government debt, with public budget revenue decreasing by 2.2% year-on-year in the first three quarters [2] Recommended Companies and Themes - The report recommends several companies based on their dividend yields and price-to-book ratios, including China State Construction (dividend yield 4.32%, PB 0.60), China Railway (dividend yield 3.20%, PB 0.57), and China Communications Construction (dividend yield 2.79%, PB 0.62) [3][5] - It highlights the expected profit growth rates for the second and third quarters of 2023 for various companies, with China Energy Engineering showing a significant decline in profit [3][5] Regional Focus - The report notes that Sichuan province plans to invest approximately 2.15 trillion yuan in major projects over the next 2-3 years, with a focus on infrastructure [10][11] - It recommends regional leaders such as Sichuan Road and Bridge, which is expected to benefit from the increased investment in infrastructure projects [10][11] Policy Support - The report discusses the government's efforts to support the real estate market through monetary policies, including the implementation of 1 million housing renovations and increasing credit for "white list" projects [8][9] - It emphasizes the importance of fiscal policies in improving cash flow and asset quality for construction companies, which is expected to enhance their performance in the future [12][13]