建筑装饰行业周报：积极关注基建央国企、低空和钢结构板块

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [1] Core Views - Focus on investment opportunities in central state-owned enterprises in infrastructure, as Q3 performance was slightly below expectations due to cautious investment and high return requirements [2][8] - The low-altitude economy is gaining traction with supportive policies, particularly benefiting the design sector [3][9] - The steel structure sector is expected to improve due to macro policy support, with significant growth in construction area and processing volume in 2023 [3][10] Summary by Sections 1. Current Views - Emphasis on investment opportunities in central state-owned enterprises, with expectations for infrastructure to gain momentum in Q4 due to policy shifts [2][8] - Low-altitude policies are being implemented, with design companies likely to be the first beneficiaries [3][9] - The steel structure industry is projected to see improvements in fundamentals, supported by macroeconomic policies [3][10] 2. Industry Performance - The Shanghai Composite Index rose by 1.17%, while the construction decoration index increased by 3.50% during the week [4] - Notable stock performances included Xujie Technology (+75.90%) and Dongyi Yisheng (+46.52%) [4] 3. Company Dynamics - China State Construction reported a revenue of 16265.41 billion yuan, down 2.67% year-on-year, with a net profit of 397.03 billion yuan, down 9.05% [18][20] - China Energy Engineering signed new contracts worth 9888.59 billion yuan, up 5.03% year-on-year [22][27] - Tunnel Corporation reported a contract amount of 657.05 billion yuan, up 9.46% year-on-year [21]