建筑行业：美国大选尘埃落定，逆周期调节有望加强

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1]. Core Insights - The outcome of the U.S. presidential election, with Trump winning, is expected to strengthen counter-cyclical adjustments, potentially leading to increased infrastructure investment in China [1]. - The report highlights that Trump's protectionist policies may lead to a significant increase in tariffs, which could impact China's GDP by approximately 0.4-0.5 percentage points [1]. - The construction industry is anticipated to continue its current loose policies, with a focus on stabilizing and recovering from previous downturns [1]. - The report emphasizes the importance of the "Belt and Road" initiative and the low-altitude economy as key growth drivers for China's economy [1]. Summary by Sections - Investment Recommendations: The report suggests three main investment directions: 1. Low-valuation, high-dividend, and stable performance companies in the construction and infrastructure sectors, recommending firms such as China Railway Construction, China State Construction, and others [1]. 2. Local state-owned enterprises in key regions and provinces with debt reduction efforts, recommending companies like Shanghai Construction and Anhui Construction [1]. 3. Companies related to the low-altitude economy, including design institutes and metro design firms [1]. - Market Outlook: The report anticipates that the construction industry will benefit from increased government control over infrastructure investments, with a potential acceleration in special bond issuance and local government debt replacement [1].