兴证建筑每周观点：10万亿化债方案落地，大建筑央企资产负债表修复可期

Investment Rating - The report maintains a "Buy" rating for key companies in the construction industry, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China Chemical, China National Materials, China Steel International, and Honglu Steel Structure [1][2]. Core Insights - The introduction of a 10 trillion yuan debt relief plan is expected to significantly benefit large state-owned construction enterprises, leading to a potential recovery in their financial health [4][5]. - The debt relief plan includes a 60 billion yuan increase in local government debt limits to replace hidden debts, with an additional 40 billion yuan allocated for special debt issuance over the next five years [4][5]. - The report anticipates that the financial pressure on local governments will ease, allowing for accelerated infrastructure project progress and a rebound in the performance of major construction companies [5]. Summary by Sections Important Events Tracking - On November 8, 2024, the National People's Congress approved a resolution to increase local government debt limits by 60 billion yuan to replace hidden debts, with a total of 10 trillion yuan in debt relief resources being made available [13]. Market Performance Tracking - From November 4 to November 8, 2024, the construction engineering sector (SW) rose by 6.54%, while the overall A-share index increased by 7.11% [14]. - The report highlights that various sub-sectors, including water conservancy and power, saw significant growth, with engineering consulting up by 11.25% [14][16]. Industry Data Tracking - As of November 8, 2024, the SW construction decoration sector's PE (TTM) was 10.51, with a historical percentile of 22.93%, and a PB of 0.82, with a historical percentile of 4.70% [18]. - Fixed asset investment reached 378,978 billion yuan in the first nine months of 2024, showing a year-on-year growth of 3.4% [7]. Financing Data Tracking - From November 2 to November 8, 2024, a total of 56.67 billion yuan in urban investment bonds were issued, with a net financing amount of -28.59 billion yuan [22]. - As of November 8, 2024, the cumulative issuance of new special bonds for the year reached 38,964.78 billion yuan, accounting for 99.91% of the annual planned issuance [24].