建材、建筑及基建公募REITs周报：煤化工主题发酵，城中村改造扩围至近300个城市

Investment Rating - Non-metallic building materials: Buy (Maintain) [5] - Construction and Engineering: Overweight (Maintain) [5] Core Insights - The coal chemical industry is experiencing significant growth, with substantial investment opportunities in related sectors. The total investment in coal chemical projects in Xinjiang alone could reach 370 billion yuan, with 225 modern coal chemical projects under construction nationwide, totaling over 1.67 trillion yuan. Companies to watch include China Chemical, Sanwei Chemical, and Donghua Technology [21][22]. - The urban village renovation policy has expanded to nearly 300 cities, which is expected to accelerate the implementation of 1 million new renovation projects. This expansion will provide more projects with access to various financial supports, including special loans and tax incentives, enhancing project execution [22]. - The China Securities Regulatory Commission has issued guidelines for market value management, requiring long-term companies with negative net asset values to develop valuation enhancement plans. This is expected to boost the market value management efforts of state-owned enterprises in the construction and building materials sector [23]. Summary by Sections Industry Research Updates - The coal chemical theme is gaining traction, with ample capacity for growth and potential acceleration in development. The investment in coal chemical projects in Xinjiang is projected to be 370 billion yuan, with 225 projects nationwide totaling over 1.67 trillion yuan [21]. - Urban village renovation is being expedited, now covering nearly 300 cities, which will likely enhance demand and project implementation through various financial supports [22]. - The CSRC's new guidelines on market value management are expected to positively impact state-owned construction and building materials enterprises [23]. Major Company Earnings Forecasts and Valuation - A detailed table of earnings forecasts and valuations for key companies in the sector is provided, indicating a generally positive outlook for companies like China Chemical, Huaxin Cement, and others, with maintained buy ratings [30]. Market Performance Review - The building materials index fell by 5.50%, with the glass index experiencing the largest decline at 6.60%. The construction index decreased by 3.38%, with the landscaping engineering index down 4.64% [32].