央国企专题系列研究：欲穷千里目，更上一层楼

Investment Rating - The report recommends investment in major state-owned construction enterprises, highlighting their dominant position in the industry and potential for value reassessment due to new market management policies [8][10]. Core Viewpoints - The construction industry is predominantly led by state-owned enterprises (SOEs), with total assets reaching 13.63 trillion yuan by the end of 2023, reflecting a compound annual growth rate (CAGR) of 12.22% from 2019 to 2023 [6][19]. - The revenue share of construction SOEs has increased from 96.01% in 2014 to 97.23% in 2023, indicating a strong upward trend over the past decade [6][29]. - The State-owned Assets Supervision and Administration Commission (SASAC) has initiated a comprehensive evaluation of SOEs based on market value management, which is expected to enhance operational efficiency and cash flow quality [7][47]. - The "Belt and Road" initiative has significantly boosted infrastructure demand in participating countries, providing substantial overseas order growth opportunities for construction SOEs [7][8]. Summary by Sections Dominance of State-Owned Enterprises - Construction SOEs account for 44.85% of the 165 listed construction companies, with a significant presence in various segments, including 88% in the housing construction sector [19]. - The total asset share of construction SOEs has risen from 95.11% in 2019 to 96.18% in 2023, solidifying their role as the backbone of the industry [19][22]. SOE Reforms and Efficiency Improvements - The SASAC's focus on market value management is expected to drive improvements in operational quality and efficiency among SOEs [47]. - SOEs are increasingly adopting dividend policies and engaging in mergers and acquisitions, with the construction sector representing 5% of all SOE M&A cases from 2020 to 2023 [6][8]. Role in the "Belt and Road" Initiative - SOEs are positioned as key players in the "Belt and Road" initiative, with 81 Chinese firms listed among the top 250 international contractors, capturing 27.5% of the total international revenue [7][8]. Transition and High-Quality Development - SOEs are diversifying into upstream mineral resources and high-end manufacturing, as well as exploring new energy sectors, which are expected to drive future growth [8][19]. - The report recommends several major construction SOEs, including China State Construction, China Railway Construction, and China Communications Construction, as potential investment opportunities [8][10].