建材、建筑及基建公募REITs周报：多地启动隐债置换，关注ToG企业报表修复

Investment Rating - Non-metallic building materials: Buy (Maintain) [4] - Construction and Engineering: Overweight (Maintain) [4] Core Views - Multiple regions have disclosed special refinancing bond issuance plans to initiate hidden debt replacement, with 13 provinces planning to issue 1,094.8 billion yuan in special refinancing bonds for this purpose [21][22] - The State-owned Assets Supervision and Administration Commission (SASAC) supports central enterprises in starting a "second growth curve" and emphasizes the concentration of state capital in strategic emerging industries [22] Summary by Sections Industry Research Update - The National People's Congress approved a 60,000 billion yuan debt resolution plan, with the Ministry of Finance distributing this debt limit to various regions [21] - As of November 22, 2024, 13 provinces have planned to issue 1,094.8 billion yuan in special refinancing bonds, with five regions already issuing 224 billion yuan [21][22] - The debt resolution initiative is expected to improve local governments' cash flow and payment capabilities, with significant effects anticipated in 2025 [21] Company Earnings Forecast and Valuation - The report includes earnings forecasts and valuations for various companies, indicating a focus on firms like Puyang Nair, Huatie Emergency, and China Chemical, among others [28] - Specific companies are highlighted for their potential due to market conditions and strategic positioning [28] Market Performance and High-Frequency Data Tracking - The market performance for the week showed a decline in the China Construction Materials Index by 2.27%, with the other decoration materials index experiencing the largest drop of 3.65% [31] - High-frequency data indicates that the average price of PO42.5 cement was 430.77 yuan/ton, with a slight increase of 0.16% [31] - The average shipment rate for cement was 50.13%, reflecting a decrease of 2.14 percentage points [31]