建筑行业周报：11月建筑PMI下降，城乡建设碳核算标准征求意见稿发布

Investment Rating - The report maintains a positive outlook on the construction decoration industry, rating it as "Overweight" [1]. Core Insights - The construction industry experienced a weekly increase of +0.81%, underperforming compared to major indices such as the Shanghai Composite Index (+1.81%) and the Shenzhen Component Index (+1.66%) [4][6]. - The report highlights significant weekly gains in sub-sectors, with the best performers being decorative curtain walls (+6.34%), design consulting (+4.79%), and steel structures (+4.44%) [6]. - Key companies such as ST Guotian and Jian Ke Yuan saw substantial weekly increases of +22.04% and +24.78%, respectively [9][10]. - The report notes that the construction sector is expected to gain momentum due to government investment initiatives and ongoing state-owned enterprise reforms [1]. Summary by Sections 1. Market Performance - The construction industry recorded a weekly increase of +0.81%, lagging behind the overall market indices [4]. - The top three sub-sectors for weekly performance were decorative curtain walls, design consulting, and steel structures [6]. 2. Industry Changes - The Ministry of Housing and Urban-Rural Development released a draft standard for carbon accounting in urban construction, aiming to regulate accounting objects and content [17]. - The manufacturing PMI for November was reported at 50.3%, with the construction business activity index at 49.7%, indicating a slight decline [17]. 3. Key Company Developments - Zhonggong International signed a business contract worth 103 million yuan, representing 0.83% of its total revenue for 2023 [21]. - Huadian Technology signed a major contract valued at 356 million yuan, accounting for 4.96% of its 2023 revenue [21]. - Guangdong Construction won a significant project with a bid amount of 308 million yuan, which is 0.38% of its 2023 revenue [22].