建筑行业周报：煤化工东风再起拉动建设需求，资金到位率持续提升

Investment Rating - The industry rating is "Buy" [2][4] Core Viewpoints - The coal chemical industry is experiencing a resurgence in Xinjiang, with an increase in approved projects. A total of 183 projects have been signed with central enterprises, expected to complete investments of 939.57 billion CNY by the end of 2028 [26][28] - Capital expenditures from downstream companies such as Yancoal Energy, Baofeng Energy, and China Shenhua are increasing, indicating robust investment in coal chemical projects [38][39] - The equipment investment in coal chemical projects accounts for 55%, with installation engineering at approximately 20% and construction engineering at about 8% [40] Summary by Sections Section 1: Investment Opportunities in Coal Chemical - The coal chemical industry involves converting coal into gas, liquid, and solid products, including clean energy and chemical raw materials [24] - Xinjiang is seeing a rise in coal chemical projects, with significant investments planned [26][28] Section 2: Funding Tracking - Special bond issuance has increased by 3.6% year-on-year, with a total of 39.82 billion CNY in new special bonds issued as of November 29, 2024 [38] - The funding rate for construction projects has improved, with a current rate of 64.88% [38] Section 3: Key Companies and Announcements - Major companies in the coal chemical sector include Yancoal Energy, Baofeng Energy, and China Shenhua, all of which are increasing their capital expenditures significantly [38][39] - Equipment companies involved in coal chemical projects include Aerospace Engineering, Lanshi Heavy Industry, and others, with significant revenue figures [41] Section 4: Investment Recommendations - The report suggests focusing on quality local state-owned enterprises and undervalued high-dividend central enterprises, particularly in sectors like water conservancy, mining, and refining [38]