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建筑装饰行业投资策略周报:“韧性城市”投资推动新型基础设施建设,25年专项债发行或提速
GF SECURITIES·2024-12-09 09:23

Investment Rating - The investment rating for the construction and decoration industry is "Buy" [2]. Core Insights - The report emphasizes the promotion of new infrastructure construction driven by the concept of "Resilient Cities," with a potential acceleration in the issuance of special bonds in 2025 [2]. - The report highlights the importance of various funding sources for new urban infrastructure projects, including government-led initiatives and private capital [23][25]. - The construction industry is expected to benefit significantly from the ongoing development of resilient cities, with a focus on smart municipal infrastructure and digital transformation [29]. Summary by Sections 1. New Urban Infrastructure Construction - The report discusses the continuous advancement of new urban infrastructure, supported by multiple government policies aimed at building resilient cities [15]. - Key policies include the promotion of smart construction and urban management systems, with a target for significant progress by 2027 [15][19]. - The report identifies specific companies to watch, such as Tunnel Co., Zhejiang Communications, and Sichuan Road and Bridge, which are involved in pilot projects for resilient city initiatives [22]. 2. Funding Tracking - The report notes that the construction and decoration industry has seen a leading increase in project funding, with a funding availability rate of 65.26% as of December 3, 2023 [2][29]. - Special bonds issuance for 2024 is projected to reach 3.99 trillion yuan, a year-on-year increase of 3.6% [29]. - The report categorizes funding sources for urban renewal projects into four main types: government funds, social capital, self-raised funds from property rights holders, and market financing [23][24]. 3. Key Companies and Announcements - The report highlights several key companies in the construction sector, including China State Construction, China Railway, and China Communications Construction, all rated as "Buy" [4]. - Recent announcements from companies like Sichuan Road and Bridge indicate a focus on enhancing their core business and capitalizing on national strategic opportunities [2]. 4. Investment Recommendations - The report suggests focusing on high-quality local state-owned enterprises and companies with low valuations and high dividends, such as China Railway and China Construction [2]. - It emphasizes the importance of sectors like water conservancy, transportation, and mining for effective investment opportunities [2].