建筑与工程：政治局会议召开，关注顺周期/化债/新质生产力

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [10]. Core Insights - The Central Political Bureau meeting on December 9, 2023, emphasized the importance of expanding domestic demand, developing new productive forces through technological innovation, and implementing proactive fiscal and moderately loose monetary policies to enhance market confidence [5][6][7]. - The report highlights a favorable outlook for cyclical construction leaders and the real estate chain, recommending companies such as Honglu Steel Structure and Zhite New Materials due to their competitive advantages and growth potential [8]. Summary by Sections Event Description - The Central Political Bureau meeting analyzed the economic work for 2025, indicating that the main goals for economic and social development in 2023 will be successfully achieved, with steady progress in economic strength, technological capabilities, and comprehensive national power [5]. Economic Work Analysis - Key points from the meeting include: 1. Comprehensive expansion of domestic demand with a focus on stabilizing and promoting growth through innovative and coordinated policies [6]. 2. Development of new productive forces led by technological innovation and the establishment of a modern industrial system [6]. 3. Emphasis on economic system reforms and high-level opening up to stabilize foreign trade and investment [6]. 4. Risk prevention measures to avoid systemic risks [6]. 5. Promotion of urbanization and rural revitalization to enhance urban-rural integration [6]. 6. Environmental initiatives to support green transformation [6]. 7. Strengthening social welfare to improve public well-being [6]. Market Outlook - The report anticipates significant policy support in the coming year, with expectations for increased fiscal measures and a focus on infrastructure and construction sectors [7]. - The report recommends investment in low-valued state-owned enterprises in the construction sector, such as China State Construction and China Railway Construction, as well as companies involved in new productive forces like low-altitude economy and AI [8].