建筑装饰行业研究周报：财政政策更加积极，继续看好基建投资产业链

Investment Rating - The industry rating is "Outperform the Market" and this rating is maintained [5] Core Insights - The report emphasizes a more proactive fiscal policy, with expectations for infrastructure investment to continue to improve, supported by a projected fiscal deficit rate of 3.5% to 4% for the coming year, which could release over 5 trillion yuan [1][16] - The report highlights the importance of infrastructure improvement and the potential for value recovery in companies with net asset value below par, particularly in the construction sector [1][16] - The report also notes a shift towards a more positive stance on the real estate market, with measures aimed at stabilizing and revitalizing it, including the promotion of urban village and dilapidated housing renovations [2][18] Summary by Sections 1. Weekly Topic: Fiscal Policy and Infrastructure Investment - The Central Economic Work Conference has set a tone for a more active fiscal policy, focusing on expanding the use of local government special bonds and increasing the fiscal deficit rate [1][16] - The anticipated fiscal measures are expected to provide substantial support for infrastructure projects, with a focus on improving the financial health of construction companies [1][16] 2. Market Review - The construction index fell by 1.25% during the week of December 9-13, while the Shanghai and Shenzhen 300 index decreased by 0.55% [23] - Notable gainers in the construction sector included Tianyu Ecology (+39.58%), Huayang International (+30.93%), and Aoya Shares (+21.22%) [23] 3. Investment Recommendations - The report forecasts a growth rate of 7.88% for broad infrastructure and 5.27% for narrow infrastructure in 2024, with significant opportunities in water conservancy, railways, and urban comprehensive pipe gallery projects [28][29] - Three main investment themes are identified: 1. Optimizing supply-demand dynamics and focusing on high-quality development of central and state-owned enterprises [29][30] 2. Targeting high-growth sectors related to new productive forces, such as low-altitude economy and clean rooms [31] 3. Focusing on high-quality international engineering projects, particularly in Southeast Asia, the Middle East, and Africa [32]