建筑行业周报：适度宽松货币政策释放流动性，政府投资有望恢复

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, rating it as "Overweight" [1]. Core Insights - The report highlights that a moderately loose monetary policy is expected to release liquidity, and government investment is likely to recover [1]. - The construction decoration index decreased by 0.98%, underperforming the market, ranking 25th among 31 sectors [4][6]. - Key macroeconomic changes include the Central Economic Work Conference emphasizing the need to boost consumption and improve investment efficiency, alongside a more proactive fiscal policy [18]. Summary by Sections 1. Market Performance - The construction industry experienced a weekly decline of 0.98%, outperforming the ChiNext index but underperforming other major indices [4][6]. - The best-performing sub-industries for the week were ecological landscaping (+3.06%), design consulting (+2.56%), and decorative curtain walls (+2.16%) [6][9]. 2. Major Changes in the Industry - The Central Political Bureau meeting indicated a need for more proactive fiscal policies and a moderately loose monetary policy to stimulate domestic demand [18]. - The Central Economic Work Conference called for increased government investment to effectively drive social investment and promote urban renewal [18]. 3. Key Company Developments - China Metallurgical Group reported new contracts worth CNY 1,048.11 billion from January to November 2024, a year-on-year decrease of 12.1%, with overseas contracts increasing by 99.0% [20][22]. - China Power Construction won significant projects totaling CNY 138.72 billion, representing 2.28% of its 2023 revenue [20][22]. - China Communications Construction's subsidiary won a major project worth CNY 155.06 billion [22]. 4. Investment Analysis - The report suggests that infrastructure investment is expected to recover moderately in 2025, highlighting the investment value in cyclical sectors and undervalued state-owned enterprises [1][20]. - Specific recommendations include focusing on companies in the coal chemical sector like Donghua Technology and China Chemical, as well as steel structure firms such as Honglu Steel Structure [1][20].