建筑与工程：经济工作会议举行，明年稳增长值得期待

Investment Rating - The investment rating for the industry is "Positive" and maintained [5]. Core Viewpoints - The Central Economic Work Conference held on December 11-12 emphasizes the need for stable economic growth in the coming year, with infrastructure likely to benefit from increased policy support. The focus will be on macroeconomic policy adjustments, including proactive fiscal and prudent monetary policies [5][6]. - The conference highlighted the importance of new infrastructure, three major projects, and urban renewal, along with the promotion of significant projects under the Belt and Road Initiative. Specific measures include increasing the fiscal deficit ratio, issuing long-term special bonds, and expanding the use of local special bonds [6][7]. - The report anticipates strong policy support for infrastructure in the coming year, with a focus on domestic demand, cyclical recovery, and new productive forces. Key recommendations include companies like Honglu Steel Structure, Zhizhi New Materials, and China State Construction [7]. Summary by Sections Economic Policy Outlook - The conference calls for a focus on stabilizing growth through effective macroeconomic policies, with an emphasis on infrastructure as a primary tool for adjustment [5][6]. Infrastructure Investment - Key areas for investment include new infrastructure, housing construction, and urban renewal projects, with a strong push for government investment to leverage private capital [6][7]. Recommended Companies - The report suggests a focus on cyclical recovery stocks, including Honglu Steel Structure and state-owned enterprises like China State Construction and China Railway Construction. It also highlights opportunities in the Belt and Road Initiative and new productive forces [7].