建筑行业周报：中央经济会议强调扩大内需及区域战略布局，关注重点区域领域央国企

Investment Rating - The industry investment rating is "Buy" [2]. Core Viewpoints - The Central Economic Work Conference emphasizes expanding domestic demand and regional strategic layout, focusing on key areas and state-owned enterprises [18][19]. - The conference highlights the need for balanced growth in speed and quality, as well as supply and demand [19][20]. - The government plans to increase fiscal and monetary policy support, with a focus on enhancing liquidity and increasing the fiscal deficit ratio [19][20]. - The 2025 key tasks include prioritizing domestic demand expansion, supporting new economic sectors, and promoting urban renewal projects [20][23]. Summary by Sections Central Economic Conference Insights - The conference identifies insufficient domestic demand as the primary challenge and acknowledges the increasing complexity and uncertainty of the external environment [18][19]. - It proposes a balanced approach to growth and competition, aiming to improve both the quality and quantity of economic output [19][20]. Investment Recommendations - The report suggests focusing on investments that enhance domestic demand, particularly in regions like East China, South China, and the Chengdu-Chongqing area [25]. - Key investment opportunities include state-owned enterprises involved in infrastructure and urban renewal projects, especially in the context of the New Era Western Development strategy [25][26]. Financial Tracking - As of December 13, 2024, the issuance of special bonds reached 39,940 billion CNY, reflecting a year-on-year increase of 3.6% [34]. - The construction and decoration industry saw a cumulative decline of 1.0% in the week leading up to December 13, 2024, with specific sectors like steel structure and engineering consulting showing positive growth [32][34].