兴证建筑每周观点：中央经济工作会议定调积极，看好建筑板块行情上行

Investment Rating - The report maintains an "Overweight" rating for key companies in the construction sector, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China Chemical, China Metallurgical, China National Materials, Northern International, Honglu Steel Structure [1][2]. Core Insights - The central economic work conference has set a positive tone, emphasizing the need for stronger counter-cyclical adjustments and more proactive fiscal policies, which are expected to benefit the construction sector [3]. - The report highlights the importance of the "Belt and Road" initiative, which is anticipated to provide significant overseas investment opportunities for construction companies, especially in the context of weak domestic demand [3]. - The report suggests that the ongoing debt reduction efforts and the issuance of special bonds will enhance the financial health of state-owned construction enterprises, leading to improved profitability and balance sheets [3][12]. Summary by Sections Important Events Tracking - The State-owned Assets Supervision and Administration Commission (SASAC) is promoting the optimization of investment cooperation layouts for the "Belt and Road" initiative [25]. - As of December 10, 2024, nearly 6 trillion yuan of government investment funds have been allocated to specific projects, accelerating construction implementation [25]. - The central economic work conference has called for more proactive fiscal policies and moderate monetary policies to stimulate domestic demand and investment [25]. Market Performance Tracking - From December 9 to December 13, 2024, the construction engineering sector (SW) declined by 0.98%, while the overall A-share index fell by 0.2%, resulting in an excess return of -0.78 percentage points for the construction sector [27]. - Sub-sectors such as housing construction, water and electricity, and road and bridge engineering experienced declines, while engineering consulting and steel structure sectors showed positive growth [27]. Industry Data Tracking - As of December 13, 2024, the SW construction decoration sector's PE (TTM) is 10.38, with a historical percentile of 21.86%, and the PB is 0.81, with a historical percentile of 4.80% [31]. - Fixed asset investment from January to October 2024 reached 42.32 trillion yuan, with infrastructure investment (excluding electricity) at 14.92 trillion yuan, showing a year-on-year growth of 4.3% [9].