建筑行业周报：传统基建投资增速回落，央企市值管理办法出台

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, rating it as "Overweight" [1]. Core Insights - The report highlights a slowdown in traditional infrastructure investment growth and the introduction of new guidelines for state-owned enterprises' market value management [1]. - The construction sector's performance was below the market average, with the SW Construction Decoration Index declining by 2.01% compared to the Shanghai Composite Index's decline of 0.14% [11][1]. - Key companies in the sector, such as China Nuclear Engineering and China Chemical, reported significant contract signings and revenue growth, indicating resilience in the industry [25][1]. Summary by Sections Industry Performance - The construction industry experienced a weekly decline of 2.01%, underperforming against major indices [11]. - The best-performing sub-industry was state-owned infrastructure enterprises, which saw a decline of only 0.58% [6][1]. Key Changes in the Industry - From January to November, national fixed asset investment grew by 3.3%, with infrastructure investment (excluding electricity) increasing by 4.2%, while real estate investment fell by 10.4% [23][1]. - The State-owned Assets Supervision and Administration Commission issued guidelines to improve the market value management of state-owned enterprises [23][1]. Company-Specific Developments - China Nuclear Engineering signed contracts worth 142.45 billion yuan, a year-on-year increase of 15.21%, and reported revenue of 99.85 billion yuan, up 2.48% [25][1]. - China Chemical's new contract amount reached 331.08 billion yuan, reflecting an 11.02% year-on-year growth [25][1]. - China Electric Power Construction reported a total of 1,049.07 billion yuan in new contracts, marking a 7.82% increase year-on-year [25][1]. Investment Recommendations - The report suggests a moderate recovery in infrastructure investment in 2025, highlighting the investment value of cyclical sectors and undervalued state-owned enterprises [1]. - Specific recommendations include focusing on companies in the coal chemical sector like Donghua Technology and China Chemical, as well as infrastructure firms such as Honglu Steel Structure and China Railway Construction [1].