建筑行业周报：国资委发布市值管理方案，继续关注低估值建筑央企

Investment Rating - The industry investment rating is "Buy," indicating an expected stock performance that exceeds the market by more than 10% over the next 12 months [3][41]. Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) has released a market value management plan, which will further promote the importance of market value performance among central enterprises [41][76]. - The report highlights a continuous increase in the funding availability rate for construction projects, which reached 65.88% as of December 17, 2024, showing a week-on-week increase of 0.46 percentage points [38][41]. - The report emphasizes two main investment themes: focusing on undervalued companies with expected balance sheet recovery and those undergoing asset restructuring [31][41]. Summary by Sections Section 1: Market Value Management - SASAC's recent guidelines aim to enhance the market value management of central enterprises, focusing on improving the quality of listed companies and promoting beneficial mergers and acquisitions [41][76]. - The guidelines include nine key points, such as enhancing investor relations management and stabilizing investor return expectations [41][76]. Section 2: Funding Tracking - The construction sector experienced a slight decline, but the funding availability rate continues to improve, with the infrastructure funding rate at 68.16% [41][38]. - The report notes that the new special bond issuance for 2024 reached 39,821 billion CNY, a year-on-year increase of 3.6% [41][68]. Section 3: Recent Key Companies and Announcements - Major state-owned construction companies reported new contract signings for the first 11 months of 2024, with China State Construction Engineering Corporation signing contracts worth 36,455 billion CNY, a year-on-year increase of 6.4% [27][41]. - China Nuclear Engineering Corporation reported a 15.21% increase in new contracts, totaling 1,424.51 billion CNY [27][41]. Section 4: Investment Recommendations - The report suggests focusing on undervalued central enterprises with high dividend yields, such as China Communications Construction Company, China Railway Construction Corporation, and China State Construction Engineering Corporation [31][41]. - It also recommends monitoring companies undergoing asset restructuring, including Huadian Heavy Industries and China National Chemical Engineering [31][41].