建筑与工程行业周报：建筑需求研判第二期-建筑业需求季节性回落

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The funding situation for construction sites has shown continuous improvement in December, with a funding availability rate of 65.88%, up by 0.46 percentage points week-on-week, indicating better conditions for infrastructure projects compared to residential construction [1] - Infrastructure investment growth has experienced seasonal declines in November, but there are signs of improvement in December, suggesting resilience in construction demand towards the end of the year [2] - The overall construction industry is facing challenges, including a slowdown in economic recovery and fluctuations in raw material prices, which could impact profitability [84][115] Summary by Relevant Sections Funding and Investment - As of December 17, the funding availability rate for non-residential projects is 69.16%, while residential projects stand at 49.53%, indicating a stronger performance in infrastructure funding [1] - The report highlights that the construction industry is experiencing a seasonal decline in demand, but December may see a rebound in activity [2] Market Performance - The report includes various charts and data on market performance, including weekly changes in construction sub-sectors and relative returns [3][5][6] Industry Data - The report provides detailed statistics on construction output, including total output values and year-on-year comparisons, indicating a total construction output of 21.7 trillion yuan, up 4.4% year-on-year [98] - The number of construction enterprises has increased by 7.9% year-on-year, while the workforce has decreased by 4.9% [80] Contractual Developments - New contracts signed by major construction firms show mixed results, with some firms experiencing growth in infrastructure contracts while others face declines in residential contracts [38][52][55]