建筑装饰行业投资策略周报：2025年央企“一利五率”考核及专项债迎变化、低空经济司成立，重点推荐中国核建

Investment Rating - The report rates the construction and decoration industry as "Buy" [18] Core Insights - The report emphasizes the importance of optimizing the management mechanism for special bonds, expanding the scope of fund allocation and usage for project capital [5][43] - It highlights the establishment of the Low Altitude Economy Development Office, which is expected to accelerate the implementation of development strategies and promote infrastructure construction in the low-altitude economy sector [72] - The report suggests focusing on high-growth areas and regions, particularly recommending investment in nuclear power engineering, water conservancy, urban renewal, and the ice and snow economy [18][74] Summary by Sections Industry Overview - The construction and decoration industry has seen a decline, with a reported drop of 1.5% in the week ending December 27, 2024 [73] - The report notes that the issuance of special bonds for 2024 reached 4 trillion yuan, a year-on-year increase of 3.9%, while net financing decreased by 6.1% [74] Key Recommendations - The report recommends focusing on state-owned enterprises with strong performance in high-demand areas, particularly in nuclear power and urban renewal projects [18][74] - Specific companies highlighted for investment include China Nuclear Engineering, China Communications Construction, and China Electric Power Construction [18][74] Financial Analysis - The report provides a detailed financial analysis of key companies in the industry, including their latest closing prices, target values, and earnings per share projections for 2024 and 2025 [20] - For instance, China State Construction's latest closing price is 6.04 yuan, with a target value of 7.05 yuan, indicating a potential upside [20] Policy Developments - The report discusses recent policy changes, including the replacement of the "operating cash ratio" with the "operating revenue collection rate" as part of the new evaluation system for state-owned enterprises [39][60] - It also outlines the government's focus on enhancing the efficiency of special bond usage and ensuring that funds are directed towards high-quality projects [62][63]