工业／基础材料行业周报(第五十二周)：25年稳投资更突出，存量重装大有可为

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector [1][2]. Core Insights - The focus on stable investment is expected to be more pronounced in 2025, with a positive outlook for second-hand housing transactions [2][4]. - The report highlights that the demand for construction materials is anticipated to remain steady, driven by ongoing urban renewal and infrastructure projects [3][8]. - The construction industry is projected to see a gradual recovery in investment demand, supported by the implementation of special bonds and debt management [2][3]. Summary by Sections Industry Overview - The construction and engineering sector is expected to benefit from stable investment policies and a focus on effective investment in 2025, as emphasized by the Ministry of Transport and the Ministry of Housing and Urban-Rural Development [2][3]. - The report notes a decline in new housing transaction volumes, with a year-on-year decrease of 24% for new homes in 30 cities, while second-hand homes show a positive growth of 4.5% [2][4]. Market Dynamics - The national cement shipment rate was reported at 43.0%, with a slight decline of 1.4 percentage points week-on-week [2][13]. - The average price of cement decreased by 1.0% week-on-week, with significant price adjustments observed in several regions [13]. Key Companies and Recommendations - The report recommends several companies for investment, including Tunnel Co., China Chemical, China Nuclear Engineering, China Communications Construction, and others, highlighting their strong market positions and potential for growth [1][22]. - Specific target prices and investment ratings for these companies are provided, indicating a bullish outlook for their performance in the coming years [22][24]. Material Prices and Trends - The report indicates that the prices of photovoltaic glass and fiberglass have remained stable, with slight fluctuations in demand and inventory levels [5][11]. - The construction materials sector is expected to see a tightening of supply constraints, which may enhance profitability in the long term [10][11].