建筑与工程：低空经济密集催化，关注建筑板块投资机会

Industry Investment Rating - The report maintains a positive investment rating for the construction sector, specifically highlighting opportunities in the low-altitude economy [13] Core Viewpoints - The establishment of the Low-Altitude Economy Department by the National Development and Reform Commission (NDRC) is a significant catalyst for the low-altitude economy industry It aims to address issues such as airspace management, safety regulation, and technical standards, while promoting regional coordination and economic transformation [14] - The low-altitude economy is entering a period of intense policy stimulation, with construction companies playing a key role in the industry chain through planning, infrastructure construction, and data services [15] - Companies such as Shenzhen Urban Transport Planning Center, Huashi Group, Suzhou Jiaotong Engineering, Design Institute, and Leo Planning are recommended for their progress in low-altitude economy-related businesses [15] Event Analysis - The Low-Altitude Economy Department was officially established on December 25, 2024, with the goal of coordinating low-altitude economic development and addressing practical issues such as airspace management and safety regulation [28] - The State Council issued a policy to include low-altitude economy infrastructure in the scope of special bonds, increasing the capital ratio from 25% to 30%, which is expected to accelerate infrastructure construction in the sector [28] Market Performance - Over the past 12 months, the construction and engineering sector has underperformed compared to the CSI 300 Index, with a 14% decline in the sector versus a 1% increase in the index [18] Related Research - Recent reports include analyses on seasonal demand fluctuations in the construction industry, the impact of comprehensive transportation system reforms, and the potential benefits of state-owned enterprise reforms in the construction sector [19]