兴证建筑行业每周观点：优化专项债管理机制落地，基建投资&实物工作量有望双提速

Investment Rating - The industry rating is "Recommended (Maintain)" as of December 29, 2024 [7]. Core Insights - The report emphasizes that the optimization of the special bond management mechanism is expected to accelerate infrastructure investment and physical workload formation in 2024 [7][10]. - The report identifies potential investment opportunities in state-owned enterprises with high accounts receivable, particularly recommending companies like China Railway, China Railway Construction, China Communications Construction, and China Metallurgical Group [10]. - The report highlights that the "Belt and Road" initiative is likely to accelerate, benefiting international engineering companies, with a focus on regions with strong infrastructure demand [17]. Summary by Sections Investment Highlights - The optimization of the special bond management mechanism is expected to enhance the scale of special bonds and facilitate more diverse investment directions [7]. - The report notes that the cash flow situation of state-owned construction enterprises is likely to improve, leading to an increase in dividends for shareholders [10]. Market Performance Tracking - The construction engineering sector (SW) experienced a decline of 1.46% during the period from December 23 to December 27, 2024, while the overall A-share index fell by 0.61% [23]. - Sub-sectors such as housing construction and water conservancy power showed positive growth, while sectors like engineering consulting and decoration engineering faced declines [41]. Financing Data Tracking - As of December 27, 2024, the cumulative issuance of special bonds reached 40,032.33 billion, accounting for 102.65% of the annual planned issuance [46]. - The report indicates that the net financing amount for urban investment bonds was negative, highlighting challenges in the financing environment [47]. Valuation Status - As of December 27, 2024, the PE (TTM) for the SW construction decoration sector was 10.00, with a historical percentile of 18.18%, while the PB was 0.78, with a historical percentile of 4.19% [42].