建筑行业月报：市值考核政策加码，建筑央企率先受益

Investment Rating - The report maintains a "Recommended" investment rating for the construction industry [2] Core Viewpoints - The construction industry is experiencing a slight decline in business activity, with the business activity index at 50.4%, down 0.3 percentage points from the previous month [4][10] - Fixed asset investment growth is slowing, while broad infrastructure investment is accelerating, with a growth rate of 9.39% for the first 11 months of 2024 [4][45] - Real estate sales are continuing to decline, but the rate of decline is narrowing, indicating potential stabilization in the market [4][60] - The central enterprises in the construction industry are expected to benefit from enhanced market value management policies, which aim to improve corporate governance and investor returns [4][67] Summary by Sections 1. Construction Industry Activity - The construction industry's business activity index is at 50.4%, indicating a slight decline [4][10] - The new orders index remains stable at 43.5%, while the input prices index has decreased by 7.2 percentage points to 48.0% [4][10] 2. Fixed Asset Investment - From January to November 2024, national fixed asset investment (excluding rural households) reached 465,839 billion yuan, with a year-on-year growth of 3.3% [4][26] - Private fixed asset investment decreased by 0.4%, while infrastructure investment (excluding power, heat, gas, and water supply) grew by 4.2% [4][26] 3. Infrastructure and Real Estate Investment - Broad infrastructure investment growth is at 9.39%, while narrow infrastructure investment growth is at 4.2% [4][45] - Real estate development investment totaled 93,634 billion yuan, down 10.4% year-on-year, with a narrowing decline in sales area to 86,118 million square meters, down 14.3% [4][60] 4. Market Value Management Policies - Recent policies from the State-owned Assets Supervision and Administration Commission (SASAC) emphasize improving the market value performance of central enterprises [4][67] - The report highlights a trend of increasing mergers and acquisitions in the construction sector, with a notable 5% share of central enterprise M&A cases from 2020 to 2023 [4][67] 5. Recommendations - The report recommends focusing on state-owned enterprises with low valuations and high dividends, as well as international engineering companies with high growth [4][67]