建筑装饰行业周报（2020106-20250112）：钙钛矿电池有望成为卫星电池方案之一

Investment Rating - The report maintains a "Positive" rating for the construction and decoration industry [2] Core Views - Perovskite batteries are emerging as a potential solution for satellite power systems due to their flexible manufacturing, high energy-to-mass ratio, and radiation resistance [4][9][10] - The construction sector has historically performed well in the first quarter, with positive excess returns in 6 out of the past 10 years [4][14] - The construction sector shows a monthly pattern of performance improvement after holidays, particularly around the Spring Festival and Lantern Festival [4][18] Market Performance - The construction and decoration index fell by 2.55% this week, with only the garden engineering sub-sector recording a positive return of 1.86% [4] - 48 stocks in the construction sector rose this week, with the top gainers being Huwei Design (+31.60%), Zhengzhong Design (+27.66%), and Shikong Technology (+26.48%) [4] Industry Trends - China's low-orbit satellite internet projects, such as the "GW Constellation" and "G60 Constellation," are expected to launch thousands of satellites, providing a potential market for perovskite batteries [4][13] - The construction sector's performance is influenced by government infrastructure policies and the resumption of construction projects after holidays [4][18] Financial Data - Special bond issuance in 2024 reached 7710.499 billion yuan, a year-on-year increase of 28.96% [24] - Urban investment bond issuance this week was 111.08 billion yuan, with a net financing of 7.207 billion yuan [24] Company Updates - Chongqing Construction signed a contract for the first phase of Chongqing Metro Line 7, worth approximately 931 million yuan [31][33] - Guangdong Construction signed a contract for the Guilin Lijiang Hot Spring Health and Lingqu Historical Tourism Project, worth 2 billion yuan [31][33] - Hongrun Construction won bids for a 170MW photovoltaic power generation project and Shanghai Metro Line 19, totaling 1.017 billion yuan [31][33] - Zhejiang Communications won bids for highway reconstruction projects totaling 5.154 billion yuan [31][33] - Shaanxi Construction won 7 major projects in December, totaling 5.335 billion yuan [31][33] Industry News - The National Development and Reform Commission issued guidelines for national data infrastructure construction, aiming to establish a basic framework by 2029 [25] - The Ministry of Finance emphasized the direction of fiscal policy for 2025, focusing on high-quality economic development and increasing counter-cyclical adjustments [26] - The Ministry of Finance is promoting the use of existing commercial housing for affordable housing and expanding the implementation of green building materials in government procurement [29][30]