建筑装饰：基建投资仍在加码，关注央国企并购重组机会

Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to increase, with a focus on undervalued high-dividend central and state-owned enterprises [1] - Real estate development investment is expected to improve as funding becomes available, leading to potential enhancements in construction companies' financial statements [1] - The report highlights the importance of monitoring the infrastructure industry chain and recommends focusing on regional state-owned enterprises with high growth potential [1] Summary by Sections Infrastructure Investment - In 2024, real estate development investment is expected to decline by 10.6%, while narrow infrastructure and broad infrastructure investments are projected to grow by 4.4% and 9.2% respectively [1] - The issuance of 2 trillion yuan in replacement bonds for 2024 has been completed, with plans for another 2 trillion yuan for 2025 already underway [1] Real Estate Market - For the year 2024, real estate sales area decreased by 12.9%, but showed a positive growth of 0.4% in December [2] - New construction area fell by 23% year-on-year, with a monthly decline of 16.9% in December [2] Cement Industry - Cement production in 2024 is expected to be 1.83 billion tons, down 9.5% year-on-year, with December production at 155 million tons, a 2% decline [3] - The average cement price as of January 10 is 417 yuan per ton, reflecting a slight increase from the end of November [3] Glass Industry - Flat glass production in 2024 reached 100.42 million weight boxes, a year-on-year increase of 2.9%, while December production saw a slight decrease of 1.1% [4] - The average price of 5mm float glass as of January 9 is 74 yuan per weight box, down 3 yuan from the end of November [4] Recommended Stocks - The report recommends several stocks, including China State Construction (601668.SH), China Power Construction (601669.SH), and Shanghai Construction (600170.SH), all rated as "Buy" [15]