建筑行业周报：12月传统基建投资边际改善，25年投资更具韧性

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [2][33]. Core Insights - The report highlights a marginal improvement in traditional infrastructure investment in December 2024, with expectations for more resilient investment in 2025 [1][3]. - The construction and decoration sector saw a weekly increase of 2.95%, outperforming the Shanghai Composite Index, which rose by 2.31% [4][6]. - Key sub-sectors such as international engineering, ecological landscaping, and steel structures showed significant weekly gains, with increases of 6.35%, 5.98%, and 4.69% respectively [6][10]. Summary by Sections Industry Performance - The SW Construction Decoration Index increased by 2.95%, outperforming the CSI 300 Index by 0.81 percentage points, ranking 22nd among 31 sectors [3][4]. - The best-performing sub-sectors for the week included international engineering (+6.35%), ecological landscaping (+5.98%), and steel structures (+4.69%) [6][10]. Key Company Changes - China Metallurgical Group Corporation reported a new contract amount of 1,248.3 billion yuan for 2024, a decrease of 12.4% year-on-year [19][20]. - Precision Steel Structure signed contracts worth 21.97 billion yuan in 2024, reflecting an increase of 8.4% year-on-year [19][20]. - Zhejiang Construction Investment's new contracts totaled 138.34 billion yuan in 2024, down 16.21% year-on-year [19][20]. Investment Analysis - The report suggests a moderate recovery in infrastructure investment for 2025, highlighting the investment value in cyclical high-elasticity sectors [3][19]. - It recommends focusing on undervalued state-owned enterprises for potential valuation recovery, particularly in the coal chemical sector and steel structure companies [3][19].