建筑装饰行业周报：中西部基建仍有空间

Industry Investment Rating - The report maintains a Positive rating for the construction and decoration industry [2] Core Views - The report highlights that central and western regions still have room for infrastructure development, indicating potential growth opportunities in these areas [1] - Regional GDP growth targets for 2025 are more pragmatic, with 28 provinces setting targets between 5%-6%, while Tibet leads with a target exceeding 7% [4][7] - Fixed asset investment growth targets show differentiation, with 16 out of 21 provinces setting targets above 5%, and regions like Tibet, Inner Mongolia, and Xinjiang maintaining high growth momentum [4][11] - Transport infrastructure investment in eastern regions is slowing, but provinces like Sichuan, Shandong, Jiangsu, and Hubei continue to show strong investment momentum, with Sichuan planning investments of 260-280 billion yuan in 2025 [4][15] Market Performance - The Shanghai Composite Index rose by 2.31%, the Shenzhen Component Index by 3.73%, and the ChiNext Index by 4.66% during the week [4] - The Shenwan Construction Decoration Index rose by 2.95%, with international engineering, landscaping engineering, and steel structure sectors leading the gains [4] - Among individual stocks, ST Yuancheng (+17.98%) and Zhenhai Co (+15.89%) were the top performers [4] Regional Economic Analysis - GDP growth targets for 2025 show stability in East and Southwest China, while northern regions have slightly lowered their targets [7] - Fixed asset investment growth targets in western regions remain robust, with Tibet increasing its target by 2 percentage points [11] - Transport infrastructure investment in provinces like Hubei, Hebei, Jiangsu, and Sichuan is expected to maintain high growth, with year-on-year increases of 14.75%, 5.45%, 4.55%, and 3.85% respectively [15] Company Performance and Orders - China Energy Engineering Corporation secured a major EPC contract worth 6.255 billion yuan for a power plant project [36] - Palm Eco-Town Development Co won a bid for a high-standard farmland construction project worth 157 million yuan, accounting for 3.87% of its 2023 revenue [36] - Jianyi Group secured a subcontracting project worth 200 million yuan for the Zhuhai Yuhua project [36] Sector Trends - Construction central enterprises showed steady performance, with China Energy Engineering Corporation and China National Chemical Engineering Corporation reporting significant order growth [31] - Local state-owned enterprises exhibited mixed performance, with Ningbo Construction Co maintaining growth while Shaanxi Construction Engineering Co saw a decline in orders [31] - Landscaping engineering companies like Dongzhu Ecological showed strong order growth, but Q4 performance declined by 68.15% [31]