建筑装饰行业周观点：多地2025年固定资产投资计划增速高于GDP，基建投资仍是重要抓手

Investment Rating - The report indicates a positive outlook for the construction and decoration industry, highlighting potential investment opportunities in state-owned enterprises due to favorable fiscal policies and market conditions [4][9]. Core Insights - The construction industry is expected to benefit from a clear trend of fiscal expansion, with infrastructure investment remaining a key driver of economic growth [2][3]. - The report emphasizes the recovery of the construction industry, with a projected increase in physical workload in 2025, supported by improved project funding and management efficiency [4][7]. - The "Belt and Road" initiative is anticipated to accelerate, providing opportunities for international engineering companies, particularly in Southeast Asia and the Middle East [8][9]. Summary by Sections Investment Strategy - The report recommends focusing on high-dividend, low-valuation state-owned construction enterprises, as they are expected to provide stable returns and have significant room for dividend increases [9]. - It highlights the potential for improved operational quality among state-owned enterprises due to ongoing debt reduction efforts and increased project funding [7][9]. Market Performance Tracking - The construction engineering sector (SW) saw a rise of 2.95% from January 13 to January 17, 2025, while the overall A-share index increased by 3.61% [16]. - Specific sub-sectors such as international engineering and materials leasing showed notable growth, with increases of 5.29% and 5.49% respectively [17]. Industry Data Tracking - Fixed asset investment in 2024 reached 514,374 billion yuan, growing by 3.2% year-on-year, with infrastructure investment (excluding electricity) increasing by 4.4% [2][3]. - The report notes that the issuance of special bonds reached 338.24 billion yuan during the period from January 11 to January 17, 2025, indicating ongoing financial support for infrastructure projects [6][25].