建筑行业周报：建筑业24Q4基金持仓微升，中长期资金加速入市

Investment Rating - The report maintains a "Positive" outlook on the construction decoration industry, indicating an expectation for the sector to outperform the overall market in the next six months [2][36]. Core Insights - The construction industry saw a slight increase in fund holdings in Q4 2024, with medium to long-term capital entering the market at an accelerated pace [5]. - The SW Construction Decoration Index decreased by 0.44%, underperforming the Shanghai and Shenzhen 300 Index, which increased by 0.54% [5][6]. - Key sectors within the industry showed varied performance, with the steel structure sector leading with a weekly increase of 2.12% [5][8]. - The report highlights a moderate recovery in infrastructure investment for 2025, emphasizing the investment value in cyclical high-elasticity sectors and the potential for valuation recovery in undervalued state-owned enterprises [5][21]. Summary by Sections Industry Performance - The construction industry experienced a weekly decline of 0.44%, lagging behind major indices such as the Shanghai Composite Index and Shenzhen Component Index [6][8]. - The best-performing sub-sectors included steel structures and state-owned infrastructure enterprises, while the home decoration sector showed the highest annual growth at 4.15% [5][8]. Key Company Developments - Zhite New Materials is projected to achieve a revenue of 2.48 billion to 2.60 billion yuan in 2024, marking a year-on-year growth of 10.81% to 16.17% [21]. - China Railway's new contract value for 2024 is expected to be 27,151.8 billion yuan, reflecting a year-on-year decline of 12.4% [21][24]. - Donghua Technology reported a significant increase in new contracts for Q4 2024, amounting to 12.543 billion yuan, a growth of 48.45% year-on-year [22][24]. Market Trends - The report notes that the overall market allocation for the construction industry was 1.87% in Q4 2024, indicating a slight increase from the previous quarter [18]. - The Ministry of Finance reported a national public budget revenue of 22 trillion yuan for 2024, a 1.3% increase from the previous year [18][20]. Investment Recommendations - The report suggests focusing on cyclical sectors with high elasticity, recommending companies such as Donghua Technology and China Chemical in the coal chemical sector, and highlighting undervalued state-owned enterprises like China Railway and China Communications Construction [5][21].