建筑装饰行业：24Q4建筑行业重仓比例提升，钢结构、房建等板块获加配

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - The report identifies a shift in public fund allocations towards cyclical stocks, power engineering, and low-altitude economy sectors, indicating a positive outlook for these areas [41]. - Investment recommendations focus on sectors expected to benefit from stable growth, including effective investments in water conservancy, mining, and communication [43]. Summary by Sections Section 1: Public Fund Holdings - Public fund holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a total fund holding value of 9.613 billion CNY, reflecting a year-on-year decrease of 8.1% [3][11]. Section 2: Subsector Performance - The report notes an increase in public fund holdings in the housing construction sector to 0.217%, up 0.048 percentage points, primarily due to increased holdings in China State Construction [15][19]. - The steel structure sector saw a rise in public fund holdings to 0.142%, up 0.057 percentage points, driven by increased shares in Honglu Steel Structure [19][41]. - Conversely, the international engineering sector experienced a decline in holdings to 0.018%, down 0.010 percentage points [19][22]. Section 3: Company Performance - Key companies such as China State Construction, Honglu Steel Structure, and China Railway saw significant increases in their public fund holdings, with respective market values of 3.510 billion CNY, 2.355 billion CNY, and 0.682 billion CNY [41][42]. - Notable increases in holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [41][42]. Section 4: Investment Recommendations - The report suggests focusing on companies with strong balance sheets and improving order volumes, recommending firms like Shandong Road and Bridge, Zhejiang Communications, and Anhui Construction [43]. - It emphasizes the potential for stable growth in infrastructure investment in 2025, particularly in effective investment areas [43].