建筑装饰行业周报：陆续开复工，期待市场回暖提升

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [2] Core Viewpoints - The construction sector is expected to see a market recovery driven by the resumption of work after the Spring Festival, with historical data indicating that the sector has achieved positive excess returns in 7 out of the last 10 trading days following the holiday from 2015 to 2024 [4][9] - As of February 14, 2025, the construction sector has recorded a cumulative increase of 3.3%, outperforming the CSI 300 and Shanghai Composite Index by 0.6% and 0.5% respectively [4][9] - The resumption of construction projects is accelerating, supported by ongoing policy measures, which is anticipated to enhance market performance [4][9] Summary by Sections Weekly Insights - The construction sector's performance is significantly influenced by the Spring Festival, with a historical trend of positive returns post-holiday [4][9] - As of February 13, 2025, the national construction site resumption rate is 23.5%, with labor utilization at 27.5% and funding availability at 35.0% [12][13] - The Eastern China region shows the fastest recovery, exceeding the national average resumption rate by 13 percentage points [12][13] Infrastructure Data Tracking - The issuance of special bonds this week reached 152.41 billion, with a cumulative issuance of 711.50 billion, reflecting a year-on-year increase of 79.92% [15] - Urban investment bonds issued this week totaled 49.38 billion, with a net financing amount of 33.18 billion, resulting in a cumulative net financing deficit of 61.94 billion [15] Industry News Summary - In January 2025, national railway fixed asset investment reached 43.9 billion, marking a year-on-year growth of 3.7%, indicating a strong start for railway construction [17] Company Dynamics Summary - Several construction-related companies announced new contracts, including a 3.5 billion project in Laos and a 3.137 billion contract in Zhengzhou [18][19] - China Metallurgical Group reported a new contract amount of 87.79 billion in January 2025, with a notable increase in overseas contracts [19] Weekly Market Review - The Shanghai Composite Index rose by 1.30%, while the construction decoration index increased by 1.28% during the same period [23] - A total of 103 construction stocks saw gains, with the top five performers showing increases of over 18% [23]