建筑装饰行业周观点：俄乌冲突缓和信号不断，利好国际工程企业

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights that the easing of the Russia-Ukraine conflict is expected to benefit international engineering companies, with significant reconstruction demand in Ukraine estimated to exceed $486 billion over the next decade [4][6] - The report anticipates an improvement in the operational quality of state-owned construction enterprises driven by debt reduction efforts, which are expected to enhance earnings per share (EPS) and price-to-earnings (PE) ratios [5][7] - The report emphasizes the potential acceleration of the "Belt and Road" initiative, which is likely to benefit international engineering firms, particularly in Southeast Asia and the Middle East [6][7] Summary by Sections Important Events Tracking - The State-owned Assets Supervision and Administration Commission (SASAC) has reiterated the need to enhance the quality of central enterprises and improve market value management [11] - As of February 20, 2025, the national construction site resumption rate was 47.7%, a year-on-year decrease of 15.2 percentage points [11] Market Performance Tracking - From February 17 to February 21, 2025, the construction engineering sector (SW) declined by 0.45%, while the overall A-share index rose by 2.06%, resulting in an excess return of -2.51 percentage points for the construction sector [12][13] - The construction sector's price-to-earnings (PE) ratio (TTM) was 9.47, and the price-to-book (PB) ratio was 0.74, indicating low valuation levels historically [16][18] Industry Data Tracking - As of February 21, 2025, a total of 405.13 billion yuan in special bonds had been issued in 2025, with 135.97 billion yuan issued from February 15 to February 21 [21][23] - Fixed asset investment in 2024 reached 5143.74 billion yuan, with a year-on-year growth of 3.2% [21]