建筑装饰行业周报：乌克兰重建空间大，出海业务空间打开

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [4] Core Viewpoints - The importance of the "Belt and Road" initiative is expected to further highlight in the context of increasingly complex global trade environments. The re-election of Trump may lead to stricter trade restrictions against China, increasing uncertainties for Chinese foreign trade enterprises reliant on the US market. In this context, diversifying markets has become a trend [6][9] - The upcoming fourth "Belt and Road" summit may present new development opportunities for related infrastructure and engineering companies. This initiative has become a significant platform for promoting infrastructure connectivity and deepening international economic cooperation since its inception in 2013 [10][12] - The investment demand for Ukraine's post-war reconstruction is projected to reach $486.2 billion over the next decade, with housing and infrastructure accounting for nearly 50%. Chinese companies are expected to benefit significantly from this reconstruction due to their mature technology and strong cost control capabilities [14] Summary by Sections Market Performance - The Shanghai Composite Index rose by 0.97%, the Shenzhen Component Index by 2.25%, and the ChiNext Index by 2.99%. In contrast, the Shenwan Construction Decoration Index fell by 0.45% during the same period [4][28] - Among the Shenwan construction sub-sectors, international engineering, steel structure, and other specialized engineering sectors saw the highest increases, rising by 4.90%, 4.88%, and 3.41% respectively [28] Industry Insights - The trade volume between China and "Belt and Road" countries reached $2,142.44 billion in 2024, a year-on-year increase of 5.16%, which is higher than the overall foreign trade growth rate [10] - Exports to "Belt and Road" countries hit a record high of $1,298.885 billion, growing by 9.18% year-on-year, indicating strong growth momentum [10] Company Dynamics - Several construction-related companies have announced winning bids, including Tengda Construction for the Shanghai Metro Line 19 project with a bid of 0.35 billion yuan, and Sichuan Road and Bridge for the Luhuo to Kangding New Bridge Highway project with a capital of 6.955 billion yuan [22][23] - China Nuclear Engineering signed contracts worth 15.024 billion yuan in January, a year-on-year increase of 29.01%, while China State Construction signed contracts worth 377.8 billion yuan, a 4.2% increase year-on-year [22][23]