建筑装饰行业跟踪周报：政府债券发行加快，关注资金到位对基建实物量影响

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1]. Core Insights - The report highlights that the acceleration of government bond issuance is expected to positively impact infrastructure investment and physical workload [5]. - The overseas contracting business in China is projected to achieve a year-on-year revenue growth of 3.1% in 2024, with new contract amounts increasing by 1.1%, reaching a historical high [9]. - The report suggests that the demand structure shows promising opportunities, particularly in specialized manufacturing, prefabricated buildings, energy conservation, and new energy-related infrastructure sectors [9]. Summary by Sections Industry Dynamics - The report notes that in February, government bond financing increased by CNY 1.7 trillion, a year-on-year increase of 1.1 trillion, benefiting from accelerated issuance of replacement bonds [8]. - The government work report sets a domestic economic growth target of around 5% for 2025, with a proposed deficit rate of 4% [8]. - The report emphasizes that macro policies are expected to remain positive, with infrastructure and real estate sectors likely to see a recovery in demand due to fiscal stimulus and stabilization policies [8]. Overseas Expansion - The report indicates that the Belt and Road Initiative will continue to drive infrastructure cooperation, with overseas engineering demand expected to remain robust [9]. - Companies such as China National Materials, Shanghai Port Construction, and others are recommended for investment in the international engineering sector [9]. Demand Structure - The report identifies high demand in niche areas such as prefabricated construction and energy-efficient infrastructure, suggesting companies like Honglu Steel Structure and Huayang International as potential beneficiaries [9]. - The low-altitude economy is also highlighted, with recommendations for design institutes in construction and infrastructure [9]. Market Performance - The construction and decoration sector saw a weekly increase of 1.6%, outperforming the CSI 300 and Wind All A indices [24]. - Notable stocks that performed well include Dongyi Risheng and Jincheng, while others like Sujiao Ke and Honglu Steel Structure faced declines [25][26].