建筑建材行业周报：“两重”建设积极推进，峰会咨委会举行25年会议

Investment Rating - The report suggests a focus on underweight stocks in the construction and building materials sector, particularly heavyweight stocks, due to ongoing public fund reforms and expectations of exceeding physical workload this year [3]. Core Insights - The National Development and Reform Commission aims to finalize the "Two Heavy" construction project list by the end of June, emphasizing strategic and forward-looking projects [1]. - Infrastructure investment in April increased by 5.80% year-on-year, while cement production for the first four months of 2025 was 495 million tons, down 2.8% [2]. - The construction index fell by 1.13% during the week of May 19-23, 2025, while the building materials index decreased by 0.91% [9]. Summary by Sections Market Review - The construction index has dropped 4.36% year-to-date, ranking 23rd out of 29 industries, while the building materials index has decreased by 0.54%, ranking 18th [9]. - The highest gain in the construction sector was seen in the landscaping engineering segment, which rose by 4.14% [9]. Special Bonds and Funding Status - New local government special bond issuance amounted to 285.21 billion yuan in May, a month-on-month increase of 78.21% [2][22]. - Cumulative new local government special bond issuance for the year reached 1,475.59 billion yuan, a 62.57% increase compared to the same period in 2024 [22]. Construction High-Frequency Data Tracking - As of May 16, 2025, the cement dispatch rate increased by 2.21 percentage points to 41.51% week-on-week [29]. - The operating rate of cement mills rose by 0.35 percentage points to 42.00% [29]. Cement Industry Weekly Data Tracking - As of May 23, 2025, the national cement price decreased by 2.1% week-on-week but increased by 1.4% year-on-year [36]. - The average cement price across the country was 370.8 yuan per ton, with significant price drops in various regions [36]. Key Company Orders and Valuation - The report highlights significant new contracts for major construction companies, with China Nuclear Engineering signing contracts worth 57.56 billion yuan, a year-on-year increase of 10.80% [2]. - The current price-to-earnings ratios for the construction and building materials sectors are 8.21 and 18.41, respectively, indicating relatively low valuations compared to historical levels [16].