建筑业项目施工持续提速，逆周期调节力度有望加大

Investment Rating - The industry investment rating is "Outperform the Market - B" and the rating is maintained [5]. Core Insights - The construction industry is experiencing accelerated project construction, with expectations of increased counter-cyclical policy adjustments. The issuance of special bonds has significantly increased, which is expected to enhance the fundamentals of the industry and improve the financial indicators of construction companies [2][10][11]. Summary by Sections Industry Dynamics - The construction industry's business activity index for May is 51.0, a decrease of 0.9 percentage points from the previous month. The civil engineering construction index is at 62.3, an increase of 1.4 percentage points, indicating a continuous recovery in project construction [1][15]. - From January to April, fixed asset investment in transportation was 950.3 billion yuan, a year-on-year decrease of 5.1%. However, water transport construction investment grew by 10.4% year-on-year [1][15]. Market Performance - The construction industry rose by 1.12% from May 26 to May 30, outperforming major indices such as the Shanghai Composite Index and the Shenzhen Component Index [17][20]. - The engineering consulting and decoration sectors performed particularly well, with increases of 3.91% and 2.90%, respectively [17]. Key Investment Targets - Recommended companies include traditional infrastructure central enterprises such as China State Construction, China Communications Construction, China Railway Construction, and China Railway Group, which are currently undervalued [2][10][11][12]. - Companies involved in pre-stressed materials manufacturing and those with advantageous business models in low-altitude economy sectors are also highlighted as potential investment opportunities [10][12]. Company Announcements - Significant project wins were reported, including China State Construction winning contracts totaling 8.23 billion yuan across three projects [25]. - China Communications Construction announced a share buyback plan with a total fund of no less than 500 million yuan and no more than 1 billion yuan [26]. Industry Valuation - As of May 30, the construction and decoration industry's price-to-earnings (P/E) ratio is 10.72, and the price-to-book (P/B) ratio is 0.77, indicating a slight increase from the previous week [22]. - The lowest P/E ratios in the industry are held by China Railway Group (5.23), Shaanxi Construction (5.08), and China State Construction (5.07) [22][23].