银河证券每日晨报-20250604

Key Insights - The overall sentiment in the construction industry is showing signs of decline, with the business activity index dropping to 51.9% in April, a decrease of 1.5 percentage points from the previous month [6][7] - Fixed asset investment growth has slowed, with a total of 14,702.4 billion yuan in investment from January to April, reflecting a year-on-year growth of 4.0%, which is a decrease of 0.2 percentage points compared to the first quarter [7][8] - Infrastructure investment growth remains high, with broad infrastructure investment growth at 10.86% and narrow infrastructure investment growth steady at 5.8% for the same period [8][9] - Real estate development investment has decreased by 10.3% year-on-year, with a total of 2,773 billion yuan from January to April, indicating a worsening trend compared to the previous quarter [9][10] - The market concentration in the construction industry is increasing, with the market share of the eight major state-owned construction enterprises rising from 24.38% in 2013 to 47.43% in 2024 [10] ESG Insights - As of May 30, the majority of companies have seen an increase in their ESG scores, with 2,549 companies improving their ratings, while 731 companies saw a decline [2][4] - The average change in ESG scores for companies with improved ratings was 0.27%, while those with decreased ratings experienced an average change of -0.37% [2][3] - The top ten industries with rising ESG scores include banking, utilities, coal, steel, oil and petrochemicals, real estate, beauty and personal care, transportation, non-ferrous metals, and retail, all exceeding a 55% increase in ESG scores [2]