申万宏源建筑周报：地产政策持续优化，城市更新挖掘存量市场-20250907

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][25]. Core Insights - The construction and decoration industry is experiencing a weak overall market, but regional investments are expected to gain momentum as national strategic layouts deepen [2]. - The report highlights significant weekly and yearly performance variations among sub-industries, with infrastructure private enterprises showing the highest weekly increase of +8.49% and an annual increase of +39.07% [5][9]. - Key companies such as Jiangjian Co. and Zhongtian Jingzhuang have shown remarkable weekly gains of +27.67% and +13.64%, respectively, indicating strong market interest [10][9]. Industry Performance Summary - The construction industry saw a weekly decline of -1.37%, underperforming compared to the Shanghai Composite Index, which declined by -0.81% [3][4]. - The best-performing sub-industries for the week included infrastructure private enterprises (+8.49%), decorative curtain walls (+1.73%), and ecological landscaping (+0.57%) [5][9]. - Year-to-date, the top-performing sub-industries are infrastructure private enterprises (+39.07%), ecological landscaping (+33.94%), and professional engineering (+24.66%) [5][9]. Key Company Developments - Jiangjian Co. won a contract for rural road improvement in Harbin, valued at CNY 310 million, representing 1.69% of its 2024 revenue [13]. - Zhejiang Jiaoke secured contracts for two major highway projects totaling CNY 10.099 billion, accounting for 21.14% of its projected 2024 revenue [13][14]. - Other notable companies include Longjian Co. and Hongrun Construction, which have also secured significant contracts contributing to their revenue forecasts [14][15].