申万宏源建筑周报：住建部提及好房子建设路径，好设计、好建造催生专业化需求-20251012

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [3][25]. Core Insights - The report highlights the Ministry of Housing and Urban-Rural Development's focus on improving housing quality through better standards, design, materials, construction, and maintenance [4][12]. - The construction industry is expected to undergo transformation and upgrade, driven by industrialization, digitalization, and green initiatives during the 14th Five-Year Plan [4][12]. - The report identifies potential investment opportunities in state-owned enterprises and private companies within the construction sector, emphasizing the importance of regional investments aligned with national strategies [4][14]. Summary by Sections 1. Market Performance - The construction sector saw a bi-weekly increase of 4.30%, outperforming major indices such as the Shanghai Composite Index (+1.80%) and the CSI 300 (+1.47%) [5][7]. - The best-performing sub-sectors included state-owned infrastructure companies (+8.79%) and ecological landscaping (+6.74%) [5][7]. 2. Industry Changes - The Ministry of Housing and Urban-Rural Development plans to promote housing construction through five key areas: standards, design, materials, construction, and maintenance [12]. - The focus during the 14th Five-Year Plan will be on enhancing building quality and establishing a standardized construction market [12]. 3. Key Company Developments - China Railway Construction Corporation secured 14 major projects with a total value of 63.037 billion yuan, representing 5.91% of its projected 2024 revenue [14][16]. - Anhui Construction won four projects worth 2.018 billion yuan, accounting for 2.09% of its 2024 revenue [14][16]. - Xinjiang Communications Construction won a highway project valued at 480 million yuan, which is 7.92% of its 2024 revenue [14][16]. 4. Investment Recommendations - The report recommends state-owned enterprises such as China Chemical, China Railway, and China Railway Construction for investment, while also highlighting private companies like Zhi Te New Materials and Honglu Steel Structure [4][14].