四中全会胜利召开，建筑板块把握哪些方向？

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering sector [13]. Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the need to achieve economic and social development goals, highlighting the importance of stabilizing employment, enterprises, and market expectations [7][11]. - The "15th Five-Year Plan" proposes building a modern infrastructure system, improving rural infrastructure, and promoting regional coordinated development, with an expected investment demand exceeding 5 trillion yuan for urban underground pipeline construction [8]. - The report identifies significant opportunities in the construction sector, particularly in state-owned enterprises with low valuations and high dividends, as well as private enterprises engaged in new production capacities and clean energy projects [11]. Summary by Sections Economic Outlook - The report discusses the macroeconomic situation and the need for steady growth to support economic operations, indicating that the long-term positive trend of the economy remains unchanged [7]. Infrastructure Development - The "15th Five-Year Plan" emphasizes the construction of a modern infrastructure system, including the enhancement of transportation networks and the promotion of new urbanization, which is expected to create substantial domestic demand [8]. Energy Transition - The report outlines plans for a green and low-carbon energy transition, focusing on increasing non-fossil energy development and establishing a new power system to meet the growing electricity demand [9]. International Cooperation - The report highlights the importance of the Belt and Road Initiative, advocating for cooperation with partner countries on major projects and enhancing trade and investment ties [10]. Market Performance - The construction sector has shown resilience, with various sub-sectors experiencing positive growth, such as international engineering and construction consulting, which have outperformed the broader market indices [22][32].