申万宏源建筑周报：REITs项目行业范围拓展，支撑盘活存量资产-20251207

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [4][25]. Core Insights - The report highlights the expansion of REITs (Real Estate Investment Trusts) projects, which is expected to support the revitalization of existing assets [4]. - The construction industry experienced a slight decline of -0.07% last week, underperforming compared to major indices such as the Shanghai Composite Index (+0.37%) and the CSI 300 Index (+1.28%) [5][4]. - Key sectors showing positive performance include international engineering (+2.08%), central state-owned enterprises (+2.05%), and professional engineering (+0.47%) [4][7]. - The report emphasizes that investment opportunities are anticipated in emerging sectors as national strategic initiatives are implemented, particularly in the central and western regions [4]. Industry Performance - The construction industry saw a weekly decline of -0.07%, lagging behind the performance of major indices [5][4]. - The best-performing sub-sectors for the week were international engineering (+2.08%), central state-owned enterprises (+2.05%), and professional engineering (+0.47%) [4][7]. - Year-to-date, the highest gains were observed in private infrastructure (+59.52%), ecological landscaping (+52.35%), and decorative curtain walls (+45.77%) [4][7]. Key Company Developments - China Aluminum International won a joint bid for a new electrolytic aluminum project with a total value of 3.03 billion yuan, representing 31.24% of its projected 2024 revenue [14]. - Dongzhu Ecology secured a bid for an environmental project valued at 397 million yuan, which exceeds its projected 2024 revenue by 105.59% [14]. - The report notes significant contract wins for several companies, including China Railway and China Communications Construction Company, indicating robust activity in the sector [16].