申万宏源建筑周报：改善和稳定房地产预期，强调地产金融属性-20260104

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [5][26]. Core Insights - The report emphasizes the importance of improving and stabilizing real estate market expectations, highlighting its financial asset characteristics and the need for effective macro-control measures to ensure healthy development [2][12]. - The construction industry experienced a weekly decline of 0.44%, with the steel structure sub-sector showing the best performance, increasing by 3.48% [5][6]. - Key companies in the industry are expected to benefit from significant projects, such as Nongshang Environment's contract worth 132 million yuan, which represents 56.90% of its 2024 revenue [16] and Southeast Network Frame's contract of 887 million yuan, accounting for 7.89% of its 2024 revenue [16]. Industry Performance - The construction sector's weekly performance was -0.44%, outperforming the Shenzhen Composite Index (-0.58%) and the CSI 300 Index (-0.59%) [5][6]. - The best-performing sub-sectors for the week included steel structures (+3.48%), ecological landscaping (+2.02%), and design consulting (+0.91%) [5][8]. - Year-to-date, ecological landscaping has seen a remarkable increase of 60.30%, followed by decorative curtain walls at 53.82% and professional engineering at 50.48% [5][8]. Key Company Developments - Nongshang Environment signed a contract for the "Smart Computing Cluster Project" worth 132 million yuan, significantly impacting its revenue forecast for 2024 [16]. - Southeast Network Frame won a joint bid for the "China Vision Industry Base (Standard Factory) Project" with a total contract value of 887 million yuan, also affecting its 2024 revenue [16]. - The report notes that low-valued companies are expected to see valuation recovery, with a focus on China Railway, China Metallurgical Group, Shanghai Construction, and Tunnel Corporation [5].