——申万宏源建筑周报（20251229-20260102）：改善和稳定房地产预期，强调地产金融属性-20260104

Investment Rating - The report indicates a stable investment outlook for the industry, with certain emerging sectors expected to gain higher investment opportunities due to the implementation of national strategic initiatives [5]. Core Insights - The report emphasizes the importance of managing expectations in the real estate market, highlighting its significant financial asset attributes and the need for macroeconomic regulation to stabilize the market [5][12]. - It identifies key companies and their recent developments, such as contracts signed and project wins, which are expected to contribute significantly to their future revenues [15][16]. Industry Performance - The construction industry experienced a weekly decline of 0.44%, outperforming the Shenzhen Composite Index (-0.58%) and the ChiNext Index (-1.25%) but underperforming the Shanghai Composite Index (+0.13%) [6]. - The best-performing sub-sectors for the week included steel structures (+3.48%), ecological landscaping (+2.02%), and design consulting (+0.91%) [7][11]. Key Company Developments - Notable changes in key companies include: 1. Nongshang Environment's subsidiary signed a contract worth 132 million yuan, accounting for 56.90% of its 2024 revenue [15]. 2. Southeast Network Framework won a bid for a project valued at 887 million yuan, representing 7.89% of its 2024 revenue [15]. Sub-sector Performance - The top three sub-sectors with the highest annual growth rates were ecological landscaping (+60.30%), decorative curtain walls (+53.82%), and professional engineering (+50.48%) [7]. - The report highlights significant individual stock performances, with companies like Guosheng Technology and Dongyi Risheng showing remarkable annual increases of 480.86% and 201.12%, respectively [11].