年初板块表现亮眼，政策催化下行业修复可期

Investment Rating - The industry rating is optimistic [1] Core Viewpoints - The construction industry is experiencing a simultaneous contraction in total volume and structural differentiation, with infrastructure investment showing localized resilience under policy support, while the real estate market continues to drag down construction business [6] - The issuance of special bonds is expected to reach 4.5-5 trillion yuan, providing ample funding for major projects [5][6] - The demand in real estate and infrastructure is still at a bottoming stage, with significant projects being launched to expand domestic demand, particularly in water conservancy, new infrastructure, overseas business, and the western region [6] - The upstream building materials market is showing mixed performance, with cement supply and demand weak and prices declining, while rebar production is increasing but prices remain low [6][29] Summary by Sections Industry Overview - The construction industry is facing a dual challenge of total contraction and structural differentiation, with infrastructure investment showing some resilience due to policy support [6] - The real estate market continues to struggle, impacting the construction business negatively [6] Market Performance - In the week of January 5-11, 2026, the construction decoration sector outperformed major indices, with a weekly increase of 5.72% [9] - The A-share market saw significant trading volume, with a total of 14.26 trillion yuan [5] Investment Recommendations - Focus on low-valuation, high-dividend stocks in a context of loose liquidity and low interest rates, particularly those with strong performance and stable cash flow [7] - Pay attention to key projects supported by the state and companies with clear transformation directions and growth potential [7] Financial Data - As of January 9, 2026, the construction decoration industry's PE (TTM) is 13.54 times, ranking 30 out of 31 industries, indicating a relatively low valuation compared to other sectors [10] - The PB (LF) is 0.84 times, also ranking 30 out of 31, suggesting a low position in terms of valuation [10] High-frequency Data - Cement shipment rates are seasonally declining, with prices for both bagged and bulk cement decreasing [29] - Rebar production is up, but prices are down, indicating a challenging market environment [29] Key Events - Major projects and policies are being implemented, such as the launch of 28 major transportation projects in Henan with a total investment of 800 billion yuan [9] - The construction of key infrastructure projects is being prioritized to enhance regional development [9]