建筑装饰行业周报：板块跑赢指数，供需与政策双维发力

Investment Rating - The industry rating is optimistic [1] Core Insights - The construction and decoration sector outperformed the index, supported by both supply-demand dynamics and policy initiatives. The central bank injected 812.8 billion yuan through reverse repos, and liquidity conditions improved with most funding rates declining [4][7] - The construction industry continues to show structural differentiation, with infrastructure investment improving seasonally under the support of policy financial tools. New infrastructure and renewable energy sectors are performing well, while the real estate market is still in a bottoming phase [5][6] - The issuance of special bonds is being expedited, with many regions starting their first batch of issuance, providing solid financial support for major projects [4][5] Summary by Sections Industry Overview - The construction industry is experiencing a structural differentiation, with infrastructure investment showing seasonal improvement due to policy support. New infrastructure and renewable energy sectors are performing well, while the real estate market remains in a bottoming phase [5][6] - The issuance of special bonds is being expedited, with many regions starting their first batch of issuance, providing solid financial support for major projects [4][5] Weekly Market Review - During the week of January 12-18, 2026, the A-share market showed mixed performance, with the construction and decoration sector rising by 0.27%, outperforming the Shanghai and Shenzhen 300 indices [7][8] - The construction and decoration sub-sectors saw professional engineering and engineering consulting services increase by 1.00% and 0.90%, respectively, while renovation and decoration saw a decline of 0.68% [8][9] Investment Recommendations - Focus on low-valuation, high-dividend stocks in a low-interest-rate environment, particularly those with strong performance and stable cash flow [6] - Pay attention to key projects supported by the government and companies with clear transformation directions and growth potential [6] Industry Valuation - As of January 16, the construction and decoration industry's PE (TTM) is 13.58 times, ranking 29 out of 31 industries, indicating a relatively low valuation compared to other sectors [14] - The PB (LF) is 0.84 times, also ranking 29 out of 31, suggesting that the industry is undervalued [14] Industry Data Tracking - The construction PMI for December 2025 was 52.80%, indicating a slight increase in industry sentiment, with new orders showing signs of recovery [25] - The transaction volume for new homes in 30 major cities increased by 6.20% week-on-week, while second-hand home transactions rose by 9.38% [25][30] Key Events - Major projects are progressing, including the completion of significant infrastructure initiatives and the establishment of strategic partnerships in the industry [41][42][44]