建筑装饰行业周报：板块跑赢指数，供需与政策双维发力-20260120

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The construction and decoration sector outperformed the index, supported by both supply-demand dynamics and policy initiatives. The central bank injected a net of 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 remains in a bottoming phase [5][6] - The fiscal policy for 2026 is expected to remain proactive, with significant issuance of special bonds to support major projects, enhancing funding security for project implementation [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 highlighted as bright spots, while the real estate market is still in a bottoming phase [5][6] - The construction site funding availability is weaker year-on-year, but there is an increase in major project initiations across various regions, indicating a potential marginal improvement in demand [5][6] 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] Weekly Market Review - During the week of January 12-18, 2026, the construction and decoration sector rose by 0.27%, outperforming the Shanghai Composite Index and the CSI 300 Index [8] - The sector saw a mix of project launches and collaborations, with significant progress in various infrastructure projects [8][9] Industry Valuation - As of January 16, 2026, the construction and decoration industry has a PE (TTM) of 13.58 times, ranking 29th out of 31 industries, indicating a relatively low valuation compared to other sectors [14] - The PB (LF) stands at 0.84 times, also ranking 29th 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 [28] - The cement dispatch rate remained stable, while the price of ordinary bulk cement decreased slightly, reflecting a weak supply-demand balance in the market [33][37]