建筑建材行业周报：看好中国化学为代表的煤化工专业工程-20260125

Investment Rating - The report maintains a positive outlook on the coal chemical engineering sector, particularly highlighting China National Chemical Corporation as a representative company [1]. Core Insights - New coal chemical technology is seen as a beneficial supplement to petroleum chemistry, especially in the context of China's high dependence on foreign oil and gas. The importance of coal chemical technology is emphasized due to recent geopolitical events affecting energy security [1]. - China leads globally in coal chemical technology and scale, with potential for high-quality exports to countries along the Belt and Road Initiative. The report cites advancements in methanol-to-olefins technology as a key area of development [1]. - The report suggests that companies like China National Chemical Corporation, Sinopec Engineering, and others are well-positioned to benefit from the growth in the coal chemical sector [2]. Summary by Sections Market Review and Summary - The construction index increased by 1.88% and the building materials index rose by 9.23% during the week of January 19-23, 2026. Year-to-date, the construction index has risen by 7.99%, ranking 13th out of 30 industries, while the building materials index has increased by 12.49%, ranking 6th [9][5]. - The report notes that the chemical engineering sector saw the highest gains, with a 10.95% increase, while other sectors like housing construction and landscaping experienced declines [9]. Special Debt and Funding Status - As of January 23, 2026, local government special bond issuance amounted to 644.20 billion yuan, a week-on-week increase of 183.09%. The report anticipates a further increase in bond issuance in the following week [2][19]. - The funding availability rate for construction sites was reported at 59.21%, with a slight decline observed in both residential and non-residential projects [19]. Cement Industry Weekly Data Tracking - The national average cement price remained stable at 260.8 yuan per ton, with a slight decrease of 0.2% week-on-week and an 18.0% decrease year-on-year. The report predicts limited recovery in demand leading up to the Spring Festival [30][36]. - Cement production for the year 2025 was reported at 1.693 billion tons, reflecting a 6.9% year-on-year decline [46]. Key Company Orders and Valuation - The report highlights the valuation of key companies in the construction and building materials sectors, noting that the overall A-share market P/E ratio is 18.33, while the construction and building materials sectors have P/E ratios of 10.12 and 24.98, respectively [14]. - Companies such as China National Chemical Corporation and Sinopec Engineering are recommended for their favorable valuations and growth potential in the coal chemical sector [2].