——申万宏源建筑周报（20260126-20260130）：1月制造业、建筑业PMI双降，天气叠加节日因素投资景气度有所下降-20260201

Investment Rating - The report indicates a positive outlook for the construction and decoration industry, suggesting a favorable investment window in cyclical sectors, particularly in steel structure and chemical engineering [3][11]. Core Insights - The manufacturing PMI for January 2026 is reported at 49.3%, a decrease of 0.8 percentage points from the previous month, while the construction PMI stands at 48.8%, down 4.0 percentage points, indicating a decline in investment sentiment due to weather and holiday factors [3][11]. - The State Council has issued a notice to accelerate the cultivation of new growth points in service consumption, emphasizing the development of travel destination cities and encouraging local governments to utilize financial resources and industry funds to improve infrastructure [3][11]. - The report highlights that 2026 is expected to be a strong start for the "14th Five-Year Plan," with a focus on restoring corporate profitability and cyclical sectors [3][11]. Industry Performance - The SW Construction Decoration Index decreased by 1.44%, underperforming compared to the Shanghai Composite Index, which increased by 0.08% [4][5]. - The best-performing sub-industries for the week were International Engineering (+0.50%) and Professional Engineering (+0.11%), while the Steel Structure sub-industry saw a decline of 0.69% [5][8]. - Year-to-date, the Professional Engineering sub-industry has increased by 22.53%, and the Steel Structure sub-industry by 21.12% [5][8]. Key Company Updates - Zhite New Materials is expected to achieve a net profit of 160-200 million yuan in 2025, representing a year-on-year growth of 117.11%-171.39% [11][12]. - China Aluminum International signed 4,891 contracts in 2025, with a total contract value of 46.836 billion yuan, reflecting a year-on-year increase of 51.94% [11][12]. - The report also notes significant profit forecasts for other companies, with some expected to see substantial declines in profitability [12][13].