Hua Yuan Zheng Quan·2026-03-02 13:51Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Viewpoints - Spring construction resumption data shows year-on-year improvement, with a notable differentiation in regional and project structures. As of February 25, 2026, the national construction resumption rate is 8.9%, labor employment rate is 15.5%, and funding availability rate is 29%, with improvements of 1.5, 3.7, and 9.4 percentage points respectively compared to the previous year. Both real estate and non-real estate projects have seen synchronized improvements [3][10] - The construction sector is experiencing a revaluation of resource attributes among central and state-owned enterprises due to the rising prices of non-ferrous metals and the recovery of resource product demand. Companies with substantial resource reserves are expected to see their resource value gradually emerge [4][14] Summary by Sections Construction Resumption Data - As of February 25, 2026, the national construction resumption rate is 8.9%, labor employment rate is 15.5%, and funding availability rate is 29%, with year-on-year increases of 1.5, 3.7, and 9.4 percentage points respectively. The recovery pace varies significantly by region, with Jiangsu, Shanghai, and Shandong showing faster progress and better funding conditions compared to other regions [3][10][11] Infrastructure Investment - As of March 1, 2026, the cumulative issuance of special bonds reached 8,387.09 billion, with a year-on-year increase of 40.54%. The weekly issuance of special bonds was 1,272.40 billion, while the city investment bonds had a net financing amount of -480.78 billion [5][27] Market Performance - The Shanghai Composite Index rose by 1.98%, the Shenzhen Component Index by 2.80%, and the ChiNext Index by 1.05%. The construction and decoration index increased by 4.97%, with all sub-sectors showing gains, particularly chemical engineering and municipal engineering [6][22] Company Dynamics - Notable project wins include China Construction winning major projects worth a total of 27.83 billion, and other companies like Jin Tanglang and Huadian Ke Gong also securing significant contracts [19][21]