基建投资改善，专项债发行加快

Investment Rating - The industry rating is optimistic [1] Core Viewpoints - The construction industry is characterized by a focus on new infrastructure and high prosperity in specific segments, with 109 major projects outlined in the 14th Five-Year Plan. Policies supporting energy independence and resource price increases due to geopolitical conflicts are driving growth in sectors like coal chemical, steel structure, and clean rooms. The issuance of special bonds is accelerating, providing solid financial support for major infrastructure and new energy projects, contributing to a strong start for industry investment [5][4] - As of mid-March, the national construction site resumption rate reached 62%, with labor employment at 61.7% and funding availability at 50.7%, all showing month-on-month improvements. Infrastructure investment in January-February increased by 11.4% year-on-year, with non-real estate projects resuming faster than residential construction. The construction progress in East and South China is leading, and with policy implementation and project acceleration, industry prosperity is expected to continue rising [5][4] Summary by Sections Industry Overview - The construction industry is currently experiencing a shift towards low-valuation state-owned enterprises and high-prosperity segments. The valuation of state-owned construction enterprises is at historical lows, and their dividend policies provide stable support for investment value. The clean room sector is benefiting from the expansion of the AI industry chain, with some companies seeing significant order increases. The coal chemical sector is boosted by rising oil prices, highlighting the profitability of leading industrial projects and the effectiveness of the "construction + industry" transformation [5][4] Investment Suggestions - Focus on low-valuation, high-dividend stocks in a context of loose liquidity and low interest rates, particularly those with strong performance, ample cash flow, and stable dividends. Additionally, pay attention to key projects supported by the state and companies with clear transformation directions and growth potential [6][6] Weekly Market Review - During the week of March 16-22, 2026, major indices showed a mixed performance, with a shift of funds from cyclical sectors to defensive sectors. The construction and decoration sector underperformed, with a weekly decline of 6.25%, lagging behind the Shanghai and Shenzhen 300 indices. The construction sub-sector saw a 2.51% increase in landscaping engineering, while basic construction fell by 7.78% [7][8] Industry Valuation - As of March 20, the construction and decoration industry had a PE (TTM) of 13.80 times, ranking in the 79.46th percentile over the past decade, indicating a relatively low position compared to other industries. The PB (LF) was 0.86 times, also in a low position, ranking 29 out of 31 industries [17][17] Industry Data Tracking - As of mid-March, the issuance of urban investment bonds increased, with a total issuance of 781.73 billion yuan, reflecting a month-on-month increase. Special bonds saw a decrease in issuance volume, with new special bonds amounting to 1,140.47 billion yuan, a significant increase from the previous month [22][22]