建筑装饰行业周报基建投资改善，专项债发行加快

Investment Rating - The industry rating is optimistic [1] Core Views - The construction industry is characterized by a focus on new infrastructure policies and high prosperity in specific segments. The "14th Five-Year Plan" has deployed 109 major projects, with policies continuously strengthening energy independence and resource price increases due to geopolitical conflicts. Key growth areas include coal chemical, steel structure, and cleanroom sectors, with resources concentrating on undervalued state-owned enterprises and high-prosperity segments [5][4] - The fiscal policy for 2026 remains positive, with an accelerated issuance of local government special bonds, providing solid financial support for major infrastructure and new energy projects, contributing to a strong start for industry investment [4][5] - 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, indicating a potential continuous recovery in industry prosperity [4][5] Summary by Sections Industry Perspective - The construction industry is currently focusing on new infrastructure and high-prosperity segments, with significant government support for major projects. The fiscal policy remains positive, and the issuance of special bonds is accelerating, providing financial backing for key infrastructure and new energy projects [5][4] - The operational characteristics of construction companies show a trend of "state-owned enterprises being stable and leading segments performing well," with state-owned enterprise valuations at historical lows and stable dividend policies supporting investment value [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 [6] - Pay attention to key projects supported by the state and companies with clear transformation directions and growth potential in new productivity areas [6] Weekly Market Review - During the week of March 16-22, 2026, major indices showed a mixed performance, with the construction and decoration sector underperforming. The construction and decoration sub-industry index fell by 6.25%, lagging behind the Shanghai Composite Index and the CSI 300 Index [7][8] - The construction industry’s PE (TTM) is at 13.80 times, ranking in the 79.46th percentile over the past decade, indicating a relatively low position compared to other industries [16] Industry Data Tracking - As of mid-March, the construction industry PMI was at 48.20%, indicating a slight decline but with an increase in new orders, reflecting improved confidence in future demand recovery [29] - The cement shipment rate increased to 30.56%, while the price of ordinary bulk cement remained stable at 273.60 yuan/ton, indicating a weak balance between supply and demand in the cement market [33][34]