兴证建筑行业每周观点：国资委再提市值考核全面推开，1月PSL净新增1500亿元，继续坚定看多建筑央企

Investment Rating - The report maintains a "Buy" rating for the construction and decoration industry [2]. Core Views - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the comprehensive implementation of market value management assessments for listed companies, reinforcing the positive outlook on investment opportunities in state-owned construction enterprises [3][4]. - In January, a net increase of 150 billion PSL (Pledged Supplementary Lending) is expected to support key areas, particularly the "Three Major Projects" [4][16]. - The construction sector is anticipated to benefit from increased funding and policy support, particularly in urban village renovations and affordable housing projects [17]. Summary by Sections Industry Views and Investment Recommendations - SASAC's focus on market value management is expected to enhance shareholder returns and increase dividend rates among state-owned enterprises [9][14]. - The construction industry is currently at a historical low in terms of valuation, with significant potential for upward movement due to ongoing reforms and stable earnings growth [12][18]. - The report suggests focusing on low-valuation leading construction state-owned enterprises such as China State Construction, China Railway, China Communications Construction, and China Railway Construction [4][18]. Market Performance - The construction sector has shown significant gains, outperforming the CSI 300 index, with expectations of continued upward trends following short-term corrections [11][12]. - The report highlights that the current valuation of major construction state-owned enterprises remains at historical lows, indicating strong potential for absolute returns [12][14]. Key Company Dynamics - The report lists key companies with "Buy" ratings, including China Railway, China State Construction, China Communications Construction, China Railway Construction, and others [2][11]. - The performance of these companies is expected to improve due to favorable policies and increased funding for infrastructure projects [4][17]. Financial Data and Trends - In January, the net increase in PSL reached 150 billion, contributing to a total of 500 billion for the current round, indicating strong government support for infrastructure projects [4][16]. - The report notes that the construction sector's earnings and cash flow have improved, with expectations for continued positive trends in dividend payouts [14][15].