快讯：建筑工程行业：财政部拟发行超长期特别国债

Investment Rating - The report maintains an "Outperform" rating for the construction engineering sector, indicating a positive outlook for the industry [1][6]. Core Insights - The report highlights investment opportunities in companies benefiting from the recovery of the real estate sector, ongoing infrastructure investments, new opportunities along the "Belt and Road" initiative, state-owned enterprise reforms, and low valuations [1]. - Specific companies recommended include China Railway (00390 HK, target price HKD 7.70, rating "Buy"), China State Construction Engineering (01186 HK, target price HKD 8.50, rating "Buy"), and China Communications Construction Company (01800 HK, target price HKD 6.00, rating "Collect") [1]. - Additional recommendations include China State Construction International (03311 HK, target price HKD 15.00, rating "Buy") and China State Construction Industry (00830 HK, target price HKD 3.10, rating "Buy") [1]. Summary by Sections Government Bond Issuance - On May 13, 2024, the Ministry of Finance announced plans to issue ultra-long-term special government bonds with maturities of 20, 30, and 50 years, aimed at funding major national strategies and enhancing security capabilities in key areas [1][2]. - The issuance of RMB 1 trillion in 2024 is expected to stimulate current investment and consumption while laying a foundation for long-term high-quality development [1][2]. Impact on the Industry - The continuous issuance of ultra-long-term special government bonds is anticipated to provide new funding sources for long-term infrastructure projects, stabilizing market expectations and positively impacting industry valuations [2].