看好 ——政治局会议点评 建筑装饰 2025 年 04 月 27 日 "两重"建设与城市更新行动有望加快发力 证券分析师 袁豪 A0230520120001 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 事件： ⚫ 2025 年 4 月 25 日，中共中央政治局召开会议，会议指出：我国经济持续回升向好的 基础还需要进一步稳固，外部冲击影响加大。要强化底线思维，充分备足预案，扎实做 好经济工作。统筹国内经济工作和国际经贸斗争，坚定不移办好自己的事，坚定不移扩 大高水平对外开放。加大资金支持力度，扩围提质实施"两新"政策，加力实施"两 重"建设。加力实施城市更新行动，有力有序推进城中村和危旧房改造。 点评： 行 业 及 产 业 表 1：建筑行业重点公司估值表 | 证券简称 | 证券代码 | 收盘价（元/股） | | EPS（元/股） | ...

Investment Rating - The report maintains a positive outlook on the construction and decoration industry, indicating a "Look Favorably" investment rating [2]. Core Insights - The construction sector is expected to benefit from increased domestic investment, particularly through the implementation of "two重" construction initiatives, which will likely stimulate infrastructure investment recovery in 2025 [3][17]. - The report highlights a significant performance in the construction sector, with the SW Construction Decoration Index rising by 0.76%, outperforming the Shanghai Composite Index [4][6]. - Key companies such as Zhengzhong Design and Shanshui Bide have shown substantial revenue and profit growth, indicating strong performance within the sector [20][21]. Summary by Sections Industry Performance - The construction industry experienced a weekly increase of 0.76%, outperforming the Shanghai Composite Index, with the best-performing sub-industry being international engineering [4][6]. - The top three sub-industries for weekly gains were infrastructure state-owned enterprises (+2.34%), design consulting (+1.55%), and professional engineering (+1.44%) [3][6]. Key Company Developments - Zhengzhong Design reported a 2024 revenue increase of 8.49% and a net profit increase of 296.90% [20]. - Shanshui Bide's revenue grew by 37.84% in 2024, with a net profit increase of 126.42% [21]. - China Communications Construction Company plans to repurchase A-shares worth 500 million to 1 billion yuan and increase H-shares by 250 million to 500 million yuan [21]. Investment Recommendations - The report suggests focusing on cyclical high-elasticity sectors, recommending companies like Honglu Steel Structure and Shenzhen Ruijie for urban renewal projects [3]. - It emphasizes the potential for undervalued companies to recover in valuation, particularly state-owned enterprises like China Railway and China State Construction [3].