证券研究报告 | 行业周报 gszqdatemark 2025 05 11 年 月 日 建筑装饰 基金经理薪酬与基准强挂钩下，建筑板块哪些标的有望获增配？ 本周核心观点：本周证监会发布《推动公募基金高质量发展行动方案》，着 力推动基金公司从"重规模"向"重回报"转变，其中规定公募基金经理 薪酬与基准强挂钩，预计主动权益类基金经理为了避免产品业绩低于基准 过多而对绩效薪酬产生较大负面影响，将尽可能让持仓结构贴近基准，持 仓结构变化有望带来市场结构性投资机会。基于基金 2024 年报数据，有 4020 个主动权益基金基准中包含沪深 300 指数，这些基金的基准中沪深 300 指数平均权重 61%。我们假设主动权益类基金按照规模的 90%去配 置基准（假设后续基准不变），则合计将配置沪深 300 指数 1.65 万亿元， 而主动权益类基金合计持有沪深 300 成份股市值 1.34 万亿元，因此可测 算后续主动权益类基金需增配沪深 300 指数 3036 亿元。主动权益类基 金对建筑板块持股比例为 0.71%，显著欠配，如后续主动权益基金规模的 90%按照基准及沪深 300 中建筑板块权重来配置，合计带来建筑板块资金 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, indicating a positive outlook for their stock performance relative to the benchmark index [7][26]. Core Insights - The China Securities Regulatory Commission (CSRC) has released a plan to promote high-quality development of public funds, which includes linking fund manager compensation to performance benchmarks. This is expected to drive fund managers to align their portfolios more closely with benchmarks, creating structural investment opportunities in the market [2][20]. - Based on 2024 annual report data, it is estimated that active equity funds will need to increase their allocation to the CSI 300 index by 303.6 billion yuan. The construction sector is currently underrepresented in these funds, with a holding ratio of only 0.71% [3][6]. - The report identifies a potential increase in funding for the construction sector amounting to 21.8 billion yuan, which represents approximately 6.5% of the free float market capitalization of construction stocks in the CSI 300 index [6][26]. Summary by Sections Investment Recommendations - Key companies recommended for significant capital allocation include: - China State Construction Engineering Corporation: 6.6 billion yuan - China Railway Group: 3.3 billion yuan - China Power Construction Group: 2.3 billion yuan - China Railway Construction Corporation: 2.1 billion yuan - China Communications Construction Company: 1.8 billion yuan - China Energy Engineering Corporation: 1.6 billion yuan - China National Chemical Corporation: 1.6 billion yuan - Sichuan Road and Bridge Group: 1.3 billion yuan - China Metallurgical Group Corporation: 1.2 billion yuan [7][26]. Industry Dynamics - The construction and decoration sector has shown a weekly increase of 1.99%, ranking 16th among 31 A-share industries. The sector's performance is compared to the Shanghai Composite Index and CSI 300 Index, which saw minimal changes [14][20]. - The report highlights the potential for structural changes in fund holdings due to the new compensation policies, which may lead to increased investment in the construction sector [2][20]. Market Analysis - Active equity funds are categorized into four types, with a total of 8,141 funds managing 5.95 trillion yuan. Among these, 4,020 funds include the CSI 300 index in their benchmarks, with an average weight of 61% [3][21]. - The report provides detailed calculations on how the allocation adjustments will impact the construction sector, estimating a total of 218 billion yuan in additional funding [6][25].