证券研究报告——建筑装饰行业周报 板块跑赢指数，供需与政策双维发力 【2026.1.12-2026.1.18】 行业评级：看好 发布日期：2026.1.20 建筑装饰行情走势图 数据来源：Wind 大同证券 分析师：张坤飞 执业证书编号：S0770524020001 邮箱：zhangkf@dtsbc.com.cn 地址：山西太原长治路 111 号山 西世贸中心 A 座 F12、F13 网址:http://www.dtsbc.com.cn 风险提示 基建、地产等投资不及预期；宏观流动性收紧风险；地方融资 平台违约风险；关税影响增强的风险。 核心观点 权益市场涨跌互现，建筑装饰跑赢指数，央行通过逆回购净投 放 8128 亿元，重启 14 天逆回购呵护流动性，资金利率多数下 行，同业存单净融资为负且各期限利率分化，10 年期国债等 利率债收益率小幅下行。外汇市场上，美元指数受避险需求支 撑连升三周，人民币依托出口数据向好与结汇力量保持韧性。 股票市场多数指数上涨，科创 50 指数领涨 4.05%，计算机等 行业表现突出，国防军工等行业跌幅靠前。商品市场中黄金受 地缘风险支撑价格上涨。宏观层面，2025 年 12 月 ...

大同证券指出，2026年初建筑行业呈现总量收缩与结构分化并行态势。基建投资在政策支持下展现 局部韧性，2026年财政定调积极，专项债发行前置发力，多地已启动首批发行，叠加新型政策性金融工 具效能释放，为重大项目提供充足资金保障。经营方面，地产、基建需求仍处筑底阶段，多地密集开工 重大项目扩内需，水利、新基建、海外业务及西部区域成为结构性亮点，国企改革与"建筑+科技"赛道 受关注；但房地产市场持续探底拖累房建业务，房地产成交持续承压，市场复苏乏力。高频数据显示上 游建材市场表现分化，水泥供需双弱、价格下行，螺纹钢产量环比增长但钢价低位运行，石油沥青装置 开工率同比下降，整体处于历史低位。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从建筑与工程、建筑装修行业中选 取上市公司证券作为样本，其成分覆盖基础设施建设、专业工程、房屋建设等多个细分领域，以反映基 建工程领域相关上市公司的整体表现。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供 参考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构 成投资建议或承诺。提 ...

Investment Rating - The industry rating is optimistic [1] Core Viewpoints - The construction industry is experiencing a simultaneous contraction in total volume and structural differentiation, with infrastructure investment showing localized resilience under policy support, while the real estate market continues to drag down construction business [6] - The issuance of special bonds is expected to reach 4.5-5 trillion yuan, providing ample funding for major projects [5][6] - The demand in real estate and infrastructure is still at a bottoming stage, with significant projects being launched to expand domestic demand, particularly in water conservancy, new infrastructure, overseas business, and the western region [6] - The upstream building materials market is showing mixed performance, with cement supply and demand weak and prices declining, while rebar production is increasing but prices remain low [6][29] Summary by Sections Industry Overview - The construction industry is facing a dual challenge of total contraction and structural differentiation, with infrastructure investment showing some resilience due to policy support [6] - The real estate market continues to struggle, impacting the construction business negatively [6] Market Performance - In the week of January 5-11, 2026, the construction decoration sector outperformed major indices, with a weekly increase of 5.72% [9] - The A-share market saw significant trading volume, with a total of 14.26 trillion yuan [5] Investment Recommendations - Focus on low-valuation, high-dividend stocks in a context of loose liquidity and low interest rates, particularly those with strong performance and stable cash flow [7] - Pay attention to key projects supported by the state and companies with clear transformation directions and growth potential [7] Financial Data - As of January 9, 2026, the construction decoration industry's PE (TTM) is 13.54 times, ranking 30 out of 31 industries, indicating a relatively low valuation compared to other sectors [10] - The PB (LF) is 0.84 times, also ranking 30 out of 31, suggesting a low position in terms of valuation [10] High-frequency Data - Cement shipment rates are seasonally declining, with prices for both bagged and bulk cement decreasing [29] - Rebar production is up, but prices are down, indicating a challenging market environment [29] Key Events - Major projects and policies are being implemented, such as the launch of 28 major transportation projects in Henan with a total investment of 800 billion yuan [9] - The construction of key infrastructure projects is being prioritized to enhance regional development [9]

Group 1 - The company has recently released positive signals, including winning the bid for the "Expansion of Hangjiahu South Drainage Eastern Channel Project" and plans to connect a 200MW photovoltaic project to the grid within the year [1][2] - The company holds a strong position in traditional infrastructure, evidenced by its "Double Special Double First-Class" qualifications and successful bidding for significant projects, with a bid amount of 1.36 billion yuan [2] - The EPC model is a core business strategy for the company, enhancing project efficiency and cost control, with 84.87% of new projects in the first half of 2025 being in major engineering sectors [2] Group 2 - The company's renewable energy business is rapidly emerging as a second growth curve, with significant contributions to revenue and profit, including a 94.18% year-on-year increase in revenue from renewable energy development [3][4] - The company is actively expanding its photovoltaic EPC projects, which are expected to further boost its renewable energy business in the second half of the year [3] - The financial performance for the first half of 2025 shows a total revenue of 2.87 billion yuan, with a stable growth in traditional infrastructure and a significant increase in renewable energy revenue [4] Group 3 - The company is exploring the integration of technology in construction through strategic investments and joint ventures, aiming to enhance safety, efficiency, and management levels [3] - The dual-driven strategy of "construction + renewable energy" is showing initial success, with improved cash flow and profitability in the renewable sector [4] - The company is positioned for higher quality development in the latter half of the "14th Five-Year Plan" period, supported by its strategic planning and execution capabilities [4]