Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Viewpoints - The construction industry is entering a phase of total volume stabilization, moving away from blind expansion and excessive debt. The focus is on intrinsic and long-term value rather than scale and blind expansion [14] - The initiative aims to resist unhealthy competition and promote a fair market order, emphasizing the importance of technology-driven transformation for sustainable development [14] - The overall business environment for construction companies is expected to be challenging in 2024, with a projected revenue decline of 4.29% to 8.6963 trillion yuan and a 13.74% decrease in profits [14] Summary by Sections Event Description - On July 7, a high-quality development theme event was held, where 33 construction enterprises issued a joint initiative to promote a clean and fair industry environment [2][8] Industry Trends - The initiative highlights the need for a new industry ecosystem, actively resisting bad practices and promoting social supervision [14] - The focus is on enhancing core competitiveness and transitioning to high-end, intelligent, and green development through technology innovation [14] Financial Outlook - In 2024, the construction industry is expected to face significant pressure, with a historical first decline in overall revenue and profits [14] - The report indicates that if the anti-involution trend is effectively implemented, undervalued quality state-owned enterprises may have opportunities for valuation recovery [14]