证券研究报告 | 行业周报 gszqdatemark 2025 08 24 年 月 日 建筑装饰 存量 PPP 意见出台促央国企报表修复，继续重点推荐新疆板块 本周核心观点：本周存量 PPP 处理意见出台，明确各方责任，保障在建项 目资金来源（银行不得随意断贷，政府债等资金可投），有助于建筑企业在 手未完工项目加速转化为收入。《意见》还允许专项债支付运营项目回款， 明确"将 PPP 存量项目纳入今后相关增量政策中统筹考虑"，提升了存量 PPP 债务的还款保障，有助于建筑企业相关应收款加快回收和资产负债表 修复。PPP 在手项目较多的建筑企业有望显著受益。重点关注建筑央国企 龙头中国交建（（PB 0.55X，25E 股息率 3.4%）/中国交通建设 H（（PB 0.30X， 25E 股息率 6.1%）、中国建筑（（PB 0.51X，25E 股息率 4.7%）、中国中冶 A（（PB 0.66X）/中国中冶 H（（PB 0.41X，25E 股息率 3.0%）、中国中铁 A （PB 0.47X，25E 股息率 3.1%）/中国中铁 H（PB 0.30X，25E 股息率 4.7%）、中国铁建 A（PB 0.42X，25 ...

Core Viewpoint - The establishment of the new Xinjiang Railway Company with a registered capital of 95 billion yuan signifies the steady progress of the Xinjiang railway project, which is expected to involve total investments ranging from 200 billion to 500 billion yuan [1] Investment Opportunities - The construction of the railway from Hotan to the provincial border has commenced with earthwork bidding starting in May 2025, indicating a significant advancement in infrastructure development [1] - The strategic position of Xinjiang is highlighted due to its energy, resource, and geopolitical advantages, which are expected to attract heightened policy attention and regional development [1] - The upcoming 70th anniversary of the establishment of the autonomous region may serve as a catalyst for market interest, suggesting potential investment opportunities in the Xinjiang sector [1]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for investment opportunities in the Xinjiang region [5][8][9]. Core Insights - The upcoming Fourth Central Xinjiang Work Conference in 2025, coinciding with the 70th anniversary of the Xinjiang Uyghur Autonomous Region, is expected to catalyze significant policy support and investment in infrastructure and industry [1][12]. - Xinjiang's strategic importance, energy security, and ethnic unity are highlighted as key factors for sustained national support for high-quality development in the region [2][4]. - Major transportation infrastructure projects, such as the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway, are set to accelerate, with significant investments projected [3][15]. - The coal chemical industry in Xinjiang is anticipated to see substantial growth, with over 800 billion yuan in planned investments by mid-2025, driven by national energy security needs [4][19]. Summary by Sections Investment Opportunities - The report emphasizes the potential for investment in Xinjiang due to upcoming policy support and infrastructure projects, particularly in transportation and coal chemical sectors [1][3][4]. - Key companies recommended for investment include major construction firms like China Railway, China Railway Construction, and local firms such as Xinjiang Communications Construction [8][23]. Transportation Infrastructure - Significant railway projects are underway, including the China-Kyrgyzstan-Uzbekistan Railway with an estimated investment of 8 billion USD and the New Tibet Railway with an investment of 96 billion yuan [3][15]. - The report suggests that these projects will benefit major construction companies and local firms involved in infrastructure development [8][15]. Coal Chemical Industry - The coal chemical sector is projected to attract over 800 billion yuan in investments, with a significant portion already underway [4][19]. - Key players in this sector include China Chemical Engineering, Donghua Technology, and Sanwei Chemical, which are expected to benefit from the acceleration of project developments [19][23].