今年上半年建筑行业整体实现营收39711亿元，同比降低5.9%，增速较上年同期下降2.8个百分点；实现归母净利润911亿元，同比降低6.9%，降幅较上年 同期收窄2.8个百分点。建筑企业业绩承压，但受益于化债政策推进，现金流和减值出现改善。行业集中度持续提高，能源与境外工程保持较高增长。在 行业整体控规模谋求高质量发展的背景下，优质基建企业有望享受到市场热度提高、资产负债表修复和宏观预期转好带来的估值提升，同时部分面向新质 生产力的建筑企业将实现业绩和估值的双重提升。 基建投资增速放缓，景气度处于较低水平。受房地产行业持续下行和二季度起财政支出力度减弱影响，2025年建筑业PMI在50%上下徘徊，基建投资高位 缓慢下降，出现了一定的结构性分化。1-8月基建投资同比增长5.42%，狭义基建投资增长2.0%，均为年内最低水平。资金层面，今年拟安排4.4万亿元专 项债，较去年增加5000亿元，截至9月中旬专项债发行进度为79.3%，但专项债用途增多也对基建工程形成了一定的分流影响。 建筑业营收利润规模下降，现金流和减值改善明显。今年上半年建筑行业整体实现营收39711亿元，同比降低5.9%，降幅较2024年同期下降 ...

Group 1 - The construction sector's performance from Q4 2024 is primarily driven by debt resolution policies, external disturbances, and industry sentiment [1] - Since May, positive developments in US-China negotiations have improved market risk appetite, leading to a spillover of positive sentiment into the construction industry [1] - As of June 10, 2025, the construction sector's PE ratio is 10.73x, at the 58th percentile since 2014, while the PB ratio is 0.73x, at the 7.1st percentile since 2014, indicating a significant decline in profitability [1] Group 2 - Market risk appetite has been volatile, with construction dividend assets likely to benefit from changes in market preferences and policy support [2] - The construction dividend assets are mainly concentrated in eight major construction state-owned enterprises and high-dividend local infrastructure state-owned enterprises, with their profitability linked to operational performance and macroeconomic improvements [2] Group 3 - Fiscal policies have created a soft constraint on infrastructure spending, with a focus on economically developed regions and areas with sufficient investment from special bonds and central enterprises [3] - Since the implementation of debt resolution policies, 4.4 trillion yuan of refinancing special bonds have been issued to address local government debt issues [3] Group 4 - Investment opportunities are identified in low-valuation central state-owned enterprises, including China State Construction, China Railway, and others [4] - Companies benefiting from the Belt and Road Initiative, such as China National Materials, are also highlighted as potential investment targets [4] - High-growth infrastructure companies, including China Nuclear Engineering and others, are recommended for investment consideration [4]