建筑装饰行业：市值管理驱动分红率提升，把握高股息、低估值建筑央国企投资机会

Investment Rating - The industry rating is "Recommended (Maintain)" [27] Core Viewpoints - The report emphasizes that the dividend rates of central state-owned enterprises (SOEs) in the construction sector are expected to increase due to market capitalization management policies, presenting opportunities for high dividend yields and low valuations [36][45] - The report highlights that the valuation of major construction SOEs remains low, with many trading below their net asset value, indicating a potential for price appreciation as dividend policies improve [17][45] Summary by Sections Dividend Rates and Yields in the Construction Sector - The report provides detailed data on the dividend rates and yields of various central SOEs, indicating that companies like China State Construction and China Railway have seen their dividend rates increase from 18.44% in 2018 to 20.82% in 2023 [17][44] - The average dividend yield for the construction sector in 2023 was reported at 3.00%, with central SOEs yielding 3.22% [52] Market Capitalization Management - The report discusses the implementation of market capitalization management policies by the State-owned Assets Supervision and Administration Commission (SASAC), which will include performance evaluations based on market capitalization management [36] - It mentions that these policies encourage SOEs to enhance shareholder returns through increased cash dividends and share buybacks [36][45] Investment Strategy - The report recommends focusing on high-dividend construction SOEs, citing their improved cash flow and the potential for increased dividends as a result of ongoing debt reduction efforts [45] - Specific companies recommended for investment include China State Construction, China Railway, and several local SOEs such as Sichuan Road and Bridge and Anhui Construction [45]