建筑装饰行业专题研究：24Q4建筑行业重仓比例提升，钢结构、房建等板块获加配

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and decoration industry, including China State Construction, China Railway, and China Communications Construction [4]. Core Insights - The report highlights an increase in the proportion of public fund holdings in the construction and decoration sector, with a total market value of 1.91% of A-shares, reflecting a 3.7% quarter-on-quarter growth [3][11]. - Key sub-sectors such as steel structures and housing construction have seen an increase in public fund holdings, while international engineering and landscaping sectors have experienced a decrease [15][19]. - The report emphasizes the potential for recovery in valuations and earnings per share (EPS) due to improved corporate balance sheets and order volumes, driven by stable growth and debt resolution funds [40]. Summary by Sections 1. Public Fund Holdings in Construction Industry - Public funds' holdings in the construction and decoration sector increased to 0.58%, up 0.14 percentage points from the previous quarter [3][11]. - The total market value of the SW construction and decoration sector reached 188.69 billion CNY, with a year-on-year decrease of 8.1% in fund holdings [3][11]. 2. Sub-sector Performance - The housing construction sector's public fund holding ratio rose to 0.217%, primarily due to an increase in shares of China State Construction [15][19]. - The steel structure sector's holding ratio increased to 0.142%, driven by a rise in shares of Honglu Steel Construction [19]. - Conversely, the international engineering sector saw a decline in its holding ratio to 0.018% [19]. 3. Key Companies and Their Holdings - The top five companies by heavy holdings include China State Construction, Honglu Steel Construction, China Railway, Tunnel Corporation, and China Chemical, with respective heavy holding market values of 35.10, 23.55, 6.82, 5.04, and 4.33 billion CNY [38]. - Notable increases in heavy holdings were observed in companies like Zhongyan Dadi and China Communications Construction, with increases of 2210.1% and 909.3% respectively [38]. 4. Investment Recommendations - The report suggests focusing on four main investment themes: valuation recovery, growth in domestic demand, technology growth, and international engineering opportunities [40]. - Specific companies recommended for investment include Shandong Road and Bridge, Zhejiang Communications, and China Nuclear Engineering, among others [40].