建筑行业周报：社融迎来开门红，海南自贸港加快推进

Investment Rating - The report gives an "Overweight" rating for the construction decoration industry, indicating it is expected to outperform the overall market [2][30]. Core Views - The construction decoration industry has shown a moderate recovery in infrastructure investment for 2025, with cyclical high-elasticity sectors presenting significant investment value. Low-valued state-owned enterprises are anticipated to benefit from policy-driven valuation recovery [4][17]. - The report highlights a notable increase in social financing, with January 2025's increment reaching 7.06 trillion yuan, which is 583.3 billion yuan more than the same period last year [4][15]. Summary by Sections Industry Performance - The SW Construction Decoration Index increased by 1.28%, outperforming the CSI 300 Index, which rose by 1.19%. The best-performing sub-industries were Ecological Landscaping (+3.35%), State-Owned Infrastructure (+2.83%), and Private Infrastructure (+2.41%) [4][5][7]. - The top three companies in terms of weekly gains were: - Nongshang Environment (+20.95%) - Beixin Road and Bridge (+11.33%) - Jiaojian Co., Ltd. (+6.76%) [4][7]. Major Changes in the Industry - The National Development and Reform Commission (NDRC) emphasized the need to expand domestic demand and implement counter-cyclical macro policies in 2025 [4][15]. - Key company updates include: - China Metallurgical Group's new contract amount in January 2025 was 87.79 billion yuan, down 13.40% year-on-year [17]. - Palm Holdings signed a major project worth 3.137 billion yuan, accounting for 77.43% of its 2023 revenue [17][18]. Investment Analysis - The report suggests focusing on cyclical high-elasticity sectors and undervalued state-owned enterprises, recommending companies such as: - Zhizhi New Materials - Honglu Steel Structure - Southeast Network Frame - Donghua Technology - China Railway and China Communications Construction Company [4][17]. - The report also highlights the potential for valuation recovery in low-valued state-owned enterprises, recommending China Railway and China Iron and Steel Construction [4][17].