On October 16th, Guolian research reports pointed out that China State Construction Engineering Corporation (601668.SH) signed new construction contracts worth 2987.4 billion yuan from January to September, with a year-on-year growth of 8%; the new contract amount in September alone was 369.1 billion yuan, a decrease of 3% year-on-year, showing minor fluctuations monthly. The growth resilience of new construction contracts in the first three quarters remains strong. The bank believes that under the background of infrastructure and real estate industry structural changes, the company's leading position in key areas may continue to strengthen. The current price corresponds to the estimated 2024E PE ratio and dividend yield of 4.5x and 4.6% respectively (based on 2024 earnings forecast and previous dividend yield assumptions), with a cost-effective valuation, maintaining a "buy" rating.