中信证券认为，今年以来，整体建筑业规模承压，基建投资在经济增长中发挥重要作用，地方政府专项+中长期特别国债等资金后续发行后或将缓解行业压力。展望后续，国内基建投资仍将成为经济增长的主要发力点，建筑央国企总体更具稳定性，部分细分领域企业发展机遇凸显，海外以中东、东南亚为代表的建筑市场有望持续实现快速增长。Infrastructure stocks continue to rise. As of the press time, China Railway Signal & Communication Corporation (03969) rose by 6.41%, closing at 2.99 Hong Kong dollars; China Communications Construction (01800) rose by 5.41%, closing at 4.48 Hong Kong dollars; China Railway (00390) rose by 3.56%, closing at 3.49 Hong Kong dollars; China Railway Construction Corporation (01186) rose by 3.21%, closing at 4.82 Hong Kong dollars.
According to the Securities Times app, infrastructure stocks continue to rise. As of the press time, China Railway Signal & Communication Corporation (03969) rose by 6.41%, closing at 2.99 Hong Kong dollars; China Communications Construction (01800) rose by 5.41%, closing at 4.48 Hong Kong dollars; China Railway (00390) rose by 3.56%, closing at 3.49 Hong Kong dollars; China Railway Construction Corporation (01186) rose by 3.21%, closing at 4.82 Hong Kong dollars.
On the news front, in order to further guide listed companies to focus on their own investment value and effectively enhance investor returns, the China Securities Regulatory Commission is drafting the 'Guidelines for the Supervision of Listed Companies No.10 - Market Cap Management (Consultation Draft)'. Guotai Securities pointed out that at the beginning of the year, the State-owned Assets Supervision and Administration Commission proposed to include market cap management in the assessment indicators of central enterprises, focusing on improving the quality of central enterprises controlling listed companies. Currently, many traditional construction central enterprises have low PB ratios, and with the release and subsequent implementation of the guidance on market cap management (consultation draft) for listed companies, the valuation repair and market returns of high-quality undervalued construction central enterprises are expected.
CITIC Securities believes that since the beginning of this year, the overall construction industry has been under pressure, with infrastructure investment playing an important role in economic growth. The subsequent issuance of special medium-to-long term government bonds by local governments may help alleviate industry pressures. Looking ahead, domestic infrastructure investment will continue to be a major driving force for economic growth. State-owned construction enterprises overall will be more stable, with development opportunities in certain niche areas becoming more prominent. Overseas construction markets, particularly in the Middle East and Southeast Asia, are expected to continue experiencing rapid growth.
