国盛证券指出，全国人大常委会审议批准10万亿化债规模，地方化债压力减轻后有望加大力度支持基建等领域，加快在建项目推进，促建筑企业收入和利润改善，部分资金用于偿还企业欠款，有望修复建筑企业资产负债表，促PB加快修复。后续财政政策、地产增量政策、货币政策可继续期待，行业景气有望显著向上。此外为应对特朗普上台后的中美博弈加剧，我国对外有望加力推进“一带一路”，对内稳投资、稳地产、促消费等扩内需政策有望加快出台，有望持续催化板块估值。Infrastructure stocks declined in early trading. As of press release, China Railway Construction (01186) fell 3.5% to HK$5.52; CRRC (01766) fell 3.29% to HK$5; China Communications Construction (01800) fell 3.24% to HK$5.37; and China Railway (00390) fell 2.92% to HK$3.99.
The Zhitong Finance App learned that infrastructure stocks declined in early trading. As of press release, China Railway Construction (01186) fell 3.5% to HK$5.52; CRRC (01766) fell 3.29% to HK$5; China Construction (01800) fell 3.24% to HK$5.37; and China Railway (00390) fell 2.92% to HK$3.99.
According to SDIC Securities, the building decoration industry achieved revenue of 6.2 trillion yuan in the first three quarters, down 4.88% year on year; gross profit of 619.003 billion yuan, 4.40% year on year; and net profit to mother of 137.815 billion yuan, down 11.70% year on year. On a quarterly basis, the revenue growth rates of the building decoration industry in the first quarter, second quarter, and third quarter were 1.23%, -7.27%, and -8.11%, respectively, while net profit growth rates for each quarter were -2.30%, -17.21%, and -15.30%, respectively. The revenue/performance of central construction companies all declined year-on-year, but the decline was less than that of the overall industry.
Guosheng Securities pointed out that the Standing Committee of the National People's Congress reviewed and approved the 10 trillion debt scale. After the pressure on localized debt is reduced, it is expected to step up efforts to support infrastructure and other fields, accelerate the progress of projects under construction, and improve the income and profits of construction companies. Some of the funds will be used to repay corporate arrears, which is expected to repair construction companies' balance sheets and accelerate PB repair. Follow-up fiscal policies, real estate growth policies, and monetary policies can continue to be expected, and industry sentiment is expected to improve markedly. Furthermore, in order to cope with the intensification of the game between China and the US after Trump came to power, China is expected to step up the “Belt and Road” initiative. Policies to expand domestic demand, such as stabilizing domestic investment, stabilizing real estate, and promoting consumption, are expected to be introduced at an accelerated pace, and it is expected that it will continue to catalyze sector valuations.
