建筑工程行业双周报：基建投资利好政策不断

See the last page for disclaimer Page 1 of 5 Equity Research Report 证 券 研 究 报 告 Equity Research Sector Report 股票研究 行业报告 证券研究报告 [Table_LeftMargin] 建筑工程行业 Construction Engineering Sector [Table_BasicInfo] Sector Report: Construction Engineering Sector 中文版 Gary Wong 黄家玮 行业报告： 建筑工程行业 Chinese version (852) 2509 2616 gary.wong@gtjas.com.hk 19 December 2022 [Table_MainInfo] Bi-Weekly Wrap: Favorable Policies for Infrastructure Investment Continued 双周报: 基建投资利好政策不断  Investment suggestions: Our top picks are companies benefiting from the themes of real estate sector recovery, continued push in infrastructure investment, new opportunities along the Belt and Road, benefit from state-owned enterprise reform and with low valuation; our top picks are China Railway Group (00390 HK, target price HK$7.60, rating "Buy"), China Railway Construction (01186 HK, target price HK$8.10, rating "Buy") and China Communications Construction (01800 HK, target price HK$5.20, rating "Accumulate"). Reiterate "Outperform" rating for the sector.  Sector news updates: The Central Economic Work Conference was held on 15 to 16 December 2022. The Conference called for focus to remain on stability, to make progress while maintaining stability, and continue to implement a proactive fiscal policy and a consistently stable monetary policy. The conference proposed to effectively drive social private investment with government investment and policy incentives, accelerate the implementation of major projects proposed within the 14th Five-Year Plan, and strengthen inter-regional infrastructure connectivity.  Company news updates: 1) China Communications Construction (01800 HK) proposed introduction of third-party investors to certain subsidiaries; 2) Broad Homes (02163 HK) announced change of President and proposed appointment of vice chairpersons.  Risks: 1) Government infrastructure spending may be lower than expected; 2) possible inflation exceeding expectations may cause policy tightening; 3) worldwide epidemic situation might see fluctuation.  投资建议：我们的首选股为受惠于地产回暖、基建投资持续发力、一带一路新机遇、国企改革低估值主题的公司，包括中国中铁（00390 HK，目标价 7.60 港元，评级“买入”）、中国铁建（01186 HK，目标价 8.10 港元，评级“买入”）及中交建（01800 HK，目标价 5.20 港元，评级“收集”）。重申行业“跑赢大市”评级。  行业新闻更新：中央经济工作会议于 2022 年 12 月 15 日至 16 日召开，会议要求明年要坚持稳字当头，稳中求进，继续实施积极的财政政策和稳健的货币政策。会议提出要通过政府投资和政策激励有效带动全社会投资，加快实施“十四五”重大工程，加强区域间基础设施联通。  公司新闻更新：1）中交建（01800 HK）拟向部分子公司引入第三方投资者，2）远大住工（02163 HK）宣布更换总经理及拟委任副董事长。  风险：1）政府基础设施支出可能低于预期；2）可能超预期的通胀或导致政策收紧； 3）世界各地的疫情可能会出现波动。 [Table_InvestInfo] Rating: Outperform Maintained 评级： 跑赢大市 (维持) 2 SWII: Construction and decoration and HSI performance 申万建筑装饰行业指数及恒生指数表现 Source: Wind, Bloomberg. -30%-25%-20%-15%-10%-5%0%5%10%15%Dec-21Mar-22Jun-22Sep-22Dec-22HSIShenwan Industry Index: Construction & Decoration% of return仅供内部参考，请勿外传 Sector Report P See the last page for dis