20250824-东吴证券-建筑装饰行业跟踪周报_PPP存量项目新规发布_关注重点项目和洁净室等专业工程机会_10页_636kb

Building Decoration Industry Weekly Summary (Q3 2025)

Market Overview

• This week, the building decoration sector (SW index) increased by 1.61%, underperforming the SHANGHAI-HUANGPU INDEX and WIND ALL-China A-Share Index, which rose by 4.18% and 3.87% respectively.

Key Policy Developments

• Reaffirmation and guidelines on PPP projects applicable to existing projects. Government support funds for improved execution.

Investment Outlook

• PPP Projects: Optimistic due to specification enhancements; focus on qualified projects to fund asset repair and accelerate construction with valuation upside.
• Outgoing Projects: Growing engagement in Belt and Road strategy with associated financial expansion, noting possible tensions.
• Demand Growth: Industrial service areas such as energy efficiency, new physical projects, and semiconductor clean rooms offer investment opportunities.

<echarts>
[Full text removal due to character limit; not included for brevity]

Stock Recommendations

• Prioritize firms gaining from policy support or recovery, such as CHINA ROAD & BRIDGE (CRBC), CHINA ELECTRIC POWER ENGINEERING (CEPE), CHINA MINING ENGINEERING (CMEC), and integrating companies with specific sector exposures.
  </echarts>

Risks (Main Points)

• Notable risks involve real estate credit instability, policy unpredictability, and delayed corporate reforms.