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：在2022年12月29日举行的全国财政工作视频会议上，财政部部长刘昆表示，2023年将实施积极的财政政策，要完善税费支持政策，着力纾解企业困难；要加强财政资源统筹，适度扩大财政支出规模；将发挥财政稳投资促消费作用，着力扩大国内需求。
　　公司新闻更新：中国铁建（01186 HK）公布中标重大项目。
　　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。

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportConstructionEngineeringSectorGaryWong黄家玮行业报告建筑工程行业85225092616garywonggtjascomhk30December2022TableMainInfoBi-WeeklyWrapTheOutlookofMomentumofInfrastructure行Investmentin2023isStillSufficient双周报展望年基建投资动力仍足业2023报InvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoverycontinuedpushininfrastructureRatingTableInvestInfoOutperform告MaintainedSectorReportinvestmentnewopportunitiesalongtheBeltandRoadbenefitfromstate-ownedenterprisereformandwithlowvaluationourtoppicksareChina评级跑赢大市维持RailwayGroup00390HKtargetpriceHK760ratingBuyChinaRailwayConstruction01186HKtargetpriceHK810ratingBuyand2ChinaCommunicationsConstruction01800HKtargetpriceHK520ratingSWIIConstructionanddecorationandAccumulateReiterateOutperformratingforthesectorHSIperformance申万建筑装饰行业指数及恒生指数表现SectornewsupdatesAtthenationalfinanceworkvideoconferencehostedon29thDecember2022MrLiuKunMinisterofMinistryofFinancestatedthataproactivefiscalpolicywillbeimplementedin2023TaxandfeesupportpoliciesmustbeimprovedandeffortsshouldbemadetoalleviatethedifficultiesofenterprisesFinancialresourcecoordinationmustbe证strengthenedandthescaleoffiscalexpendituresshallbeappropriately告券expandedThegovernmentwillgivefullplaytotheroleoffiscalpoliciesin研报stabilizinginvestmentandpromotingconsumptionandstrivetoexpanddomesticdemand究究ResearchReportCompanynewsupdatesChinaRailwayConstruction01186HK报研announcedwinningthebidofamajorproject告券EquityRisks1Governmentinfrastructurespendingmaybelowerthanexpected证2possibleinflationexceedingexpectationsmaycausepolicytightening3worldwideepidemicsituationmightseefluctuationSourceWindBloomberg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00390HK目标价760港元评级买入中国铁建01186HK目标价810港元评级买入及中交建01800HK目标价520港元评级收集重申行业跑赢大市评级Ta行业新闻更新在2022年12月29日举行的全国财政工作视频会议上财政部部长刘昆表示2023年将实施积极的财政政策要完善税费支持政策着力纾解企业困难要加b建强财政资源统筹适度扩大财政支出规模将发挥财政稳投资促消费作用着力扩大国内筑l需求工e公司新闻更新中国铁建01186HK公布中标重大项目程行风险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业L世界各地的疫情可能会出现波动eftConstructionSectorEngineeringMarginSeethelastpagefordisclaimerPage1of5AccumulateratingConstructioninvestmentrofthemesthefrombenefitingcompaniesrecommendalsopricearepicksinvestmentnewopportunitiesalongtheBeltandRoadbenefitfromstateOSe321SourceSourceFigure1Figurebeimplemented2023inproactivestatedathatfiscalpolicywillMrnationaltheAt29andbasicconsolidationthestabilizationiswithinareasonableeconomicrangeandofeconomyoperationthestabilizingeffectivebeenhasthebydeployedmeasuresandpoliciesofpackageA20December2022economicstrategicsupportstateofroletheplaybetterbiggerandstateworldofenterpriseconstructiontheaccelerateisitthatemphasizedCommissionAdministrationanddirectoroftheState19PartyDecemberonStateCommissiontheAdministrationtheandofSupervisionofmeetingenlargedCommitteetheAt1Sourceure9December92022thDecember2022SectorSectorReturnsSectorIopcsrcmaiseeiigrmhteeorofthemesthefrombenefitingcompaniesarepickstopnLiuKunMinisterofofMinisterKunLiuHK810e-weetrrsstogrbteandbetterstrongerenterprisesownedtheStateCouncilthetheCouncilStatethevestmentSuggestionvestmentlasExecutivemeetingExecutiveWindWindtChinaRailwayGroupGroupRailwayChinaspagmkstatemakeReturnsbyReturnsNhcarewhicheesrtcomprehensivelytonecessaryDevelopmenteewsratingBuyandChinaCommunicationsConstrufinancefordisclaimerMrU-ownedAssetsSupervisionpdatesinNationalfinancevideoworkconferenceExEnlargedmeetingofthePartyCommitteeoftheSASACReviewReiterateOutperformratingReiterateOutperformforthesectorworkvideoconferencevideoworkegimndeputyJiemingWengdoecutivemeetingtheofStatehnSaeConstructioStateChinaMinistryofFinanceofChinaofofFinanceMinistrys-MinistryofofMinistrywecptlandcapitalownedoftheStateCouncilStatetheofectorsofSWIIand300CSISWIIofectorsing-BuyratingHK266pricetargetHK00830weAssetsownedgojbinjobgooda00390HK00390Finance-owned-classclasstargetpricetargettheItrainl031KtrepieK10rtnBuyratingHK1420pricetargetHK03311InternationalnandwillgovernmentTheexpendituresshallbeFdifficultiestheenterprisesofTguaranteeddeliverybuildingsofandrealestatefinancingiToconditionsinwtransformationtoformmorephysicalworkloadsandprojectsthatmeettheconstructionpTostabilizingtheeconomytofilliformeasuresandpoliciesofpackageaofimplementationtheforcalledmeetingThethedeploymentofemergingofindustriesadjustmentstructuralacceleratedtheandandindustriestraditionalofupgradingandtransformationthepromoteoptimizationtheupspeedstatetonecessaryisItoriginalofsourcetechnologicalatechnologyandcontinuouslyimprovecorethecreatecompetitivenessandofenterpresearchscientifictechnologyofcoreintensitykeystrengthentheinnovationincreaseeffectivelytonecessaryisItcompetitivenessofstatethreestatedeepeningtonecessaryisItSASACPnnileorecoordresourceinancialaxandsupportfeepoliciesmustbeimprovedandeffortsshouldbealleviatetomadeCouncilpromotingmpl--dweeooysrvtbidlncanfoennutilhisandchainsindustrialmodernofchainlongabuildtostriveeconomyownedromotetheconstructionofmajorprojectsandequipmentrenewalandandrenewalequipmentandprojectsmajorofconstructiontheromoteyearactionofdeepeningstatedeepeningofactionyearuring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