近期出台的金融16条以及5项措施进一步推动市场情绪。最近，一系列的房地产支持政策出台，进一步放宽国内地产企业的融资渠道。在央行和银保监会正式发布金融16条支持房地产融资平稳有序后，有关放开房地产企业股权融资的5项措施也最终出台。我们相信此轮政策的出台，是对于地产行业融资全面放松的强烈信号。
　　预计2023年总施工面积及总竣工面积同比增速将率先回正。我们预计2023年商品房销售额及房地产开发投资仍将分别同比下跌10%及5%，但跌幅将较2022年收窄。此外，我们预计2023年总施工面积及总竣工面积将分别同比增加5%及15%，恢复正增长。
　　建筑工程龙头双重受惠于房地产市场基本面的改善，有巨大的重估空间。我们预计建筑工程龙头的房建业务基本面持续改善，房地产开发业务则因市占提高及低价增加土储，未来两年相关利润将大幅增加。我们认为建筑工程龙头的价值重估空间巨大。
　　我们重点推荐房建及房地产开发业务占比较高的中国铁建(01186 HK)，以及总竣工面积增速预计回正的主要受益者中国建筑兴业(00830 HK)。我们给予中国铁建(01186 HK)的目标价为8.10港元，对应3.5倍/ 3.1倍/ 2.8倍的2022/ 2023/ 2024年预期市盈率，投资评级为“买入”；给予中国建筑兴业(00830 HK)的目标价为2.66港元，对应14.1倍/ 9.9倍/ 7.0倍的2022/ 2023/ 2024年预期市盈率，投资评级为“买入”。重申行业投资评级为“跑赢大市。

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85225092616garywonggtjascomhk9December2022TableMainInfoLeadingConstructionEngineeringCompaniesWith行Property-RelatedBusinessHaveStrongPotentialforRevaluation涉房建筑工程龙头重估空间巨大业报Recent16-pointand5-pointrescueplansfurtherboostmarketsentimentRecentlyaslewofsupportivepolicieshavebeenintroducedtoRatingTableInvestInfoOutperform告MaintainedSectorReportfurtherexpandfundingchannelsforChinesedevelopersAfterthePBoCandCBIRCofficiallyannouncedthe16-pointrescueplantostabilizeproperty评级跑赢大市维持financingthe5-pointrescueplanofreopeningequityfinancingchannelsfordevelopersfinallycameoutWethinkthisroundofsupportivepoliciesisa2strongsignalofall-roundfundeasingfordevelopersInfrastructureandpropertydevelopmentinvestmentYoYchangeWeexpectthattheYoYgrowthratesofGFAofconstructioninprogress基建投资及房地产开发投资同比变动andGFAofcompletionwillbefirsttoreturntopositivein2023We50expectthatin2023residentialpropertysalesandpropertydevelopmentinvestmentwillstillfallby10YoYand5YoYrespectivelybutthedecline40willbenarrowerthanthatin2022InadditionweexpecttheGFAof30constructioninprogressandGFAofcompletionwillincreaseby5YoYand20证15YoYrespectivelyin2023returningtopositivegrowth10告券0Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22ConstructionengineeringleadersdoublebenefitfromtheimprovementOct-17研报ofthefundamentalsoftherealestatemarketthereishugeroomfor-10究究revaluationWeexpectthatthefundamentalsofthehousingconstruction-20ResearchReportbusinessofconstructionengineeringleaderswillcontinuetoimprovewhile-30报研theirprofitsfrompropertydevelopmentbusinessinthenexttwoyearswill-40告券increasesubstantiallyduetoincreaseinmarketshareandincreasedlandInfrastructureInvestmentEquitybankatlowpricesWethinkthereishugeroomforrevaluationPropertyDevelopmentInvestment证SourceNationalBureauofStatisticsofChinaOurtoppicksareChinaRailwayConstruction01186HKwhichhasahighproportionofhousingconstructionandpropertydevelopmentbusinessandChinaStateConstructionDevelopment00830HKSWIIConstructionanddecorationandwhichisamainbeneficiaryofGFAofcompletionexpectedtoreturntoHSIperformancepositivegrowthOurTPforChinaRailwayConstruction01186HKis申万建筑装饰行业指数及恒生指数表现THK810correspondingto35x31x28x202220232024PERthe20ofreturninvestmentratingisBuyOurTPforChinaStateConstructionDevelopmenta00830HKisHK266correspondingto141x99x70x20222023202410b建PERtheinvestmentratingisBuyReiterateindustryratingas0Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22筑lOutperformDec-21-10工e近期出台的金融16条以及5项措施进一步推动市场情绪最近一系列的房地产支持政程策出台进一步放宽国内地产企业的融资渠道在央行和银保监会正式发布金融16条支-20行持房地产融资平稳有序后有关放开房地产企业股权融资的5项措施也最终出台我们相-30业L信此轮政策的出台是对于地产行业融资全面放松的强烈信号e-40预计2023年总施工面积及总竣工面积同比增速将率先回正我们预计2023年商品房销f售额及房地产开发投资仍将分别同比下跌10及5但跌幅将较2022年收窄此外-50tConstructionSectorEngineering我们预计2023年总施工面积及总竣工面积将分别同比增加5及15恢复正增长ShenwanIndustryIndexConstructionDecorationHSIndexM建筑工程龙头双重受惠于房地产市场基本面的改善有巨大的重估空间我们预计建筑工SourceWindBloomberga程龙头的房建业务基本面持续改善房地产开发业务则因市占提高及低价增加土储未来两年相关利润将大幅增加我们认为建筑工程龙头的价值重估空间巨大r我们重点推荐房建及房地产开发业务占比较高的中国铁建以及总竣工面积增g01186HK速预计回正的主要受益者中国建筑兴业00830HK我们给予中国铁建01186HK的目标i价为810港元对应35倍31倍28倍的202220232024年预期市盈率投资评级n为买入给予中国建筑兴业00830HK的目标价为266港元对应141倍99倍70倍的202220232024年预期市盈率投资评级为买入重申行业投资评级为跑赢大市SeethelastpagefordisclaimerPage1of6---signalofallstrongstrongestthechannelsforfinancingpropertyfinallydeveloperscarrowthirdtheNovember28OnNovember11onreportsmediainmentionedahealthythesupporttoplanrescuePBoCandChinaBankingandInsuranceRegulatoryCommissionCBIRCpublishedontheirofficialwebsitesanofficial16developersextendedInvestorsInstitutionalMarketFinancialofAssociationNationalthesupportiveofslewasAofseriesSeTableTableRecent1Construction1loanstodevelopersStabilizingFinancingtoPropertySpropertyprojects14TooptimizeforbanksTo13easetheconcentrationrequirementTemporarilyadjustingthefinancialregulationsonpropertyrelatedloanshomebuyersTo12protectnegotiationon11ToextendhomebuyersmortgageloansProtectdefaultrisks10ToexploremarketmannertoresolvetheTo9supportprojectacquisitionProvidingrisksolutionstotroubleddevelopersresidentialprojectcompletion8Ancillaryfinancingcompletion7Financialsupportensuretoconstructioncompletion6To5ensurestableabondmarket4companiesStable3financingtoconstructionmortgageloanforhomebuyersTo2supporteSpecialloansforconstructionTrustfinancingsupportEthxtensionofdevelopersloanse1lasIntroductionSupportofingKeytpagloanstopropertyindustryhomebuyersrighttheupplylevellevelofenreasonableneedsofthecreditrecordforfootesofofotestheMAfinancingpolicyforrsecondarrowseconddisclaimer-roundfundforeasing-sidesidepoliciessupportfortheforthesupportpropertymarketsincethepolicy930in2014supporttoensurethethelooseningloosening16havebeenintroducedtofurtherexpandfundingchannelsforChinesedevelopersChineseforchannelsfundingexpandfurthertointroducedbeenhave-pointpointwithtotalamountoffinancialaidatRMB250bnRMB250ataidfinancialofamounttotalwithiveectorpoliciesrPlansescueescuendstabledevelopmentofthepropertymarketTheannouncementconfirmspoliciespoliciesconfirmsannouncementThemarketpropertytheofde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