投资建议：我们的首选股为受惠于地产回暖、基建投资持续发力主题的公司，尤其是具备组装合成法及光伏建筑一体化工程能力的公司，包括中国建筑国际（03311 HK，目标价14.20港元，评级“买入”）及中国建筑兴业（00830 HK，目标价2.66港元，评级“买入”）。重申行业“跑赢大市”评级。
　　行业新闻更新：1)公告2022年1-12月中国固定资产投资统计数据；2)发改委2023年1月新闻发布会。
　　公司新闻更新：1）中国中铁（00390 HK）：2022年新签合同同比增长11.1%至人民币30,324亿元；2）中建兴业（00830 HK）：2022年股东净利润同比增长不低于40%；3)中国铁建（01186 HK）：2022年新签合同同比增长15.1%至人民币32,450亿元。
　　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85225092616garywonggtjascomhk31January2023TableMainInfoBi-WeeklyWrapWeExpectInfrastructureInvestmenttoMaintain行RelativelyFastGrowthin2023双周报我们预计基建投资在年仍将维持较快增长业2023报InvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureRatingTableInvestInfoOutperform告MaintainedSectorReportinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaState评级跑赢大市维持ConstructionInternational03311HKtargetpriceHK1420ratingBuyandChinaStateConstructionDevelopment00830HKtargetprice2HK266ratingBuyReiterateOutperformratingforthesectorSWIIConstructionanddecorationandHSIperformanceSectornewsupdates1AnnouncementofJan-Dec2022Chinafixed申万建筑装饰行业指数及恒生指数表现assetinvestmentstatistics2NDRCJanuary2023pressconference20ofreturnCompanynewsupdates1ChinaRailwayGroup00390HK2022new10contractsincreased111YoYtoRMB30324billion2CSCDevelopment00830HK2022shareholdersnetprofitincreasednotlessthan400证Jan-22Apr-22Jul-22Oct-22Jan-23YoY3ChinaRailwayConstruction01186HK2022newcontracts告券increased151YoYtoRMB32450billion-10研报Risks1Governmentinfrastructurespendingmaybelowerthanexpected-20究究2Inflationcouldexceedexpectationsandmaycausepolicytightening3ResearchReportworldwidepandemicsituationmightseefluctuation-30报研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主题的公司尤其是具备告-40券HangSengIndex组装合成法及光伏建筑一体化工程能力的公司包括中国建筑国际03311HK目标价EquityShenwanIndustryIndexConstructionDecoration证1420港元评级买入及中国建筑兴业00830HK目标价266港元评级买入重申行业跑赢大市评级SourceWindBloomberg行业新闻更新1公告2022年1-12月中国固定资产投资统计数据2发改委2023年1月新闻发布会公司新闻更新1中国中铁00390HK2022年新签合同同比增长111至人民币T30324亿元2中建兴业00830HK2022年股东净利润同比增长不低于403a中国铁建01186HK2022年新签合同同比增长151至人民币32450亿元b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建筑l世界各地的疫情可能会出现波动工e程行业LeftConstructionSectorEngineeringMarginSeethelastpagefordisclaimerPage1of5targetHK02163priceHomesHK850BuyratingHK81000GroupRailwayChinastatefrombenefitRoadandBeltthealongopportunitiesnewcompaniesrecommendBuyratingHK1420investmentOSe321SourceSourceFigure1FigureinexpandingineffectiveinvestmentandeconomysubsequthestabilizingforpoliciesofToaccelerate18higherRMBJan17SourceurethJanuary2023JSectorSectorReturnsSectorIopcsrcompaniesarepickstopn-a00102030405060708090e7238ilop51upbillion572138Decnuary2023thevestmentSuggestionvestmentlasthanexpectationWindWindentpoliciesandactivelydo2022ChinaFAIamountedtotoamountedFAIChina2022tNDRCpagAutobyReturnsespeciallywithMiCandBIPVexposureNeewsthefomanufacturingindustrialLightNationalNationalrimplementationdisclaimerUPropertyNDRCJanuary2023pressconferenceAnnouncementofpdatesReviewBureauofStatisticsofChinaofStatisticsofBureauutilitiesPublicsChinaCommunicationsConstruction01800HKtargetpriceHK520ratingAccumulateratingHK520pricetargetHK01800ConstructionCommunicationsChinabenefitingfromthethemesofrealestatesectorrecoverycontinuedpushininfrastructureinvestmentinfrastructureinpushcontinuedrecoverysectorestaterealofthemesthefrombenefitingandectorsofSWIIand300CSISWIIofectorsBanking9HagtrcH0rtnuhnRiwyosrcin016KtrepricetargetHK01186ConstructionRailwayChinaBuyratingHK760pricetargetHK390YoYApparelChineeiigrmhteeoraettscorecoverysectorestaterealofthemesthefrombenefitingofofbeverageFoodagoodjobpackageaaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyratingHK266pricetargetHK00830DevelopmentConstructionStatea01JservicesSocialanppts-CoalDec2022ChinaratingratingAccumulateRetailGuotaiJunanJunanGuotaiMediaofofmanufacturinginvestmentpolicyofbondspecialgovernmentlocalofuseandissuancepreparationtheinjobgoodadoactivelybudgetcentralthewithinstructurethatsaidalsoLuoMrlevelinvestmentofallaninenvironmentinvestmentandreservescombinationstocontinuouslyimpgive2investmenteffectiveshould1iNDRCCommissionReformandDevelopmentMrhigherthanJanpostwasrategrowthinvestmentmanagementfacilitiestheJanPConglomerateprojectsusingwhichwhichLuoGuoLuo89investmentgrowthinJaningrowthinvestment89---DecinvestmentgrowthratewasDecd-protectionEnvironmentalbaseddevelopmenturingtheuringInternationalfixedassetinvestmentstatisticsequipmentElectricaldentifythe2022include2022expectation-sandirectoroftheofdirectorsanAgriculture-ownedenterprisereformandwithlowvaluationourtoppicksarepickstopourvaluationlowwithandreformenterpriseownedogojbnhprtheinjobgoodadoReiterateOutperformratingReiteratefortheOutperformsectoroverallinfrastructureinvestmentgrowthwasrpryeeomnivsmngotrtwasrategrowthinvestmentdevelopmentpropertyspecialTelecommunicationtChinaStateConstructionInternational03311HKtargetpricewowowTransportationaystosimultaneouslypromotewtseesrtfrhrpiienajsteinvestmetheadjustandoptimizefurthertonecessaryisItbondeeksof16eeksofJan202329todecorationConstructionfinancialinstrumentprojectsandsHealsosaidConstructionmaterialConstructionullyohrlovrosnetetpolicyinvestmentvariousofrolethetoplayfullDepartmentofFixedAssetInvestmentAssetFixedDepartmentofroveinvestmentefficiency3s91-onwynipoetheimproveandwayroundappliancesHouseholdTablePageHeader-bothwerelinewithine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