国务院于近日印发《质量强国建设纲要》（“纲要”)，提出到2025年制造业产品质量合格率达到94%，工程质量抽查符合率不断提高。与建筑工程行业相关的要求包括: 1)提高建筑材料质量水平。加快高强度高耐久、可循环利用、绿色环保等新型建材研发与应用。2)鼓励企业建立装配式建筑部品部件生产、施工、安装全生命周期质量控制体系，推行装配式建筑部品部件驻厂监造。3)开展住宅、公共建筑等重点领域建材专项整治，促进从生产到施工全链条的建材行业质量提升。4)加快建筑信息模型等数字化技术研发和集成应用。5)大力发展绿色建筑，深入推进可再生能源、资源建筑应用，实现工程建设全过程低碳环保、节能减排。6)推动工程建设领域优质化、品牌化发展等。
　　我们认为纲要对建筑工程的影响主要体现为: 1)对建筑材料及工程质量的要求将上升至新的高度。2)加快建筑工程行业的信息化及数字化转型。3)对低碳环保、节能减排的建筑材料及工艺将会大力支持。这些影响与装配式建筑法的优点紧密结合。因此，我们认为未来装配式建筑法从政府层面到市场层面都必将被大力推广。此外，装配式建筑法对资本及工艺的要求远高于传统工艺，对大型企业有利，加上政府大力推动工程建设领域品牌化发展，我们认为这将导致市场洗牌，行业集中度的提高将加快。
　　我们的首选股为中国建筑国际(03311 HK，目标价14.20港元，评级“买入”)。中国建筑国际旗下的全资附属公司中建海龙科技是中国最大的装配式建筑企业之一，是集研发、设计、生产、模块化建筑总承包及检测为一体的建筑工业化综合服务商。目前已累计完成268个装配式项目，类型涵盖住宅、酒店、写字楼、医院、学校、桥梁、隧道、地铁等，将深度受惠于装配式建筑行业的加速发展。此外，我们认为远大住工(02163 HK，目标价8.50港元，评级“收集”)作为中国最大的装配式水泥构件生产商亦将是主要的受益者。
　　风险提示：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EquityFlashTableBasicInfoNoteConstructionEngineeringSectorGaryWong黄家玮快讯建筑工程行业85225092616garywonggtjascomhk8February2023TableMainInfoTheOutlineforBuildingaQualityPowerfulCountryWillAcceleratetheDevelopmentofPrefabricatedConstruction快质量强国建设纲要将加快装配式建筑的发展讯TheStateCouncilrecentlyissuedtheOutlineforBuildingaQualityPowerfulCountrytheOutlineFlashNoteproposingthatby2025thequalitypassrateofmanufacturingproductswillreach94andthepassrateofengineeringprojectsqualityspotcheckswillcontinuetoincreaseRequirementsrelatedtotheconstructionengineeringindustryinclude1ImprovethequalitylevelofconstructionmaterialsAcceleratethedevelopmentandapplicationofnewbuildingmaterialssuchashighstrengthhighdurabilityrecyclabilityandgreenenvironmentalprotection2Encourageenterprisestoestablishaqualitycontrolsystemfortheentirelifecycleofproductionconstructionandinstallationofprefabricatedbuildingpartsandimplementon-sitesupervisionofprefabricatedbuildingparts3Carryoutspecialrectificationofbuildingmaterialsinkeyareassuchasresidentialhousingandpublicbuildingsandpromotethequalityimprovementofthebuildingmaterialsindustryfromproductiontoconstruction4AcceleratetheresearchanddevelopmentandintegratedapplicationofdigitaltechnologiessuchasbuildinginformationmodellingBIM5Vigorouslydevelopgreenbuildingsfurtherpromote证theapplicationofrenewableenergyandresourcesconstructionmethodsandrealizelow-carbonenvironmental券protectionenergyconservationandemissionsreductioninthewholeprocessofprojectconstruction6Promotehigh-qualityandbranddevelopmentinthefieldofengineeringconstruction研究WethinkthattheimpactoftheOutlineonconstructionprojectsismainlyreflectedin1Therequirementsofhighqualityforconstructionmaterialsandprojectswillrisetonewheights2AcceleratetheinformatizationanddigitalResearchReport报transformationoftheconstructionengineeringindustry3Strongsupportwillbegiventolow-carbon告environmentallyfriendlyenergy-savingandemissions-reducingbuildingmaterialsandtechniquesTheseareEquitycloselycombinedwiththeadvantagesoftheprefabricatedconstructionmethodThereforewethinkthattheprefabricatedconstructionmethodwillbevigorouslypromotedfromthegovernmentleveltothemarketlevelinthefutureInadditiontheprefabricatedconstructionmethodhasmuchhighercapitaland证券研究报告craftsmanshiprequirementthantraditionalmethodswhichisbeneficialtolargeenterprisesMoreoverthegovernmentisvigorouslypromotingthedevelopmentofbrandinginthefieldofconstructionengineeringWethinkthatareshuffleoftheindustrywillbetriggeredandmarketconcentrationwillTaccelerateaOurtoppickisChinaStateConstructionInternational03311HKtargetpriceHK1420ratingBuyb建ChinaStateConstructionInternationalswholly-ownedsubsidiaryChinaStateConstructionHailongTechnologyis筑loneofthelargestprefabricatedconstructioncompaniesinChinaandisanintegratedindustrializedconstruction工eserviceproviderinvolvedinbusinessesofresearchanddevelopmentdesignproductionmodularbuilding程generalcontractingandtestingAtotalof268prefabricatedprojectshavebeencompletedsofarcovering行residentialbuildingshotelsofficebuildingshospitalsschoolsbridgestunnelssubwaysetcwhichwilldeeplyL业benefitfromtheaccelerateddevelopmentoftheprefabricatedconstructionindustryInadditionwethinkthateBroadHomes02163HKtargetpriceHK850ratingAccumulateasChinaslargestmanufactureroffprefabricatedcementproductswillalsobeamajorbeneficiarytConstructionSectorEngineeringRiskwarning1Governmentinfrastructurespendingmaybelowerthanexpected2possibleinflationMexceedingexpectationsmaycausepolicytightening3worldwidepandemicsituationmightseefluctuationarginSeethelastpagefordisclaimerPage1of3Seethelastpagefo风险提示产商亦将是主要的受益者筑行业的加速发展此外我们认为远大住工前已累计完成技是中国最大的装配式建筑企业之一我们的首选股为中国建筑国际对大型企业有利们认为未来装配式建筑法从政府层面到市场层面都必将被大力推广此外装配式建筑法对资本及工艺的要求远高于传统工艺及数字化转型我们认为纲要对建筑工程的影响主要体现为排字化技术研发和集成应用造研发与应用不断提高国务院于近日印发质量强国建设纲要rdisclaimerPagePagedisclaimer36开展住宅公共建筑等重点领域建材专项整治促进从生产到施工全链条的建材行业质量提升推动工程建设领域优质化1与建筑工程行业相关的要求包括政府基础设施支出可能低于预期2268鼓励企业建立装配式建筑部品部件生产施工安装全生命周期质量控制体系推行装配式建筑部品部件驻厂监3加上政府大力推动工程建设领域品牌化发展对低碳环保节能减排的建筑材料及工艺将会大力支持这些影响与装配式建筑法的优点紧密结合个装配式项目类型涵盖住宅酒店写字楼医院学校桥梁隧道地铁等将深度受惠于装配式建5大力发展绿色建筑深入推进可再生能源资源建筑应用实现工程建设全过程低碳环保节能减31HK03311品牌化发展等是集研发设计生产模块化建筑总承包P目标价11纲要02163HK提高建筑材料质量水平加快高强度高耐久可循环利用绿色环保等新型建材对建筑材料及工程质量的要求将上升至新的高度2可能超预期的通胀或导致政策收紧1420提出到目标价港元评级买入2025我们认为这将导致市场洗牌850年制造业产品质量合格率达到港元评级收集TablePageHeader中国及检测为一体的建筑工业化综合服务商目建筑国际3世界各地的疫情可能会出现波动行业集中度作为中国最大的装配式水泥构件生旗下的全资附属2osrcinniernSectorEngineeringConstruction94加快建筑工程4工程质量抽查符合率加快建筑信息模型等数的提高公司将行业加中建海龙科快的信息化因此我2ofof3n2rgiMae1nigraMelbaTFlashNoteConstructionEngineeringSector建筑工程行业8February2023SeeWebsitewwwgtjacomhTel852250927FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongResearchThisReportnotisdirectedorintendedatdistributionfortoorbyanyusepersonorentitywhoaiscitizenorThougheffortbestbeenhasemadetoAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwbysecuritiesforsubscribeorpurchaseacquiretoofferorinvitationanconstitutenotdoesReportResearchThisDISCLAIMERsubjectGuotaiJunanandgroupitscompaniesanytoregistrationorlicensingrequirementwithinsuchjurisdiction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