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15.86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）印发《数字中国建设整体布局规划》；2）公布2023年政府工作报告。
　　公司新闻更新：中国交建（01800 HK）召开2023年投资工作部署会议。
　　风险：1）政府基础设施支出可能低于预期；2）通胀可能超预期并导致政策收紧；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85225092616garywonggtjascomhk13March2023TableMainInfoBi-WeeklyWrapStabilizeInvestmenttoStabilizetheEconomy行RemainstheMainThemeofEconomicDevelopmentin2023双周报以稳投资促稳经济仍将是年的经济发展主调业2023Report报InvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureRatingTableInvestInfoOutperform告MaintainedSectorinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaState评级跑赢大市维持ConstructionInternational03311HKtargetpriceHK1586ratingBuyChinaStateConstructionDevelopment00830HKtargetpriceHK2662ratingBuyReiterateOutperformratingforthesectorSWIIConstructionanddecorationandHSIperformanceSectornewsupdates1IssuanceofOverallLayoutPlanforthe申万建筑装饰行业指数及恒生指数表现ConstructionofDigitalChina2Announcementofthe2023GovernmentofreturnWorkReport105CompanynewsupdatesChinaCommunicationsConstruction018000HKheldits2023investmentworkdeploymentmeetingMar-22Jun-22Sep-22Dec-22Mar-23证-5告Risks1Governmentinfrastructurespendingmaybelowerthanexpected券2inflationcouldexceedexpectationsandmaycausepolicytightening3-10报研-15worldwidepandemicsituationmightseefluctuation究究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-20ResearchReport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目标价报研-251586港元评级买入及中国建筑兴业00830HK目标价266港元评级买入告-30券重申行业跑赢大市评级Equity-35HangSengIndex证行业新闻更新1印发数字中国建设整体布局规划2公布2023年政府工作报告ShenwanIndustryIndexConstructionDecoration公司新闻更新中国交建01800HK召开2023年投资工作部署会议SourceWindBloomberg风险1政府基础设施支出可能低于预期2通胀可能超预期并导致政策收紧3世界各地的疫情可能会出现波动Tab建筑l工e程行业LeftConstructionSectorEngineeringMarginSeethelastpagefordisclaimerPage1of5forratingOutperformthesectoBuyrating00GroupRailwaystatefrombenefitRoadandBeltthealongopportunitiesnewrecommendHKinvestmentOSe321Figure1FigureupandupvopeningandreformdeepencomprehensivelysecurityanddevelopmentcoordinatebetteranddevelopmentsocialandeconomicandpreventioncontrolepidemiccoordinatebetterhighpromotingonfocusprogressseekingofsprinciplegeneralthetoadheremodernizationTo5drivemethodstodigitalizationandlivingproductioninchangesusedeepandtheeconomypromoteofintegrationconstructiondigitalChinaofcoordinationandsystematizationTo28SourceropcsarepickstopurSourceSourcee-100March-80-60-40-2000204060th1586FebruarySectorReturnsSectorInopeesvlipoehintegritytheimproveComprehensivelyevestmentSuggestionvestmentlasWindWindCSRCtldyrmtChinesepromoteolidlyigorouslyboostmarketconfidenceAutoratingBuyrating2023pagReturnsbyReturnsespeciallywithMiCandBIPVexposureNcompaniesbenefitingfromthethemesofrealestatesectorrecoverycontinuedpushininfrastructureinvestmentinfrastructureinpushcontinuedrecoverysectorestaterealofthemesthefrombenefitingcompaniesmanufacturingeewsSASAC2023industrialLightandtheformaterialConstructiondisclaimerAnnouncementofU390HKtargetpriceHK760ratingBuyChinaRailwayConstruction01186HKtargetpriceHK810pricetargetHK01186ConstructionRailwayChinaBuyratingHK760pricetargetHK390recoverysectorestaterealofthemesthefrombenefitingcompaniesiiaeooynrealandeconomydigitalwhilemaintainingstabilitymaintainingwhilehnCmuiainCntuto10HagtrcH0rtnAccumulateratingHK520pricetargetHK01800ConstructionCommunicationsChinapdatesGuotaiJunanGuotaiJunanappliancesHouseholdReviewIssuanceof-sultdevelopmentqualityRetailandectorsofSWIIand300CSISWIIofectorsNonferrousmetalsNonferroussChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyratingHK266pricetargetHK00830DevelopmentConstructionStateChinaInternationalgovernanceAgricultureOverallLayoutDigitalofConstructionforthePlanrPropertythe-styleCoal2023GovernmentReportWorkNonbankNonConglomeratehousingneedsandsolvehousingtheproblemsofnewcitizensandyoungpeopleStrengthenhousingconstructionsecurityoftheimprovethesystemandsupportrigidStrengthentheconstructionofurbanandruralenvironmentalinfrastructurecorethecompetitivenessofstatestateofreformtheDeepenimplementationofmajorprojectsduring14ththeFivePtoGDPcapitalcaneffectivelyparticipateainChinadigitalbuilandofmannerconstructionstandardizedtheinparticipatetocapitalguideandencouragefundsvariousguidanceofoverallsupportstrengthenthefundingofwaytheInnovatecentersdatageneraloflayoutsupercomputingcentersechelonrationaltheguidesandwesttheandeastthebetweenpowercomputingoflinkagecollaborativeandcomplementarityefficientSystematicallylthevigorousandThingsofInternetmobiletheofdevelopmentcomprehensivelargethepromotefurtherandnetworks5GofconstructioncoordinatedtheAcceleratePlanChemicalengineeringChemicalwhichwhichargeoarrangetodFoodbeverageFooduringtheuringincrease-scaleapplicationofBeidouNavigationSatelliteSystemElectricalequipmentElectricalincludeSteel-piieteaotfoptnpwrnrsrcuepromotesinfrastructurepowercomputingoflayouttheoptimizesownedenterprisereformandlowvaluationlowandreformenterpriseownedRMBbyabout5MechanicalequipmentMechanicaltChinaStateConstructionInternational03311HKtargetpricewowotrillion38Apparelwintelligentcomputingcentersandedgedatacenterseeksof27eeksofFeb202312to-300CSIcldpomnadplctooIvrmtthepromote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