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16.10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）公布2023年1-2月全国固定资产投资统计数据；2）中国人民银行将降低存款准备金率25个基点；3）北京保障房中心与六家银行签署人民币1,800亿元战略合作协议。
　　公司新闻更新：1）远大住工（02163 HK）：发布盈利警告；2）中国建筑兴业（00830 HK）：2022年股东净利同比增长44.5%至4.22亿港元；3）中国建筑国际（03311 HK）：2022年股东净利同比增长17.0%至79.57亿港元。
　　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85225092616garywonggtjascomhk27March2023TableMainInfoBi-WeeklyWrapInfrastructureInvestmentStatisticsforFirstTwo行MonthsWereOutstanding双周报首月基建投资数据表现亮丽业2报InvestmentsuggestionsOurtoppicksarecompaniesbenefitingfromthethemesofrealestatesectorrecoveryandcontinuedpushininfrastructureRatingTableInvestInfoOutperform告MaintainedReportSectorinvestmentespeciallywithmodularintegratedconstructionMiCandbuilding-integratedphotovoltaicsBIPVexposurewhichincludeChinaState评级跑赢大市维持ConstructionInternational03311HKtargetpriceHK1610ratingBuyChinaStateConstructionDevelopment00830HKtargetpriceHK2662ratingBuyReiterateOutperformratingforthesectorSWIIConstructionanddecorationandHSIperformanceSectornewsupdates1AnnouncementofJan-Feb2023Chinafixed申万建筑装饰行业指数及恒生指数表现assetsinvestmentstatistics2thePeoplesBankofChinatoreducethedepositreserveratioby25basispoints3BPHCsignedaRMB180billion10ofreturnstrategiccooperationagreementwithsixbanks50Companynewsupdates1BroadHomes02163HKissuedprofitwarningMar-22Jun-22Sep-22Dec-22Mar-23证2ChinaStateConstructionDevelopment00830HK2022Shareholders-5告netprofitincreased445YoYtoHK422million3ChinaState-10券ConstructionInternational03311HK2022Shareholdersnetprofit-15研报increased170YoYtoHK7957million-20究究-25Risks1GovernmentinfrastructurespendingmaybelowerthanexpectedResearchReport报研2inflationcouldexceedexpectationsandmaycausepolicytightening3-30告worldwidepandemicsituationmightseefluctuation-35券Equity-40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HSIShenwanIndustryIndexConstructionDecoration证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1610港元评级买入及中国建筑兴业00830HK目标价266港元评级买入SourceWindBloomberg重申行业跑赢大市评级行业新闻更新公布年月全国固定资产投资统计数据中国人民银行将120231-22降低存款准备金率25个基点3北京保障房中心与六家银行签署人民币1800亿元战略T合作协议a公司新闻更新1远大住工02163HK发布盈利警告2中国建筑兴业00830HKb2022年股东净利同比增长445至422亿港元3中国建筑国际03311HK2022建筑l年股东净利同比增长170至7957亿港元工e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世程界各地的疫情可能会出现波动行业LeftConstructionSectorEngineeringMarginSeethelastpagefordisclaimerPage1of5forratingOutperformthesectoBuyrating00GroupRailwaystatefrombenefitRoadandBeltthealongopportunitiesnewrecommendHKinvestmentOSe321Figure1FiguretotallyRMBtotallyofamountcooperationChinaintanwithCommunicationsofBankChinaandChinaofChinaBankofAgriculturalBankofBankDevelopmentBankandCommercialIndustrialincludingsixinstitutionswithfinancialagreementcooperationstrategicaPublicBeijing22about76averageweightedreservedepositthereductionthisAfter1ppts10higherthanexpectationYoY55upbillionRMB53577JanIn2023March15SourceropcsarepickstopurSourceSourcee7March20232023March7-100100150200-50th16100050March2023March2023SectorReturnsSectorInevestmentSuggestionvestmentlasWindWind-NationalBureauofStatisticsofChinaofStatisticsofBureauNationalFeb2023ChinaFAIamountedtotoamountedFAIChina2023FebtratingBuyratingpagSteelReturnsbyReturns180billionespeciallywithMiCandBIPVexposureNcompaniesbenefitingfromthethemesofrealestatesectorrecoverycontinuedpushininfrastructureinvestmentinfrastructureinpushcontinuedrecoverysectorestaterealofthemesthefrombenefitingcompanieseewsequipmentElectricalHousingCenterHousingandforatiooffinancialinstitutionsisinstitutionsfinancialofratior-disclaimerengineeringChemicalUAnnouncementof390HKtargetpriceHK760ratingBuyChinaRailwayConstruction01186HKtargetpriceHK810pricetargetHK01186ConstructionRailwayChinaBuyratingHK760pricetargetHK390recoverysectorestaterealofthemesthefrombenefitingcompaniesBPHCThePeoplesofBankChinahnCmuiainCntuto10HagtrcH0rtnAccumulateratingHK520pricetargetHK01800ConstructionCommunicationsChinaChinapdatesCoalReviewRMBsbiotechnologyandectorsofSWIIand300CSISWIIofectorsConstructionBankConstructionPharmaceuticalsignedaasigned0iloeceachbillion30EnvironmentalprotectionEnvironmentalsBPHCChinaStateConstructionDevelopment00830HKtargetpriceHK266ratingBuyratingHK266pricetargetHK00830DevelopmentConstructionStateChinaPetrochemicalsrentionalSocialservicesSocialRMBsignedthePeoplesBankofChinaBankPeoplestheJanTransportation180billion180strategiccooperationbanksagreementwithsix-Feb2023equipmentMechanicalAutothefundstheadvantagesofthesixbankstohelptheconstructionofpublichousingcooperthesigningthataddedShefinancialtechnologypublicofferingREITsandotheraspectsandimprovementofoperationalefficiencybyeachbankbasedonbusinessesitsownadvantagesotherandagreementinvestmentbondsfinancingtraditionalMstoAccordingamaintainandeconomyrealtheservingofreasonableandsufficientliquidityinbankingthesystemleveltheofimprovecombinationgoodpoliciesamakemacroquantitytheofgrowthreasonabletheandeconomytoisratioreservedepositinreductionTheTexpectedtheJantransportstorageandpostenvironmentJantPoreducetheoreservedepositbyratiopointsbasis25hereductioniseffectivestarting27March2023AircraftpartsAircraftwhichwhich--FebFebdChinautilitiesPublicuringtheuring2023Agricultureinclude2023alsoBeijingDailyBeijing-andpublicfacilitiesmanagementinvestmentgrowth98wasratewhilef85declinematerialConstructionixedassetsinvestmentstatisticsixed-includesinternalfundmanagementoptimizationoffinancialallocationprop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