每經AI快訊，中國銀河03月07日發布研報稱：給予建筑推薦（維持）評級。

堅(jian)持穩(wen)字(zi)當頭(tou)，基(ji)(ji)建(jian)依然是(shi)經(jing)(jing)(jing)濟(ji)(ji)穩(wen)增(zeng)長的重要(yao)抓(zhua)手(shou)：根據(ju)政(zheng)(zheng)(zheng)府(fu)(fu)工(gong)作報(bao)告，我(wo)國今年(nian)發展目標是(shi)國內(nei)生產總(zong)值增(zeng)長5%左右(you)，要(yao)堅(jian)持穩(wen)字(zi)當頭(tou)、穩(wen)中求(qiu)進，保持政(zheng)(zheng)(zheng)策連續(xu)性(xing)(xing)針對(dui)性(xing)(xing)，加強各(ge)類政(zheng)(zheng)(zheng)策協調(diao)配(pei)合，形成(cheng)共(gong)促高質量(liang)發展合力。2023年(nian)，我(wo)國面臨較(jiao)為復(fu)雜的內(nei)外(wai)部形勢(shi)：外(wai)部環境(jing)不確定性(xing)(xing)加大，全球通脹仍處于高位(wei)，世界經(jing)(jing)(jing)濟(ji)(ji)和貿易增(zeng)長動能(neng)減(jian)弱(ruo)，外(wai)部打壓(ya)遏(e)制(zhi)不斷上升；國內(nei)經(jing)(jing)(jing)濟(ji)(ji)增(zeng)長企穩(wen)向上基(ji)(ji)礎(chu)尚需鞏固，防(fang)災減(jian)災等城鄉基(ji)(ji)礎(chu)設施仍有明顯薄弱(ruo)環節。今年(nian)基(ji)(ji)建(jian)依然是(shi)經(jing)(jing)(jing)濟(ji)(ji)穩(wen)增(zeng)長的重要(yao)抓(zhua)手(shou)，根據(ju)政(zheng)(zheng)(zheng)府(fu)(fu)工(gong)作報(bao)告，擬(ni)安(an)排地方政(zheng)(zheng)(zheng)府(fu)(fu)專項(xiang)債券3.8萬億元，加快實(shi)施“十四五”重大工(gong)程(cheng)，實(shi)施城市更新行(xing)動，基(ji)(ji)建(jian)工(gong)程(cheng)落(luo)地項(xiang)目數量(liang)有望進一(yi)步(bu)提(ti)升。

新一(yi)輪(lun)國(guo)(guo)(guo)(guo)企(qi)(qi)改(gai)革即將開局，建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)央(yang)(yang)企(qi)(qi)估值(zhi)(zhi)有(you)望修(xiu)復：根據政府工(gong)作(zuo)報告，今年(nian)(nian)的(de)重(zhong)點工(gong)作(zuo)之一(yi)是(shi)深化國(guo)(guo)(guo)(guo)資國(guo)(guo)(guo)(guo)企(qi)(qi)改(gai)革，提(ti)高(gao)國(guo)(guo)(guo)(guo)企(qi)(qi)核心競爭力，鼓勵支持民營(ying)(ying)經濟(ji)和(he)民營(ying)(ying)企(qi)(qi)業(ye)(ye)發展(zhan)壯大(da)。國(guo)(guo)(guo)(guo)有(you)企(qi)(qi)業(ye)(ye)在(zai)(zai)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)上市(shi)(shi)公司(si)中(zhong)(zhong)(zhong)(zhong)所(suo)占的(de)比(bi)重(zhong)相(xiang)當高(gao)，國(guo)(guo)(guo)(guo)企(qi)(qi)改(gai)革對建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)行(xing)(xing)(xing)業(ye)(ye)影響深遠(yuan)。截至2023年(nian)(nian)3月(yue)7日(ri)，在(zai)(zai)163家(jia)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)行(xing)(xing)(xing)業(ye)(ye)上市(shi)(shi)企(qi)(qi)業(ye)(ye)中(zhong)(zhong)(zhong)(zhong)共有(you)21家(jia)央(yang)(yang)企(qi)(qi)和(he)48家(jia)地(di)方國(guo)(guo)(guo)(guo)有(you)企(qi)(qi)業(ye)(ye)，央(yang)(yang)企(qi)(qi)和(he)地(di)方國(guo)(guo)(guo)(guo)企(qi)(qi)2021年(nian)(nian)營(ying)(ying)業(ye)(ye)收入占比(bi)約為(wei)(wei)(wei)96.13%；從市(shi)(shi)占率(lv)來看，八大(da)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)央(yang)(yang)企(qi)(qi)新簽訂(ding)單市(shi)(shi)場(chang)占有(you)率(lv)從2013年(nian)(nian)的(de)24.38%提(ti)升至2022年(nian)(nian)的(de)40.99%。2023年(nian)(nian)1月(yue)5日(ri)，國(guo)(guo)(guo)(guo)務院(yuan)國(guo)(guo)(guo)(guo)資委召開的(de)中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)企(qi)(qi)業(ye)(ye)負責人會議指出，2023年(nian)(nian)要乘勢而上組織開展(zhan)新一(yi)輪(lun)國(guo)(guo)(guo)(guo)企(qi)(qi)改(gai)革深化提(ti)升行(xing)(xing)(xing)動(dong)，要制定節能(neng)環保、建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)施工(gong)等(deng)重(zhong)點行(xing)(xing)(xing)業(ye)(ye)領(ling)域的(de)布局結構調整指引(yin)。截至3月(yue)7日(ri)，建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)指數動(dong)態(tai)PE為(wei)(wei)(wei)11.58倍，在(zai)(zai)過去10年(nian)(nian)的(de)歷(li)史分位點為(wei)(wei)(wei)60.53%，PB為(wei)(wei)(wei)1.02倍，在(zai)(zai)過去10年(nian)(nian)的(de)歷(li)史分位點為(wei)(wei)(wei)36.55%，中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)特色估值(zhi)(zhi)體系(xi)的(de)構建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)的(de)背景下，建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)行(xing)(xing)(xing)業(ye)(ye)估值(zhi)(zhi)有(you)望上修(xiu)。推(tui)薦(jian)基(ji)(ji)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)和(he)房(fang)(fang)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)等(deng)投(tou)資機(ji)會。基(ji)(ji)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)是(shi)穩增長(chang)抓手，房(fang)(fang)企(qi)(qi)再(zai)融資重(zhong)啟有(you)望改(gai)善房(fang)(fang)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)回款，推(tui)薦(jian)基(ji)(ji)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)和(he)房(fang)(fang)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)等(deng)投(tou)資機(ji)會。推(tui)薦(jian)中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)鐵(tie)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)（601186.SH）、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)筑(zhu)(zhu)(601668.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)中(zhong)(zhong)(zhong)(zhong)鐵(tie)(601390.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)交建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)(601800.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)電建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)(601669.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)能(neng)建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)(601868.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)中(zhong)(zhong)(zhong)(zhong)冶(601618.SH)、中(zhong)(zhong)(zhong)(zhong)國(guo)(guo)(guo)(guo)化學（601117.SH）等(deng)。建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)議關注上海建(jian)(jian)(jian)(jian)(jian)(jian)(jian)(jian)工(gong)(600170.SH)、隧道(dao)股(gu)份(fen)(600820.SH)、華設(she)集(ji)團（603018.SH）、設(she)計(ji)總院(yuan)（603357.SH）、山東(dong)路橋（000498.SZ）、四川路橋(600039.SH)、浙江(jiang)交科(002061.SZ)等(deng)。

風險提示：固(gu)定資(zi)產(chan)投資(zi)下(xia)(xia)滑的風險；應收(shou)賬款回收(shou)下(xia)(xia)降的風險。

每經頭(tou)條（nbdtoutiao）——

(記者 王曉波)

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