CITIC Securities: The current construction industry sector has a dual investment logic of both advancing and defending.

MetaMuskRat · 2026-03-15T21:18:35+00:00

CITIC Securities research report analyzes the construction industry, believing that industry demand will reverse during the "15th Five-Year Plan" period. With valuations in doldrums, there exists dual investment logic: on one hand, well-positioned enterprises will see value revaluation; on the other hand, certain enterprises will increase dividend payout ratios. The firm maintains an "outperform the market" rating for the industry.

MetaMuskRat

2026-03-15 21:18:35

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CITIC Securities Research Report on March 15th: The construction industry has seen an optimized competitive landscape during past downturn cycles, while also continuously expanding its second growth curve. During the 14th Five-Year Plan period, industry total demand is expected to bottom out and reverse, and with industry valuations generally remaining relatively low, CITIC Securities believes that the current sector offers a dual investment logic: 1) Offensive side, companies that have already fully deployed their second main business in recent years are expected to be the first to see a revaluation; 2) Defensive side, some companies are increasing dividend payout ratios against the trend, and dividend yields are at relatively high levels. Maintain an “Outperform” rating for the industry.

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