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

GateUser-bd883c58 · 2026-03-15T11:32:02+00:00

CITIC Securities research report points out that the construction industry's competitive landscape is optimizing during the downcycle, while simultaneously expanding its second growth drivers, predicting industry demand will reverse, valuations are at depressed levels, and recommends investors pay attention to companies with dual logic. Maintains "outperform" rating for the industry.

GateUser-bd883c58

2026-03-15 11:32:02

Abstract generation in progress

On March 15, CITIC Securities’ latest research report pointed out that in the past downtrend cycle of the construction industry, on one hand, the competitive landscape has been optimized, and on the other hand, there has been a continuous increase in the layout of the second growth curve. During the “14th Five-Year Plan” period, the industry’s total demand is expected to bottom out and reverse, and with industry valuations generally at relatively low levels, we believe the current sector has a dual investment logic: 1) Offensive side, companies that have already made sufficient layout in their secondary main businesses in recent years are expected to be the first to undergo a valuation re-rating; 2) Defensive side, some companies have increased dividend payout ratios against the trend, and dividend yields are at relatively high levels. We maintain an “above the market” rating for the industry.

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