智通财经APP获悉，基建股集体回落，截至发稿，中国铁建(01186)跌6.27%，报5.68港元；中国中铁(00390)跌5.74%，报3.94港元；中国交建(01800)跌5.04%，报5.09港元；中国中车(01766)跌3.95%，报5.11港元。
申万宏源指出，传统基建投资数据仍有压力，中央政策转向有望带动投资弹性。此外，24年初至今，地方财政压力逐步显现，地方政府投资节奏放缓，专项债8月份开始发行量逐步提升，但落实到具体项目上仍需时日，预计企业2024Q1-3收入、利润将延续上半年态势，仍将呈现一定压力。
该行认为，建筑板块获得超额收益的必要条件是边际上正在形成对核心驱动力的乐观预期，且股价尚未充分反映，当前建筑行业PE和PB均处于底部位置。2024年10月财政部新闻发布会提到拟一次性增加较大规模债务限额置换地方政府存量隐性债务，是近年来出台的支持化债力度最大的一项措施。我们认为当前经济刺激政策持续优化，叠加证监会提及破净企业市值管理方法，低估值建筑央企估值有望获得修复。
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