【中信证券2025年工程服务投资策略：总量困境反转 关注细分赛道机遇】金十数据11月9日讯，中信证券2025年工程服务投资策略：从总量看，2024年以来，建筑行业因下游资金困境而面临空前的经营压力。但随着政府的财政支持、债券发行、地产政策的持续出台和国务院关于清理欠账的政策，下游支付能力和意愿预计将双双改善，企业报表有望触底反弹，行业当前的PB估值也将回升。从结构看，我们关注两个细分赛道的增长机遇。一是民爆赛道，受到需求增长、供给受限和头部集中等多重因素驱动。另一个是地基处理赛道，随着下游的大型项目和业主崛起，小企业将迎来大成长的机遇。
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