目 录
投资聚焦···························································································································································································4
关键前提··············································································································································································4
本报告的创新之处·······························································································································································4
本报告的主要观点·······························································································································································4
行业变革主流趋向之运营业务驱动盈利模式变革······················································································································5
以史为鉴知兴替：探寻发达国家先行者的发展路径·········································································································5
运营业务驱动国内建筑行业盈利模式变革························································································································9
衍生金融工具放大运营业务收益······································································································································10
运营业务已是风起云涌，盈利能力提升成效渐显···········································································································10
优势建筑企业将成为国内基础设施运营业务的主导力量·······························································································11
行业变革趋向之一体化、管理提升和海外拓展························································································································13
变革趋向之一体化综合服务促协同效应突显··················································································································13
变革趋向之整合提升管理水平，进而提升盈利能力·······································································································13
变革趋向之海外业务厚积薄发··········································································································································14
变革后行业远景·································································································································································14
最好的时代：宏观环境助推行业进入大变革的前夜···············································································································16
宏观数据显示建筑业外部环境正处在最好的时代···········································································································16
宏观环境促行业处于大变革的前夜··································································································································17
最好的机遇：迎来“十一五”基建及房地产投资盛宴···········································································································19
基础设施建设领域：诱人的盛宴······································································································································19
房地产建筑领域：在城市化进程和宏观调控交织中前行·······························································································21
投资策略：捕捉转型先锋，期待王者登台································································································································22
捕捉转型先锋·····································································································································································22
期待王者登台·····································································································································································22
重点公司估值、评级及点评·············································································································································23
附录·································································································································································································25
全球主要建筑服务商财务及估值数据······························································································································25
ENR Top Contractor 排名···················································································································································25

[此贴子已经被作者于2008-1-31 9:39:58编辑过]