Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a 11.2% year-on-year decline in real estate development investment in the first half of 2025 [44] - The construction sector is experiencing a slight increase in fund holdings, with a fund holding market value ratio of 0.43% in Q2 2025, which is still below the standard allocation ratio of 1.77% [65][66] Summary by Sections Special Debt Issuance - The pace of special debt issuance has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6][3] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment growth has slowed, with a total of 248,654 billion yuan in the first half of 2025, reflecting a 2.8% year-on-year increase [27] - Infrastructure investment remains resilient, with significant growth in the electricity, heat, gas, and water supply sectors, which saw a 22.8% year-on-year increase [35][30] Real Estate Market - Real estate investment and sales continue to decline, with a 3.5% decrease in commodity housing sales area in the first half of 2025 [44] - New construction and completion areas have seen a narrowing decline, with new construction down 20.0% year-on-year but improving from previous months [46] Fund Holdings in Construction - Fund holdings in the construction sector have slightly increased, with a market value of 132.95 billion yuan in Q2 2025, reflecting a 9.24% increase from Q1 2025 [65] - The construction sector remains underweight compared to the standard allocation, indicating potential for growth [65][66] Recommendations - The report recommends focusing on stable growth, high dividends, overseas expansion, and regional construction projects, highlighting companies such as China State Construction, China Railway, and others [3][1]

Investment Rating - The report maintains a "Buy" recommendation for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with a broad infrastructure investment growth rate of 8.9% in the first half of 2025, despite a slight decline from previous values [3][30] - Real estate investment continues to face pressure, with a year-on-year decline of 11.2% in real estate development investment in the first half of 2025 [45] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard configuration ratios [66] Summary by Sections Special Bonds Issuance - The issuance of special bonds has accelerated, with a total of 2.16 trillion yuan issued in the first half of 2025, a year-on-year increase of 45% [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds in 2025, focusing on investment construction and land acquisition [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 248,654 billion yuan in the first half of 2025, with a year-on-year growth of 2.8% [27] - The investment in the electricity, heat, gas, and water supply sector grew by 22.8% year-on-year, although it showed a decline from the previous month [35] Real Estate Market - The sales area of commercial housing decreased by 3.5% year-on-year in the first half of 2025, with the decline slightly widening [45] - New housing starts decreased by 20.0% year-on-year, but the decline has narrowed compared to previous months [47] Construction Sector Holdings - The fund's holdings in the construction sector increased slightly to 0.43% by the end of Q2 2025, still below the standard allocation ratio of 1.77% [66] - Major state-owned enterprises remain the focus of institutional investors, with significant increases in holdings for companies like China State Construction and Sichuan Road and Bridge [72]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

Group 1 - Typhoon "Bamboo Grass" is approaching Shanghai, prompting multiple operators like Shanghai Shentong Metro and Tunnel Corporation to establish a "three-dimensional defense" to ensure the safe operation of the mega city [1] - The Tunnel Corporation's urban operation services cover nearly 3,000 kilometers of transportation infrastructure in the Yangtze River Delta, utilizing a smart urban management platform for 24/7 monitoring and analysis of water accumulation on key roads [2] - Emergency preparedness includes over 300 emergency bases and 2,000 personnel equipped with various emergency vehicles to enhance flood response capabilities [2] Group 2 - Prior to the typhoon, Shanghai Metro conducted thorough inspections of high-risk areas in the rail network, ensuring safety measures like anti-slip mats and sandbags are in place [3] - The dispatch command center is closely monitoring the typhoon's trajectory and has implemented a real-time tracking system to assess potential impacts on operations [3] - All construction sites in the city are undergoing comprehensive safety checks to prevent flooding and ensure the integrity of major ongoing projects [4]

Investment Rating - The industry rating is maintained as "Outperform" [5] Core Viewpoints - The construction sector has seen a significant increase of 7.1% this week, outperforming the Shanghai and Shenzhen 300 index by 5.9 percentage points, driven by infrastructure projects and the rise in specialized engineering and civil explosives sectors [1][29] - The report emphasizes the ongoing trend of "anti-involution" in the industry, suggesting investment opportunities in construction blue chips and steel structure sectors, particularly in the central and western regions of China [1][2][36] Summary by Sections Investment Logic - Four angles to capture investment opportunities in the construction sector: 1. **Price Elasticity**: Companies involved in resource development or trade, such as Northern International and China Railway, are recommended due to expected price increases in resources [2][15] 2. **Supply-Demand Optimization**: Focus on construction blue chips as the anti-involution movement may alleviate price pressures in the industry, with recommendations for quality local state-owned enterprises like Sichuan Road and Bridge [2][17] 3. **Transformation and Upgrading**: Companies with stronger technological attributes are expected to benefit from structural high prosperity in technology-driven infrastructure demands, with recommendations for Tunnel Corporation and China State Construction International [2][21] 4. **Downstream Profit Improvement**: If anti-involution policies improve profitability in steel and cement industries, there will be a rebound in capital expenditure needs, recommending companies like China National Materials and China Steel International [2][23] Market Performance - The report notes a slight decline in the operating rates of petroleum asphalt and cement shipment rates, with the cement shipment rate at 43.07%, down by 2.8 percentage points [3][26] - Central state-owned enterprises showed a positive trend in order data for Q2, with notable growth in orders for companies like China Railway and China Nuclear Engineering [3][26] Key Recommendations - The report suggests focusing on high-growth local state-owned enterprises in regions with strong infrastructure investment, such as Sichuan, Zhejiang, and Anhui, as well as major central state-owned enterprises like China Communications Construction and China Railway [36][37] - Emphasis is placed on the potential of nuclear power and emerging business directions within the construction sector, highlighting the high prosperity of nuclear power investments [38]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The commencement of the Yarlung Zangbo River downstream hydropower project marks a significant opportunity for the infrastructure sector, with a total investment of approximately 1.2 trillion yuan, which is five times the investment of the Three Gorges Dam project [5][7] - The project is expected to have a total installed capacity of 60 million kilowatts, accounting for 1.8% of the national cumulative installed capacity and 13.8% of the hydropower installed capacity in 2024 [7] - The project will not only contribute to direct power generation but is also anticipated to stimulate comprehensive economic upgrades in Tibet and potentially connect with the power grid of South Asian countries in the future [8] Summary by Sections Industry Overview - The traditional energy sector in China is maintaining stable development, with major power generation enterprises completing investments of 1,168.7 billion yuan in 2024, a year-on-year increase of 12.1% [7] - The hydropower installed capacity reached approximately 440 million kilowatts in 2024, reflecting a year-on-year growth of 3.2% [7] Project Details - The Yarlung Zangbo River downstream hydropower project will utilize a five-level cascade development model, leveraging a natural drop of 2,230 meters, with a water utilization rate exceeding 85% [7] - The overall construction period of the project is expected to exceed 10 years, with annual infrastructure investments exceeding 100 billion yuan, representing 0.71% of the total broad infrastructure investment in 2024 [7] Investment Recommendations - Recommended investment targets include leading domestic hydropower construction companies such as China Power Construction and China Energy Engineering, which possess advanced technology in plateau hydropower and ultra-high voltage supporting fields [8] - Additionally, major transportation infrastructure companies like China Communications Construction and Tunnel Corporation are highlighted for their advantages in large-scale infrastructure and complex geological conditions [8]

Summary of Key Points Core Viewpoint - The announcement provides a summary of new project orders and their distribution across various business segments, highlighting a significant increase in above-ground business while noting a decline in underground business orders compared to the previous year [1]. Group 1: New Project Orders - Total order value for underground business is approximately 1,413.94 million RMB, accounting for 35.91% of total orders, which represents a decrease of 39.84% year-on-year [1]. - Total order value for above-ground business is approximately 2,523.02 million RMB, making up 64.09% of total orders, with an increase of 61.56% year-on-year [1]. - Orders from within Shanghai amount to approximately 1,678.73 million RMB, representing 42.64% of total orders, which is a decrease of 12.97% year-on-year [1]. - Orders from outside Shanghai (excluding Hong Kong and Macau) total approximately 1,931.89 million RMB, accounting for 49.07% of total orders, with an increase of 13.98% year-on-year [1]. - Overseas business orders are valued at approximately 326.34 million RMB, representing 8.29% of total orders, with an increase of 13.29% year-on-year [1]. Group 2: Business Segmentation - The municipal engineering segment, which includes projects like cross-river tunnels and sewage treatment plants, has orders totaling approximately 1,027.23 million RMB, accounting for 26.09% of total orders, with a decrease of 15.70% year-on-year [1]. - The total order value across all business segments is approximately 3,936.96 million RMB, which is a slight increase of 0.64% year-on-year [1]. - The overall total order value, including all business types, is approximately 4,620.74 million RMB, reflecting a marginal increase of 0.18% year-on-year [1].

| 》 龙虎榜 | | | Q、输入问司,你想知道的都在这里 | | 叶始搜索 | | --- | --- | --- | --- | --- | --- | | 2025-07-22 | | | | | 历史龙虎榜信息>> | | 上榜原因: 日涨幅偏离值达7%的证券 | | | | | 更多个股解读> | | 营业部名称 | 买入金额(元) | 占总成交比例 | 卖出金额(元) | 占总成交比例 | 净额(元) | | 广发证券股份有限公司深圳深南东路证券营业部 | 9792.83万 | 5.33% | 0.00 | 0.00% | 9792.83万 | | 国联民生证券股份有限公司宁波战船街证券营业部 | 5898.93万 | 3.21% | 0.00 | 0.00% | 5898.93万 | | 申万宏源证券有限公司上海杨浦区黄兴路证券营业部 | 2542.91万 | 1.38% | 0.00 | 0.00% | 2542.91万 | | 华鑫证券有限责任公司上海云锦路证券营业部 | 2499.97万 | 1.36% | 0.00 | 0.00% | 2499.97万 | | 沪股通专用 | 1709 ...

上海隧道工程股份有限公司 | 证券代码：600820 | 股票简称：隧道股份 | | | 编号：临 | 2025-032 | | --- | --- | --- | --- | --- | --- | | 债券代码：185752 | 债券简称：22 | 隧道 | 01 | | | | 债券代码：115633 | 债券简称：23 | 隧道 | K1 | | | | 债券代码：115902 | 债券简称：23 | 隧道 | K2 | | | | | | 小计 | 3,936,958.120 | 100 | 0.64 | | --- | --- | --- | --- | --- | --- | | 设计 | 订单总 | 1366 | 155,354.762 | 100 | 46.02 | | 业务 | 个数 | | | | | | 运营 | 订单总 | 505 | 511,668.165 | 100 | 31.31 | | 业务 | 个数 | | | | | | 数字 | 订单总 | 91 | 16,761.056 | 100 | -27.54 | | 业务 | 个数 | | | | | | | 合计 | | 4 ...

Group 1 - The core viewpoint is that the A-share market is experiencing a significant increase in risk appetite, with the CSI A500 Index rising over 6% in the past month, leading to a recovery in the net asset values of related ETFs [1][2] - The CSI A500 ETF (560510) has seen a 0.50% increase, marking its fourth consecutive rise, with a trading volume of 175 million yuan and a turnover rate of 3.35% [1] - Major constituent stocks of the CSI A500 Index, such as China Energy Engineering and Tunnel Engineering, have experienced substantial gains, with increases exceeding 10% [1] Group 2 - According to Shenwan Hongyuan Securities, the economic growth rate in the second half of 2025 may decline compared to the first half, but the A-share market remains strong due to stable capital market expectations and a controlled risk outlook [2] - The market is expected to break upward in Q4 2025, supported by improved supply-demand dynamics and a rebound in net profit growth for A-shares in 2026 [2] - The CSI A500 ETF serves as a differentiated investment tool for investors looking to capitalize on the "big and beautiful" A-share market [3]