Core Viewpoint - As of December 30, a total of 110 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more, indicating strong investor interest in these stocks [1] Group 1: Stocks with Longest Net Buying Days - The stocks with the longest consecutive net buying days are Tianlong Co., Ltd. and Jiamei Packaging, both of which have seen net buying for 13 consecutive trading days [1] - Other stocks with significant net buying days include Zhenai Meijia, Dongfang Electric, China Nuclear Construction, Huaneng Hydropower, Meike Home, Leo Planning, Jingwang Electronics, and Jiajia Yue [1]

Core Viewpoint - China Nuclear Engineering Corporation (CNEC) is actively involved in the China-Pakistan C-5 nuclear power project, focusing on various critical construction tasks to ensure project success [1] Group 1: Project Involvement - The company is responsible for foundation monitoring and testing services, construction of the nuclear island, conventional island, and some Balance of Plant (BOP) civil engineering works [1] - CNEC is engaged in integrated construction for installation engineering, as well as heavy equipment lifting operations for both the nuclear and conventional islands [1] Group 2: Commitment to Quality and Safety - As a key participant in the China-Pakistan nuclear power cooperation, the company emphasizes strict control over engineering quality, safety, and project progress [1] - The company is dedicated to ensuring the smooth advancement of the project [1]

证券日报网讯 12月30日，中国核建在互动平台回答投资者提问时表示，公司积极响应国家"双碳"战略 与新型电力系统建设要求，在储能领域主动布局、稳步推进。目前已参与兴安盟突泉平川变电站储能项 目、华电智能储能项目、兴山县储能电站示范项目等多个工程建设，积累了丰富的项目实践经验。公司 将持续关注储能领域发展机遇，依托工程建设核心能力，积极拓展工程业务场景，为能源结构转型升级 贡献力量。 （文章来源：证券日报） ...

Core Viewpoint - China Nuclear Engineering (601611) is a leading player in the nuclear power construction sector, actively involved in the core engineering construction of the Hualong One reactor units [1] Group 1: Company Strengths - The company is the only global enterprise with 40 years of uninterrupted experience in nuclear power construction, showcasing its long-term commitment and expertise in the field [1] - It possesses the capability to construct various types of nuclear power plants, including Hualong One, AP1000, and VVER [1] Group 2: Future Engagement - As a steadfast practitioner of Hualong One technology, the company plans to continue leveraging its advantages in nuclear power construction and actively participate in subsequent Hualong One project developments [1]

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Views - The report emphasizes that the construction sector is expected to experience a "spring surge" as the "14th Five-Year Plan" approaches its start, with significant government support and infrastructure investment anticipated [3][4][10] - The report highlights that the investment pace in the early stages of the "14th Five-Year Plan" is likely to follow historical patterns, with a concentration of project launches and higher investment growth expected [4][10] - The construction sector is advised to focus on three core investment themes for 2026: major national projects, high-dividend state-owned enterprises, and private construction companies leveraging cash flow for new opportunities [5][19] Summary by Sections Policy Developments - The government is actively releasing positive signals regarding the "14th Five-Year Plan," focusing on high-quality development and major infrastructure projects [3][20] - The National Housing and Urban-Rural Development Conference has emphasized stabilizing the real estate market and accelerating the renovation of old urban areas [3][20] Market Performance - The report notes that the construction and decoration index rose by 2.26% during the week, with significant gains in sectors such as decoration and specialized engineering [6] - A total of 101 stocks in the construction sector saw price increases, with notable performers including Hainan Development (+56.46%) and Shanghai Bay (+44.35%) [6] Future Outlook - The report anticipates that the construction sector will see a resurgence in investment activity, particularly in traditional infrastructure such as railways and highways, as well as new infrastructure projects [4][10][14] - The focus on water conservancy and transportation infrastructure is expected to increase, with several provinces already initiating planning for these projects [13][14] - The report suggests that the construction sector will benefit from a shift towards new infrastructure and low-altitude economy projects, which are gaining traction in local planning [14][19]

证券之星消息，12月29日基础建设板块较上一交易日下跌0.31%，交建股份领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603815 | 交建股份 | 7.63 | -4.51% | 29.88万 | 2.30 Z | | 601611 | 中国核建 | 13.20 | -3.58% | 93.51万 | 12.44亿 | | 002717 | ST岭南 | 1.70 | -2.30% | 36.27万 | 6231.07万 | | 002310 | 东方园林 | 2.29 | -2.14% | 43.05万 | 9895.57万 | | 605303 | 元林股份 | 17.61 | -2.00% | 4.15万 | 7281.44万 | | 603955 | 大千生态 | 29.54 | -1.60% | 1.20万 | 3576.85万 | | 60003 ...

Investment Rating - The investment rating for the construction and decoration industry is "Positive" (maintained) [2] Core Insights - The report emphasizes the upcoming "spring excitement" in the construction sector as the "14th Five-Year Plan" approaches its start, with a historical pattern of infrastructure investment showing a tendency for higher growth in the early stages of five-year plans [4][10] - The report highlights that the current infrastructure investment is still at a low level, but anticipates an increase in investment pace as the "15th Five-Year Plan" begins, which is expected to support the construction sector's performance in 2026 [4][10] - Key areas of focus for investment include major national projects such as the canal system, Tibet railway, and new energy infrastructure, which are expected to generate long-term order demand [19] Summary by Sections Policy Developments - The report notes that the government is actively releasing positive signals regarding the "15th Five-Year Plan," with a focus on high-quality development and major infrastructure projects [3][20] - The central government has emphasized the importance of stabilizing the real estate market and accelerating the renovation of old urban areas, with significant progress already reported in various provinces [3][21] Market Performance - The report indicates that the construction and decoration index has shown positive performance, with a 2.26% increase, and highlights the top-performing stocks in the sector [6] Future Outlook - The report identifies three core investment themes for the construction sector in 2026: 1. Major national projects that will continue to drive long-term demand [19] 2. High-dividend, low-valuation state-owned construction enterprises that are expected to gain value [19] 3. Private construction companies leveraging cash flow and flexibility to enter new markets such as clean rooms and AI infrastructure [19]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 603778 | 国晟科技 | 15.25 | -4.03% | 129.40万 | 19.90 乙 | | 300948 | 冠中生态 | 20.58 | -3.79% | 8.39万 | 1.74亿 | | 600284 | 浦东建设 | 8.41 | -2.66% | 22.74万 | 1.92亿 | | 002628 | 成都路桥 | 4.18 | -2.11% | 16.99万 | 7188.40万 | | 002307 | 北新路桥 | 5.14 | -2.10% | 48.68万 | 2.51亿 | | 000010 | 美丽生态 | 3.56 | -1.93% | 14.39万 | 5153.07万 | | 603955 | 大千生态 | 30.02 | -1.80% | 1.11万 | 3362.53万 | | 002062 | 宏润建设 | 9.12 | -1.72% | 18.21万 | 1.67亿 | | 002775 | ...

Market Performance - The infrastructure sector increased by 0.45% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] Top Gainers in Infrastructure Sector - Guosheng Technology (603778) closed at 15.89, up 6.15%, with a trading volume of 977,400 shares and a transaction value of 1.528 billion [1] - ST Zhengping (603843) closed at 4.73, up 5.11%, with a trading volume of 20,800 shares and a transaction value of 9.8249 million [1] - Dongzhu Ecology (603359) closed at 8.64, up 5.11%, with a trading volume of 308,800 shares and a transaction value of 263 million [1] Market Trends and Capital Flow - The infrastructure sector experienced a net outflow of 88.965 million from institutional investors, while retail investors saw a net inflow of 127 million [2] - The top stocks with significant net inflows from retail investors include China Nuclear Engineering (601611) with a net inflow of 1.15 billion [3] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing while retail investors are actively buying [2][3]

Core Insights - The report highlights a significant decline in fixed asset investment (FAI) in 2025, with infrastructure investment becoming a drag on the economy, prompting the economic work conference to emphasize "investment stabilization" [2][9] - Looking ahead to 2026, the report suggests that "active fiscal policies" will drive investment stabilization, with a focus on structural opportunities in the construction sector, including western infrastructure, overseas engineering, and new infrastructure [2][9] Group 1: Economic Overview - In 2025, FAI experienced a comprehensive decline, with infrastructure investment significantly dropping, particularly in the third quarter, where narrow infrastructure investment turned negative, declining by 8.7% in October [23][28] - The report notes that the actual situation of infrastructure investment may have deteriorated earlier than expected in 2024, despite apparent growth in infrastructure investment [30][34] Group 2: Structural Opportunities - The report emphasizes the importance of structural opportunities in the construction sector, particularly in western infrastructure projects, overseas engineering, and new infrastructure driven by technological advancements [45][46] - Specific recommendations include focusing on high-dividend leading companies in western regions, such as Sichuan Road and Bridge, and exploring opportunities in Xinjiang and Tibet [9][10] Group 3: Overseas Engineering - The report indicates that overseas engineering demand remains strong, driven by favorable client structures and business models of central enterprises, as well as private enterprises expanding into international markets [10][11] - Key recommendations for overseas engineering include companies like China National Materials, Jianghe Group, and Jinggong Steel Structure, which are expected to perform well in terms of earnings and dividends [10][11] Group 4: New Infrastructure - The report identifies several sectors within new infrastructure that are expected to see growth, including clean rooms, commercial aerospace, nuclear power, and low-altitude economy, driven by technological advancements and safety demands [10][11] - Specific companies recommended in these sectors include Yaxiang Integration for clean rooms and China Nuclear Engineering for nuclear power projects [10][11] Group 5: Traditional Demand - The report notes that traditional demand, particularly in real estate, remains under pressure, with new and second-hand housing demand still facing challenges [11] - It highlights the potential turning point for companies like Honglu Steel Structure, which may benefit from improved cyclical sentiment and operational efficiency [11] Group 6: Reform and Restructuring - The report discusses the need for deep reforms in the construction sector to enhance global competitiveness, focusing on identifying quality assets and new business opportunities for central enterprises [12][12] - It also emphasizes the importance of market value management and the potential for mergers and acquisitions in the construction industry [12][12]