Market Overview - The infrastructure sector increased by 0.77% compared to the previous trading day, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Top Gainers in Infrastructure Sector - Guosheng Technology (603778) closed at 19.36, up 10.00% with a trading volume of 794,000 shares and a transaction value of 1.496 billion [1] - Nongshang Environment (300536) closed at 7.80, up 7.59% with a trading volume of 184,900 shares and a transaction value of 144 million [1] - Guanzhong Ecology (300948) closed at 23.31, up 7.47% with a trading volume of 183,000 shares and a transaction value of 421 million [1] Top Losers in Infrastructure Sector - ST Huawang (603007) closed at 5.75, down 4.80% with a trading volume of 322,300 shares and a transaction value of 189 million [2] - Dongzhu Ecology (603359) closed at 60.6, down 4.72% with a trading volume of 549,200 shares and a transaction value of 503 million [2] - Beixin Luqiao (002307) closed at 4.94, down 2.18% with a trading volume of 487,000 shares and a transaction value of 241 million [2] Capital Flow Analysis - The infrastructure sector experienced a net outflow of 139 million from institutional investors, while retail investors saw a net inflow of 196 million [2] - Major stocks like Huilv Ecology (001267) and China Nuclear Engineering (601611) had significant net inflows from retail investors, despite overall outflows from institutional and speculative funds [3] Individual Stock Capital Flow - Huilv Ecology (001267) had a net inflow of 44.69 million from institutional investors, but a net outflow of 32.70 million from retail investors [3] - China Nuclear Engineering (601611) saw a net inflow of 43.28 million from institutional investors, with outflows from both speculative and retail investors [3] - China Electric Power Construction (601669) had a net inflow of 21.58 million from institutional investors, while experiencing outflows from speculative and retail investors [3]

Market Overview - The infrastructure sector increased by 0.16% on December 31, with Guosheng Technology leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] Top Performers - Guosheng Technology (603778) closed at 17.60, up 7.84% with a trading volume of 858,400 shares and a transaction value of 1.466 billion [1] - Guanzhong Ecology (300948) closed at 21.69, up 5.55% with a trading volume of 94,800 shares and a transaction value of 203 million [1] - China Nuclear Engineering (601611) closed at 13.48, up 4.01% with a trading volume of 1,951,000 shares and a transaction value of 1.265 billion [1] Underperformers - C Haofan (001396) closed at 43.15, down 13.72% with a trading volume of 117,200 shares and a transaction value of 525 million [2] - Dongzhu Ecology (603359) closed at 9.54, down 4.31% with a trading volume of 907,400 shares and a transaction value of 89.57 million [2] - Jiangjian Co. (603815) closed at 7.44, down 2.36% with a trading volume of 211,700 shares and a transaction value of 158 million [2] Capital Flow - The infrastructure sector experienced a net outflow of 113 million from institutional investors, while retail investors saw a net inflow of 4.06 million [2] - The main capital inflow was observed in Huylu Ecology (001267) with a net inflow of 98.54 million, accounting for 9.78% of the total [3] - China Nuclear Engineering (601611) had a net inflow of 50.82 million, representing 4.02% of the total [3]

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]

Core Viewpoint - The company is actively responding to the national "dual carbon" strategy and the requirements for the construction of a new power system by strategically investing in the energy storage sector [2] Group 1: Company Initiatives - The company has engaged in multiple engineering projects in the energy storage field, including the Xingan League Tuchuan Pingchuan Substation Energy Storage Project, Huadian Intelligent Energy Storage Project, and the Xingshan Energy Storage Power Station Demonstration Project [2] - The company has accumulated rich practical experience through its involvement in these projects, which positions it well for future opportunities in the energy storage sector [2] Group 2: Future Outlook - The company will continue to monitor development opportunities in the energy storage field and leverage its core engineering capabilities to expand its business scenarios [2] - The company aims to contribute to the transformation and upgrading of the energy structure through its ongoing efforts in the energy storage sector [2]

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]

Group 1 - The infrastructure sector experienced a decline of 0.31% on December 29, with China Communications Construction Co., Ltd. leading the drop [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] - Notable gainers in the infrastructure sector included Yuansheng Technology, which rose by 10.03% to a closing price of 16.78, and Suwen Electric Power, which increased by 7.89% to 21.20 [1] Group 2 - Major losers in the infrastructure sector included China Communications Construction Co., Ltd., which fell by 4.51% to a closing price of 7.63, and China Nuclear Engineering Group, down 3.58% to 13.20 [2] - The sector saw a net outflow of 256 million yuan from institutional investors, while retail investors contributed a net inflow of 123 million yuan [2] - The trading volume for the infrastructure sector was highlighted, with significant transactions recorded for various companies, including China Railway Group with a trading volume of 119.85 million shares [1][2] Group 3 - The net inflow of funds for individual stocks showed that Guosheng Technology had a net inflow of 78.71 million yuan, while Huylu Ecology saw a net inflow of 66.84 million yuan [3] - Conversely, ST Huawang experienced a significant net outflow from retail investors, totaling 15.11 million yuan [3] - The data indicates a mixed sentiment among investors, with some stocks attracting significant interest while others faced substantial selling pressure [3]

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]

Core Viewpoint - The infrastructure sector experienced a slight increase of 0.13% on December 26, with *ST Zhengping leading the gains. The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1]. Group 1: Stock Performance - *ST Zhengping (603843) closed at 4.97, with a rise of 5.07% and a trading volume of 379,200 shares, amounting to a transaction value of 188 million yuan [1]. - *ST Huawang (603007) closed at 5.30, increasing by 4.95% with a trading volume of 222,500 shares, totaling 118 million yuan [1]. - China Nuclear Engineering (601611) closed at 13.69, up 3.79% with a trading volume of 1,498,900 shares, resulting in a transaction value of 201.5 million yuan [1]. - Chengbang Co. (603316) closed at 14.88, rising by 3.77% with a trading volume of 129,200 shares, amounting to 192 million yuan [1]. - *ST Jiaotou (002200) closed at 7.67, increasing by 2.13% with a trading volume of 14,800 shares, totaling 11.23 million yuan [1]. Group 2: Capital Flow - The infrastructure sector saw a net outflow of 269 million yuan from institutional investors, while retail investors contributed a net inflow of 248 million yuan [2]. - Major stocks like China Nuclear Engineering had a net inflow of 155.5 million yuan from institutional investors, while it faced a net outflow of 156.5 million yuan from speculative funds [3]. - Huylv Ecology (001267) experienced a net inflow of 56.19 million yuan from institutional investors, but a significant net outflow of 70.20 million yuan from retail investors [3].