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超级工程开工,建材ETF(159745)涨停,基建ETF(159619)收涨超6%
Sou Hu Cai Jing·2025-07-22 01:16

Core Viewpoint - The launch of the Yarlung Tsangpo River downstream hydropower project and the announcement of ten key industries' growth stabilization plans have positively impacted cyclical sectors such as building materials, infrastructure, steel, and coal, leading to significant market gains [1][3]. Group 1: Market Performance - The Building Materials ETF (159745) experienced a strong performance, closing at the daily limit with a net subscription of nearly 700 million shares [1]. - The Infrastructure ETF (159619) also performed well, ultimately rising over 6% [1]. - The overall market sentiment has shifted from "weak expectations - weak reality" to "strong expectations - weak reality," indicating a clearer bottoming out in cyclical sectors [7]. Group 2: Project Impact - The Yarlung Tsangpo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to create significant demand for upstream and downstream industries, particularly in steel, cement, and other construction materials [2]. - The project will involve the construction of five tiered power stations over a ten-year period, which is anticipated to act as a stabilizer against short-term demand fluctuations [2]. Group 3: Policy Support - The Ministry of Industry and Information Technology announced that growth stabilization plans for ten key industries, including steel and building materials, are forthcoming, which is expected to enhance market confidence [3]. - The ongoing "anti-involution" policies and the introduction of detailed supportive measures are seen as crucial for breaking the negative feedback loop between PPI and CPI, thereby fostering a healthier economic outlook [3]. Group 4: Investment Opportunities - The cyclical sectors, particularly building materials, infrastructure, and steel, are poised to benefit directly from the implementation of the "super project," with substantial room for earnings and valuation expansion [7]. - The coal sector, previously underperforming, also shows potential for valuation recovery, with dividend yields exceeding 5%, providing a significant safety margin for investors [7].