CGS(SH:601881) Zheng Quan Shi Bao Wang·2025-09-21 06:33Core Viewpoint - China's urban development is transitioning from large-scale expansion to a focus on improving existing stock during the 14th Five-Year Plan period, with an emphasis on urban renewal and infrastructure demand driven by industrialization in Southeast Asia [1] Group 1: Urban Development and Investment Opportunities - The 14th Five-Year Plan period is expected to see increased efforts in urban renewal [1] - A new round of global industrial transfer is underway, with Southeast Asia being the biggest beneficiary, leading to rising infrastructure demand [1] - The construction industry is expected to benefit from digital transformation through AI and BIM technologies, as well as the use of construction robots [1] Group 2: Investment Strategies - Four main investment themes are recommended for the construction industry during the 14th Five-Year Plan period: 1. Major projects supporting stable growth, with favorable policies and enhanced urban renewal efforts [1] 2. Opportunities in overseas expansion, high dividend yields, mergers and acquisitions, and market capitalization management [1] 3. Growth potential in low-altitude economy, robotics, and computing power projects [1] 4. Favorable supply-demand dynamics in Xinjiang's coal chemical industry, nuclear power projects, and cleanroom engineering [1]