基建板块逆势走强，基建指数PE仅10倍，

Core Viewpoint - The A-share market shows mixed performance with the Shanghai Composite Index down by 0.35%, while the Shenzhen Component Index increased by 0.14% and the ChiNext Index decreased by 0.23% [1] Group 1: Market Performance - The Infrastructure 50 ETF (159635) rose by 0.73%, with a latest price of 1.107 yuan [1] - Leading stocks in the ETF include Sichuan Road and Bridge up by 3.95%, Shantui Construction Machinery up by 3.83%, Hangzhou Forklift up by 2.83%, XCMG Machinery up by 2.75%, and COFCO Engineering up by 2.71% [1] Group 2: Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the Infrastructure 50 ETF is 9.55, which is at the 31.98% percentile over the past 10 years, indicating a relatively low valuation compared to other sectors in the A-share market [1] Group 3: Industry Outlook - According to Kaiyuan Securities, infrastructure investment and new construction contracts have been weakening since 2025, leading to a divergence in the performance of sub-sectors [1] - With ongoing government debt management and corporate deleveraging, the construction sector is expected to experience a resonance of fundamentals, policies, and valuations [1] - The industry is advised to focus on marginal changes in areas such as overseas construction, urban renewal, digital construction, power engineering, and debt management, while maintaining a positive outlook on state-owned construction enterprises and regional leaders with low valuations and stable performance [1]