Zhi Tong Cai Jing·2025-12-21 05:49Group 1 - The current policy is driving insurance capital to increase allocation in the stock market, with a significant acceleration observed in 2023, particularly in Q3 [1][2] - Insurance capital is favoring high ROE, high dividend yield, and undervalued stocks in the construction sector, with major holdings in China Power Construction, China State Construction, and Sichuan Road and Bridge [1][2] - Sichuan Road and Bridge has recently received a stake increase from Zhongyin Life, indicating a trend of insurance capital focusing on high-quality construction stocks [2] Group 2 - It is estimated that insurance capital will allocate 286 billion yuan to the construction sector by 2026, representing 3.5% of the free float market value [3] - The projected allocation for the construction sector from insurance capital is expected to be 508 billion yuan in 2025 and 794 billion yuan in 2026, with incremental increases of 271 billion yuan and 286 billion yuan respectively [3] - The construction sector is expected to attract long-term capital due to the presence of stable performance, high dividends, and low valuations among key A-share companies [4] Group 3 - The global demand for computing power is expected to grow significantly, driven by AI development, leading to a new growth cycle for cleanroom engineering [5] - Major semiconductor companies are increasing their capital expenditures, with TSMC projecting a doubling of its AI business by 2025 and a compound annual growth rate of approximately 40% over the next five years [5] - The cleanroom investment in the semiconductor industry is projected to reach approximately 168 billion yuan globally and 50.4 billion yuan in China by 2025, representing about 15% of the total industry capital expenditure [5]