政策面看投资有望止跌回稳，基建板块反弹，基建ETF（159619）涨超1.3%

Group 1 - The core viewpoint emphasizes the importance of promoting effective investment to stabilize economic growth and enhance development momentum, particularly through the implementation of the "14th Five-Year Plan" in key areas such as infrastructure and urban renewal [1] - In 2025, national fixed asset investment is projected to decline by 3.8% compared to the previous year, but the Central Economic Work Conference has clearly stated the goal of "stopping the decline and stabilizing investment" [1] - In Q4 2025, some companies, including China Energy Engineering, China Power Construction, China Chemical, and Sichuan Road and Bridge, achieved year-on-year positive growth in newly signed contracts [1] Group 2 - The cumulative issuance of special bonds at the beginning of 2026 has significantly increased year-on-year [1] - The cement market has recently seen a month-on-month price decline, and it is expected to enter a stable phase of market closure [1] - The valuation of the construction sector is currently at a historically low level [1] Group 3 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies involved in infrastructure, specialized engineering, and machinery manufacturing from the Shanghai and Shenzhen markets [1] - The index components are concentrated in the construction and engineering sectors, aiming to reflect the overall market dynamics and investment value of China's infrastructure sector [1]