2026年基建需求端仍较为充足，基建ETF（159619）涨超3%

Group 1 - The core viewpoint is that infrastructure demand remains robust in 2026, supported by proactive fiscal policies aimed at stabilizing investment [1] - In 2025, the eight major state-owned construction enterprises achieved a year-on-year positive growth in new contracts, indicating a potential marginal improvement in the operations of construction companies [1] - The first quarter is typically a period of intensive policy announcements regarding infrastructure and investment at both national and provincial levels, which may drive up valuations in the construction industry [1] Group 2 - The overseas expansion strategies of construction companies are showing results, with a significant year-on-year increase in new contracts signed abroad, laying a foundation for overseas revenue in 2026 [1] - In 2025, the disclosed new contracts signed by seven major state-owned construction enterprises increased by 13% year-on-year, while the leading international engineering firm, China National Materials Group, saw a 24% year-on-year growth in overseas contract amounts [1] - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which reflects the overall performance of listed companies in infrastructure construction, professional engineering, and related sectors, indicating a high industry concentration [1]