建筑与工程行业周报：2025年财政继续发力，关注新兴产业

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The government aims for a GDP growth of around 5% in 2025, supported by a more proactive fiscal policy, with a deficit rate set at approximately 4% and a total deficit scale of 5.66 trillion yuan, an increase of 1.6 trillion yuan from the previous year [6][7] - The report emphasizes the importance of nurturing emerging industries and future industries, including sectors like computing power, low-altitude economy, commercial aerospace, and robotics, which are expected to benefit from government policies [9][8] Summary by Sections Fiscal Policy - The fiscal policy will be more aggressive, with a total public budget expenditure of 29.7 trillion yuan, an increase of 1.2 trillion yuan from last year [6] - Special government bonds will be issued to support state-owned banks and local government projects, with a total new government debt scale of 11.86 trillion yuan, up by 2.9 trillion yuan [6][7] Monetary Policy - The monetary policy will shift from "prudent" to "moderately loose," with measures to ensure ample liquidity and support for the real economy [7] Investment Policies - The government will actively expand effective investment, focusing on key projects and ensuring funding for ongoing projects [7] Emerging Industries - The report highlights the development of strategic emerging industries, including biotechnology, quantum technology, and 6G, with a focus on large-scale application demonstrations [8] Sector Recommendations - Specific companies are recommended for investment based on their involvement in emerging sectors: - Hainan Huatie for computing power [9] - Huashe Group for low-altitude planning [9] - Shanghai Port for commercial aerospace [9] - Honglu Steel Structure for robotics [9] Market Performance - The report notes that the construction and engineering sector has seen varied performance, with specific sub-sectors showing different growth rates year-to-date [16]