建筑与工程专题报告：重视顺周期龙头2025年的戴维斯双击-经营β与科技α的共振

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Viewpoints - In 2025, cyclical leaders are expected to experience a resonance of operational beta (β) and technological alpha (α), driven by domestic demand stabilization and overseas expansion opportunities [5][6] - Key recommendations include Honglu Steel Structure, Zhite New Materials, Hainan Huatie, and Qingniao Fire Protection [5][8] Summary by Relevant Sections Operational Beta (β) Improvement - The cyclical leaders are anticipated to see a turning point in fundamentals, supported by ongoing growth stabilization policies and a recovering real estate market, leading to improved domestic business conditions by 2025 [5][6] - Overseas, cyclical leaders are actively seeking expansion opportunities under the "Belt and Road" initiative and manufacturing relocation trends [5][6] Technological Alpha (α) Release - Some cyclical leaders have made early investments in technology, leading to significant advancements, such as Honglu Steel Structure's initiatives in intelligent manufacturing and Hainan Huatie's entry into computing power leasing [6][8] - The convergence of stable core operations and technological advancements is expected to provide a strong foundation for capital expenditure in technology [6][8] Company-Specific Insights - Honglu Steel Structure: Focus on demand and profitability turning points, with potential production growth in 2025 and advancements in intelligent manufacturing technologies [12][13] - Zhite New Materials: Achieved significant turnaround in 2024, with clear profit targets and international revenue goals for 2025-2026 [17][18] - Hainan Huatie: Anticipates improvement in the rental market for aerial work platforms and successful progress in computing power leasing, with contracts totaling 36.9 billion yuan [20][21] - Qingniao Fire Protection: Benefits from new national standards and ongoing development of proprietary technology in the fire protection sector [24][25]