基建投资全景图2025：拥抱新兴产业

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector, as well as for building materials [6]. Core Insights - Traditional infrastructure investment is expected to show stable growth, while emerging industries and strategic regional investments are anticipated to have high elasticity [1][3]. - The report emphasizes the importance of urban renewal as a key area for improving living standards and highlights the robust demand for investment in emerging industries [1][3]. - The report identifies that the economic provinces are expected to play a significant role in driving investment, with regions like Xinjiang, Tibet, and Hainan showing considerable investment elasticity [4][10]. Summary by Sections Overview of Infrastructure Investment - Traditional infrastructure investment is projected to improve slightly, with energy sectors like nuclear power, wind power, and power grids experiencing high demand [1][3]. - Urban renewal projects are highlighted as critical for addressing social needs, with a focus on upgrading old urban areas and improving public housing [3]. Regional Investment Dynamics - Economic provinces are expected to lead investment efforts, with strong fiscal capabilities observed in regions like Zhejiang [4][10]. - High-risk areas are showing signs of recovery, with investment plans for 2025 indicating a positive trend after two years of risk management [4][10]. Sector-Specific Insights - The construction sector is expected to maintain a stable demand, with leading state-owned enterprises and quality local state-owned enterprises likely to benefit from valuation recovery [5]. - The report identifies two main investment directions: the dividend value of leading construction companies and the growth opportunities driven by industrial services in data centers and cleanroom engineering [5]. Energy and Transportation Investment - Energy construction is expected to see high growth in nuclear power and wind power, while solar energy installations may decline [3][48]. - Transportation infrastructure, particularly railways, is projected to remain robust, while road investments are under pressure due to policy constraints [32][42].