Tianfeng Securities·2025-04-20 10:23Investment Rating - The industry rating is maintained as "Outperform the Market" [6] Core Viewpoints - Infrastructure investment continues to gain momentum, with municipal and water conservancy investments showing high growth. In the first quarter of 2025, narrow and broad infrastructure investments increased by 5.8% and 11.5% year-on-year, respectively [14][18] - The coal chemical industry is expected to see significant project launches, with multiple large-scale projects starting in February and March 2025, totaling over 140 billion yuan in investment [3][27] - The report emphasizes the structural and regional differentiation in fixed asset investment, particularly in the central and western regions, which presents potential investment opportunities [4][23] Summary by Sections Infrastructure Investment - In the first quarter of 2025, narrow and broad infrastructure investments increased by 5.8% and 11.5% year-on-year, with municipal and water conservancy investments growing at 26.0% and 36.8%, respectively [14][22] - The issuance of special bonds reached 960.2 billion yuan in the first quarter, a year-on-year increase of 326.1 billion yuan, supporting ongoing infrastructure investment [18] Coal Chemical Projects - The report highlights the acceleration of coal chemical projects since 2025, with significant investments and project launches expected to continue [27][31] - Companies involved in sulfur recovery, particularly Sanwei Chemical, are recommended due to their competitive advantages in the coal chemical sector [31] Regional Investment Opportunities - Fixed asset investment growth has been particularly strong in regions like Tibet (+27.7%), Beijing (+24.0%), and Xinjiang (+20.7%) in the first quarter of 2025, indicating potential investment opportunities in these areas [4][22] - The report suggests focusing on construction and building material companies in high-growth regions such as the northwest, southwest, and northeast [23] Market Performance - The construction index rose by 1.54% in the week of April 14-18, 2025, with notable gains in sectors like architectural design and housing construction [5][33] - Key stocks that performed well include Guangzi International (+37.8%) and Daqian Ecology (+27.0%) [33] Investment Recommendations - The report recommends focusing on traditional construction blue-chip stocks and companies in high-demand sectors such as water conservancy, railways, and aviation [39] - It also highlights the importance of emerging business directions, particularly in AI and data center investments, suggesting companies like Hainan Huatie and Gansu Consulting [41]