Tianfeng Securities·2025-05-20 08:23Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Infrastructure investment continues to show high growth, with significant increases in water, electricity, and heating investments, as well as water conservancy investments, which saw year-on-year growth rates of +25.5% and +30.7% respectively in the first four months of 2025 [1][2] - The issuance of special bonds has accelerated, with a cumulative increase of 1.1904 trillion yuan in special bonds in the first four months of 2025, an increase of 467.9 billion yuan year-on-year, indicating optimism for the conversion of physical workload in infrastructure [1] - The report highlights the cyclical investment opportunities in coal chemical industries and suggests focusing on the transformation opportunities of certain small and medium-sized construction companies [1] Summary by Sections Real Estate and Construction - From January to April 2025, real estate development investment decreased by 10.3% year-on-year, while narrow and broad infrastructure investments increased by 5.8% and 10.9% respectively [1] - New construction area decreased by 23.8% year-on-year, while construction area decreased by 9.7% [2] Cement Industry - Cement production in the first four months of 2025 was 495 million tons, a decrease of 2.8% year-on-year, with April's production down by 5.3% [3] - The average cement shipment rate was 36%, remaining stable year-on-year, but the price pressure continues due to weak market demand [3] Glass Industry - Flat glass production in the first four months of 2025 was 31.86 million weight boxes, down 4.8% year-on-year, with April's production down 4.6% [4] - The market demand for float glass was weak, with increased inventory levels among producers [4]