基建投资增速环比收窄，水利投资表现亮眼

Investment Rating - The industry investment rating is "Outperform the Market - B" [6] Core Viewpoints - Infrastructure investment growth is steady, with significant performance in water conservancy investments, indicating a positive outlook for overall infrastructure investment in 2025 [3][18] - The government is actively promoting major projects under the "14th Five-Year Plan," with 99% of the planning targets achieved for over 5000 specific projects [1][16] - The issuance of local special bonds and other financing measures is accelerating, which is expected to enhance the implementation speed of ongoing projects and improve the financial indicators of construction companies [3][11] Summary by Relevant Sections Industry Dynamics - In the first four months of 2025, fixed asset investment (excluding rural households) reached 14.70 trillion yuan, a year-on-year increase of 4.0%, with narrow and broad infrastructure investments growing by 5.80% and 10.85% respectively [2][16] - Water conservancy management investment growth leads all sectors at 30.7%, while public facilities management and railway transportation investments also show positive growth [2][17] Market Performance - The construction industry experienced a decline of 0.97% from May 19 to May 23, underperforming compared to major indices [19] - The top-performing sector within construction was landscaping, which increased by 4.14% during the same period [19] Company Announcements - Major contracts were announced, including a 35 billion yuan EPC contract by Dongzhu Ecology and a 4.51 billion yuan project by Xinjiang Jiaojian [31] Key Focus Stocks - Recommended stocks include major construction state-owned enterprises such as China State Construction, China Communications Construction, China Railway, and China Railway Construction, which are currently undervalued [3][11][29]