建筑装饰行业研究周报：核电景气度加速上行，继续推荐西部基建、重点产业投资及转型标的

Investment Rating - Industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - The nuclear power sector is experiencing significant growth, with the approval of 10 new nuclear units in 2025, marking the fourth consecutive year of such approvals in China [2][13] - In the first four months of 2025, nuclear power investment reached 36.256 billion, a year-on-year increase of 36.64%, significantly outpacing the 1.6% growth in overall power investment [2][13] - The construction sector is expected to benefit from the rising nuclear power investment, with key companies like China Nuclear Engineering, Libat, and Zhongyan Dadi identified as potential beneficiaries [2][18] Summary by Sections Nuclear Power Sector - The nuclear power sector's investment is on the rise, with a total of 102 operational, under-construction, and approved units, totaling an installed capacity of 113 million kW [13] - China Nuclear Engineering is the leading company in nuclear construction, with 32 units under construction and a strong competitive advantage [18][21] - Libat is involved in significant projects, including the construction of modules for nuclear power plants, indicating a robust future in modular applications [18][21] - Zhongyan Dadi is making strides in nuclear projects, having signed strategic agreements and won multiple bids [20][21] Cement and Construction Activity - Cement shipment rates have increased to 47.8%, reflecting a 1.4 percentage point rise, indicating a recovery in construction activity [3][22] - The construction sector is seeing a steady increase in new contracts, particularly for major state-owned enterprises like China Construction and China Nuclear Engineering [3][22][27] Market Performance - The construction index rose by 1.24% in the week of May 26-30, outperforming the Shanghai and Shenzhen 300 index by 1.89 percentage points [4][28] - Key sectors within construction, such as design services and landscaping, have shown strong performance, with notable stock gains [4][28] Investment Recommendations - Focus on cyclical opportunities arising from improved construction activity, particularly in water conservancy, railways, and aviation projects [35][36] - Emphasis on the nuclear power sector, with recommendations for companies like Libat and China Nuclear Engineering, as well as emerging opportunities in AI and cleanroom sectors [37][38]