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 at "Outperform the Market" [5] Core Viewpoints - The nuclear power sector is experiencing significant growth, with the approval of 10 new nuclear power units in April 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 power construction, with 32 units under construction and a total of 96 units built by the end of 2024 [18] - Libat has secured contracts for significant nuclear projects, indicating strong growth potential in the nuclear sector [18] - Zhongyan Dadi is expected to achieve breakthroughs in nuclear power projects, having recently signed strategic cooperation agreements [20] Cement and Construction Materials - Cement shipment rates have increased to 47.8%, up 1.4 percentage points week-on-week, indicating a recovery in construction activity [3][22] - The asphalt plant operating rate is at 27.7%, down 3.1 percentage points, suggesting a slight decline in activity [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 [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 such as architectural design, landscaping, and construction decoration saw significant gains, with leading stocks like Hopu and Hanjia Design showing substantial increases [28][29] Investment Recommendations - Focus on cyclical opportunities arising from improved construction activity, particularly in water conservancy, railways, and aviation sectors [35] - Emphasize the importance of regional opportunities in high-demand areas such as Sichuan, Zhejiang, Anhui, and Jiangsu [35] - Highlight the potential of companies like Sichuan Road and Bridge, Zhejiang Jiaokao, and Anhui Construction in the construction sector [35] - Recommend investments in nuclear power companies like Libat and China Nuclear Engineering due to their strong market positions and growth prospects [37]