建筑装饰行业周报：三峡水运新航道开启招标，再次验证水利景气度-20250609

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The Three Gorges Waterway New Channel project has officially started its survey and design bidding, marking the substantial advancement of engineering construction. The total investment for the project is approximately 76.6 billion, with a construction period of about 100 months [6][12] - The overall water conservancy investment continues to show high prosperity. In 2024, national water conservancy construction investment reached 1,352.9 billion, a year-on-year increase of 12.8%, setting a historical high [7][14] - The construction of the new channel and the expansion of the Gezhouba shipping capacity are expected to significantly boost demand for construction, blasting, and high-grade cement materials, benefiting companies with professional capabilities and supply advantages in the region [6][12] Summary by Sections Industry Investment Rating - The report maintains a positive investment rating for the construction decoration industry, indicating a favorable outlook for the sector [5] Key Investment Points - The Three Gorges Waterway New Channel project, with a total investment of approximately 76.6 billion, is set to enhance the shipping capacity of the Yangtze River and stimulate demand across related industries [6][12] - Water conservancy investment is expected to continue its upward trend, with significant government support and funding for major projects [7][14] Market Performance - The construction decoration index increased by 1.25% during the week, with all sub-sectors except steel structure showing gains. Notable performers included chemical engineering and other specialized engineering sectors [9][25] - The report suggests focusing on structural allocation opportunities within the construction sector, particularly in companies benefiting from regional infrastructure investments and state-owned enterprise reforms [9] Company Recommendations - The report recommends several companies based on three main lines: regional construction, state-owned enterprise valuation recovery, and transformation and upgrading opportunities [9]