Tianfeng Securities·2025-06-29 05:24Investment Rating - The industry rating is maintained as "Outperform the Market" [5] Core Viewpoints - The construction sector has shown resilience with a 3.66% increase, outperforming the Shanghai and Shenzhen 300 index by 2.08 percentage points [1][39] - The cleanroom segment is expected to benefit from increased storage expansion and domestic production expectations, driven by AI demand for high bandwidth memory (HBM) [2][16] - The semiconductor supply chain remains robust, with significant investments in HBM technology anticipated to double global revenue by 2025, reaching approximately $34 billion [14][16] Summary by Sections Storage Expansion and Cleanroom Opportunities - Domestic AI demand is driving growth in HBM, with a projected compound annual growth rate of 33% until 2030 [14] - Major investments include Micron's $7 billion in Singapore for advanced HBM packaging, set to begin operations in 2026 [2][16] - Cleanroom companies like Baicheng and Shenghui are seeing order growth, with Baicheng's new orders reaching 5.418 billion yuan in 2024, up 9.45% year-on-year [17][18] Market Performance Review - The construction index rose 3.66% from June 23 to June 27, with significant gains in sectors like architectural design and landscaping [39] - Notable stock performances include Hopu Co. (+33%) and Hangzhou Landscaping (+28%) [39] Investment Recommendations - Focus on cyclical opportunities in infrastructure, particularly in water conservancy, railways, and aviation projects, with a recommendation for companies like Sichuan Road and Bridge and Zhejiang Communications [44] - Emphasis on the nuclear power sector's high investment climate, recommending companies like Libat and China Nuclear Engineering [46] - Cleanroom segment investments are highlighted, with recommendations for Baicheng and Shenghui, and a focus on Yaxiang Integration due to its lower valuation compared to peers [20][46]