Tianfeng Securities·2025-06-30 13:43Investment Rating - The industry rating is "Outperform the Market" (maintained rating) [6] Core Insights - The report highlights an improvement in infrastructure investment in the central and western regions, with significant growth in special bond issuance and fixed asset investment [2][3] - The coal chemical industry is experiencing a surge in investment, with planned projects totaling 10,329 billion yuan, leading to a projected annual investment scale of 2,065.8 billion yuan from 2025 to 2029, a 220.6% increase compared to 2021-2023 [4] - There is a notable shift in small and medium-sized enterprises towards technology and new consumption sectors, which is expected to enhance performance and valuation [5] Summary by Sections 1. Industry Review - The construction sector has seen a mixed performance, with a notable recovery in the first quarter of 2025, but a decline in revenue and profit in Q1 2025 compared to the previous year [15][28] 2. Infrastructure Outlook - The overall funding situation is improving, supporting continued infrastructure growth in the second half of the year, with expected growth rates of 8.69% for broad infrastructure and 4.03% for narrow infrastructure in 2025 [2] 3. Investment Themes - Focus on investment opportunities in the central and western regions, particularly in strategic areas like Xinjiang and Tibet, where fixed asset investment growth exceeds 15% [3] - The chemical engineering sector is expected to see profit elasticity due to high investment in coal chemical projects, with significant orders for chemical engineering companies [4] - Small and medium-sized enterprises are accelerating their transformation, with potential opportunities in technology and new consumption sectors [5] 4. Key Recommendations - Recommended stocks include Sichuan Road and Bridge, Sanwei Chemical, China Chemical, Donghua Technology, Honglu Steel Structure, Hainan Huatie, and Libat [10][22]