Shenwan Hongyuan Securities·2025-07-13 05:41Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The report indicates that the total investment in the industry is expected to stabilize, with a focus on advancing modern infrastructure systems without excessive preemption [1][3] - The National Development and Reform Commission (NDRC) has stated that all 102 major projects outlined in the "14th Five-Year Plan" are expected to be completed by the end of the year [11] - The report highlights that regional investments are likely to gain significant elasticity as national strategic layouts deepen [3] Industry Performance - The construction industry saw a weekly increase of 2.59%, outperforming major indices such as the Shanghai Composite Index (+1.09%) and the Shenzhen Component Index (+1.78%) [4][6] - The best-performing sub-industries for the week were Ecological Landscaping (+5.49%), International Engineering (+5.34%), and Design Consulting (+4.20%) [6][9] - Year-to-date, the top three sub-industries are Ecological Landscaping (+27.48%), Decorative Curtain Walls (+15.98%), and Design Consulting (+15.74%) [6][9] Key Company Developments - Anhui Construction won contracts for the S27 Hohhot to Ordos Expressway and G4212 Hefei to Anqing Expressway, totaling 8.085 billion yuan, which represents 8.38% of its 2024 revenue [13] - Zhejiang Communications won a contract for the G2531 Hangzhou to Shangrao Expressway, valued at 4.222 billion yuan, accounting for 8.84% of its 2024 revenue [13] - The report recommends low-valuation state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also highlighting private companies like Zhite New Materials and Honglu Steel Structure [3][11]