申万宏源建筑周报：6月固投边际走弱，雅下电站工程开工-20250720

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the construction and decoration sector [1]. Core Insights - The construction sector is experiencing a marginal decline in fixed asset investment, with a notable project, the Yarlung Zangbo River hydropower project, commencing with a total investment of approximately 1.2 trillion yuan [2][11]. - Infrastructure investment for the first half of 2025 shows a year-on-year increase of 8.9%, while real estate investment has decreased by 11.2% [11]. - The report highlights that the overall industry is currently weak, but regional investments may gain momentum due to national strategic initiatives [2]. Industry Performance - The SW Construction Decoration Index decreased by 0.71%, underperforming compared to the Shanghai Composite Index which increased by 1.09% [3][5]. - The best-performing sub-industries for the week were Professional Engineering (+1.12%), Central State-Owned Enterprises (+0.73%), and Decoration Curtain Wall (+0.18%) [6][9]. Key Company Updates - Xinjiang Communications Construction is expected to report a net profit of 205 to 305 million yuan for the first half of 2025, representing a year-on-year increase of 185.97% to 325.47% [14]. - Zhejiang Communications Technology won a bid for the G2531 Hangzhou to Shangrao Expressway with a total bid amount of 4.222 billion yuan, accounting for 8.84% of its projected revenue for 2024 [14]. Investment Recommendations - The report recommends low-valuation central state-owned enterprises such as China Chemical, China Railway, and China Railway Construction, while also suggesting attention to companies like China Communications Construction and China Metallurgical Group [2]. - For private enterprises, it highlights Zhi Te New Materials and Honglu Steel Structure, with a focus on companies like Zhongyan Dadi and Shenzhen Ruijie [2].