基建投资增速放缓，雅下水电站开工建设，关注产业链投资机会

Investment Rating - The industry investment rating is "Outperform the Market - B" [6] Core Viewpoints - Infrastructure investment growth is slowing, but the commencement of the Yarlung Tsangpo River hydropower project is expected to create investment opportunities across the industrial chain [4][21] - In the first half of 2025, fixed asset investment (excluding rural households) reached 24.87 trillion yuan, a year-on-year increase of 2.8%, with infrastructure investment growing by 4.6% [1][17] - The issuance of special bonds by local governments has increased significantly, with a total of 2.39 trillion yuan issued by July 20, 2025, up 51.81% year-on-year, which is expected to support steady growth in infrastructure investment throughout the year [3][19] Summary by Relevant Sections Industry Dynamics - In the first half of 2025, narrow and broad infrastructure investments grew by 4.6% and 8.9% year-on-year, respectively [2][18] - The electricity, heat, gas, and water investment maintained a high growth rate of 22.8%, contributing 55.6% to overall investment growth [2][18] - The Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to generate an annual output of 300 billion kWh, equivalent to three times the Three Gorges Dam [4][20] Market Performance - The construction industry experienced a decline of 0.71%, underperforming compared to the Shenzhen Composite Index and the CSI 300 [22][24] - The industry’s overall price-to-earnings (P/E) ratio is 11.07, with a price-to-book (P/B) ratio of 0.80, indicating a relatively low valuation compared to other sectors [26][27] Key Investment Targets - Recommended stocks include state-owned enterprises with low valuations such as China State Construction, China Communications Construction, and China Railway Construction [11][12][30] - Focus on infrastructure design firms and international engineering service providers that are expanding their presence along the Belt and Road Initiative [12][13]