资产配置日报：乘基建东风-20250721

Group 1 - The report highlights the significant investment in the Yarlung Tsangpo River hydropower project, with a total investment of approximately 1.2 trillion yuan, which is expected to drive market sentiment and boost related sectors such as construction and engineering [2][9] - Domestic commodities have shown a strong upward trend due to favorable supply and demand dynamics, with industrial products like alumina, coking coal, and glass experiencing price increases exceeding 5% [3][6] - The report notes that the stock market has been buoyed by the positive sentiment surrounding infrastructure projects, with major indices such as the Shanghai Composite Index and CSI 300 rising by 0.72% and 0.67% respectively [2][11] Group 2 - The report discusses the implications of the "anti-involution" policies aimed at stabilizing prices in key industries, which have led to a reversal in the long-term downward trend of industrial raw material prices [6][8] - The report indicates that the recent surge in commodity prices may lead to a shift in market expectations regarding inflation and monetary policy, reminiscent of the supply-side reforms initiated in 2015 [7][8] - The report emphasizes the importance of observing the continuity of demand-side policies to sustain the current market momentum, particularly in light of the recent infrastructure developments [8][9]