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7月基建投资增速放缓,铁路运输业投资环比提升
Guotou Securities·2025-08-18 03:17

Investment Rating - The industry investment rating is "Leading the Market - A" and the rating is maintained [6]. Core Viewpoints - Infrastructure investment growth is expected to remain stable throughout the year, supported by the issuance of special bonds and the commencement of major strategic projects [3][19]. - The construction industry is anticipated to improve due to ongoing urban renewal and significant project launches, with a focus on low-valuation high-dividend stocks [12][14]. - The demand for AI applications is driving exponential growth in computing power, leading to increased investment in data centers and related infrastructure [20]. Summary by Sections Industry Dynamics - From January to July, national fixed asset investment (excluding rural households) reached 28.82 trillion yuan, a year-on-year increase of 1.6%. Excluding real estate investment, the growth rate was 5.3% [1][17]. - Narrow infrastructure investment grew by 3.2% year-on-year, contributing 43.0% to total investment growth, which is an increase of 6.0 percentage points compared to the first half of the year [1][17]. Market Performance - The construction industry experienced a decline of 0.51%, underperforming compared to the Shanghai Composite Index and Shenzhen Component Index [21]. - The international engineering sector showed strong performance with a 4.25% increase [21]. Company Announcements - Significant contracts were awarded, including a 69.94 billion yuan contract for a water supply expansion project in South Africa by China Power Construction [32]. - China Metallurgical Group reported a new contract amount of 611.34 billion yuan for the first seven months of 2025, with a year-on-year decrease of 18.5% [33]. Key Investment Opportunities - Recommended companies include China Communications Construction, China Railway Construction, and Xinjiang Communications Construction, which are expected to benefit from the ongoing infrastructure projects [3][19][12]. - The report suggests focusing on low-valuation construction state-owned enterprises and companies involved in infrastructure design and international engineering services [12][13].