SRBC(SH:600039) Tianfeng Securities·2025-09-14 10:11Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The focus on "anti-involution" has increased, highlighting investment opportunities in the construction sector. The report suggests four angles to capture these opportunities: 1) "Price elasticity" focusing on benefiting upstream commodities, emphasizing "construction + minerals" and "construction + chemicals" [13][14] 2) Improvement in downstream profitability and capital expenditure, with significant growth in new domestic orders for steel and engineering sectors [14][18] 3) Improvement in financial statements and "transformation and upgrading," with tech-driven construction companies expected to benefit from high demand for tech-based infrastructure [14][15] 4) Related sectors in new energy materials and engineering, particularly in photovoltaic fields [14][15] Summary by Sections Section 1: Investment Opportunities - The report emphasizes the importance of the "anti-involution" theme, with a focus on construction companies that can leverage price elasticity and resource development [13][14] - Specific recommendations include companies like Sichuan Road and Bridge, China Railway, and Shanghai Construction for their resource development capabilities [14][15] Section 2: Market Performance - The construction index rose by 2.16% during the week of September 8-12, outperforming the CSI 300 index by 1.01 percentage points [26] - Notable stock performances included Dongzhu Ecology and Tianyu Ecology, both increasing by 33.05% [26] Section 3: Company-Specific Insights - Sichuan Road and Bridge announced plans to optimize its shareholding structure by introducing strategic investors, aiming to improve its fundamentals [18][19] - The company secured 218 new projects worth approximately 72.2 billion, marking a 22.20% year-on-year increase, with infrastructure orders growing by 25.88% [18][19] Section 4: Construction Material Indicators - The report highlights a significant recovery in the operating rates of petroleum asphalt and cement, indicating a positive trend in physical workload conversion for construction projects [19][24]