固定资产投资走弱，基建投资承压：——申万宏源建筑周报（20250915-20250919）-20250921

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook compared to the overall market performance [22]. Core Insights - The construction industry is experiencing weak fixed asset investment, with infrastructure investment under pressure. However, regional investments may gain elasticity as national strategic layouts deepen [1][12]. - The overall fixed asset investment in China from January to August 2025 showed a year-on-year increase of 0.5%, while infrastructure investment (including all categories) rose by 5.4% [9][10]. - The report highlights significant stock performance, with the infrastructure private sector showing the highest weekly increase of 6.19% and annual growth of 53.51% [5][6]. Summary by Sections 1. Market Performance - The construction sector's weekly increase was 0.44%, outperforming the Shanghai Composite Index which decreased by 1.30% [3][4]. - The top three sub-sectors for weekly performance were private infrastructure (+6.19%), state-owned infrastructure (+1.17%), and professional engineering (+0.16%) [5][6]. 2. Industry Changes - National statistics indicate that from January to August 2025, fixed asset investment increased by 0.5% year-on-year, manufacturing investment rose by 5.1%, and infrastructure investment (excluding electricity) grew by 2.0% [9][10]. - Real estate investment saw a significant decline of 12.9% year-on-year during the same period [9][10]. 3. Key Company Developments - Notable contracts include a feasibility study for the Ho Chi Minh City urban rail project valued at 0.46 billion yuan, and a mining engineering project contract worth 5.04 billion yuan signed by Beixin Road and Bridge [12][13]. - The report also mentions significant stock movements, with Shanghai Construction and Time Space Technology showing substantial weekly gains of 31.7% and 29.14%, respectively [9][10]. 4. Profit Forecasts and Valuation Levels - The report provides a detailed valuation table for key companies in the construction sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2024 to 2026 [17][18].