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8月基建投资增速承压,新疆景气度有望持续
Guotou Securities·2025-09-22 02:04

Investment Rating - The industry investment rating is "Leading the Market-A" [7] Core Views - Infrastructure investment growth is under pressure in August, but the investment climate in Xinjiang is expected to remain strong [1][2] - From January to August, narrow and broad infrastructure investments grew by 2.00% and 5.42% year-on-year, respectively, with a month-on-month decline [1][2] - The report highlights the importance of central budget investments, long-term special bonds, and local government special bonds in supporting infrastructure investment [2][8] Summary by Sections Industry Dynamics Analysis - In August, infrastructure investment growth faced challenges, with a year-on-year increase of 2.00% and a month-on-month decline of 1.20 percentage points [1][15] - The investment growth in the electricity, heat, gas, and water sectors remained high at 18.80% year-on-year [1][15] - Xinjiang's fixed asset investment grew by 9.1% year-on-year, exceeding the national growth rate by 8.6 percentage points [3][17] Market Performance - The construction industry saw a slight increase of 0.44%, with the housing construction sector performing particularly well [19] - The report indicates that the construction sector's overall performance is under pressure, but there are opportunities for improvement with government support [2][16] Key Investment Targets - Recommended stocks include major state-owned enterprises in construction such as China State Construction, China Railway Construction, and China Communications Construction [8][10] - Emphasis on low-valuation construction leaders and design firms, as well as international engineering service providers [9][10] Company Announcements - Significant contracts were awarded, including a 1.26 billion yuan project for Shanghai Metro and a 71.78 billion yuan highway project [31] - China Power Construction reported a new contract amount of 800.8 billion yuan for the first eight months of the year, reflecting a year-on-year increase of 4.71% [31]