SRBC(SH:600039) Hua Yuan Zheng Quan·2025-09-23 07:14Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - Infrastructure investment remains resilient, with electricity, heat, gas, and water sectors leading the growth. From January to August 2025, national infrastructure investment continued to show moderate growth, with narrow infrastructure (excluding electricity) reaching 11.58 trillion yuan, a year-on-year increase of 2.0%. Broad infrastructure totaled 15.76 trillion yuan, with a year-on-year growth of 5.42%, significantly higher than the narrow measure, mainly supported by high-growth sectors like electricity. In August, narrow infrastructure saw a year-on-year decline of 5.85%, while broad infrastructure declined by 6.42%, indicating a slowdown in overall momentum. [5][10] Summary by Sections 1. Weekly Viewpoints - Infrastructure investment shows resilience, with electricity, heat, gas, and water sectors leading the growth. [10] - Future outlook suggests that despite a phase of slowdown in infrastructure investment, key projects like the New Tibet Railway and the lower reaches of the Yarlung Tsangpo River hydropower project are expected to support overall investment. [10] 2. Weekly Market Review - The Shanghai Composite Index fell by 1.30%, while the Shenzhen Component Index rose by 1.14%, and the ChiNext Index increased by 2.34%. The Shenwan Construction Decoration Index rose by 0.44%, with sub-sectors like housing construction and engineering consulting services showing notable gains. [14] - Top-performing stocks included Longjian Road & Bridge (+31.70%), Sentai Holdings (+29.14%), and Jiankang Institute (+27.40%). [14] 3. Infrastructure Data Tracking - Special bonds issued this week totaled 143.916 billion yuan, with a cumulative issuance of 6.2697 trillion yuan, up 45.02% year-on-year. [21] - Urban investment bonds issued this week amounted to 89.345 billion yuan, with a net financing amount of 8.891 billion yuan, leading to a cumulative net financing deficit of 373.946 billion yuan. [21] 4. Company Dynamics - Notable contract announcements include Mongolian Grass Ecological's contract worth 225 million yuan for a project in Inner Mongolia, and China Power Construction's new contracts totaling 800.797 billion yuan from January to August 2025, reflecting a year-on-year increase of 4.71%. [29][30]