Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index decreased by 1.67%, while the CSI 300 index increased by 0.74%, indicating that the construction sector underperformed the market by 2.42 percentage points. The cleanroom sector is expected to benefit from the rising production expectations in the U.S. and the upcoming third-quarter reports, which may exceed expectations [1][2][3] - The cleanroom sector is experiencing renewed benefits due to U.S. policies that may require semiconductor companies to match domestic production with imports, potentially benefiting companies like TSMC and Micron Technology [2][13] - The construction sector in Sichuan is seeing a significant increase in new bids, with a total of 218 new projects worth approximately 72.2 billion yuan, a year-on-year increase of 22.20% [3][23] - The cement shipment rate and asphalt operating rate have rebounded, indicating a positive outlook for the conversion of physical workloads in construction projects [4][24] Summary by Sections Market Overview - The construction index fell by 1.67% from September 22 to September 26, while the CSI 300 index rose by 0.74%, with only the architectural design sub-sector recording a positive return of 1.02% [5][32] Investment Recommendations - Focus on infrastructure investment opportunities in regions with high growth potential, such as Sichuan, Xinjiang, and Tibet, as well as sectors like hydropower, coal chemical, and nuclear power [1][36] - Emphasize the cleanroom sector, particularly companies like Baicheng Co., Shenghui Integration, and Yaxiang Integration, which are expected to benefit from the ongoing semiconductor industry developments [17][38] Key Projects and Orders - Sichuan Road and Bridge has seen a significant increase in new bids, with a focus on major provincial projects and government special bond projects to accelerate construction progress [3][23] - The cleanroom sector's order volume remains robust, with Baicheng Co. and Shenghui Integration reporting significant year-on-year growth in new orders [18][19] Sector Performance - The cleanroom sector is expected to maintain a high level of activity, driven by domestic demand for new semiconductor production facilities and the ongoing transition of the semiconductor industry [17][21] - The construction sector is experiencing a structural recovery, with a focus on major transportation infrastructure projects and regional opportunities in high-demand areas [36][39]