Tianfeng Securities·2025-11-09 07:34Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 1.53% this week, outperforming the broader market by 0.21 percentage points, with sectors like clean rooms and chemical engineering showing strong performance [1][4] - High demand in the semiconductor-related clean room sector and the chemical engineering industry chain is recommended for investment, particularly in regions like Xinjiang and Tibet where infrastructure growth is expected [1][3] - The clean room sector shows a high level of order backlog, with significant contracts signed by companies like Yaxiang Integration and Shenghui Integration, indicating robust future performance [2][13] - The coal chemical investment landscape is promising, with projected investments exceeding 1 trillion yuan nationally, driven by green energy initiatives and the International Maritime Organization's net-zero emissions framework [3][16][20] - Anticipated infrastructure stimulus in the fourth quarter is expected to benefit the construction sector, with a focus on major transportation projects and regional opportunities in high-growth areas [22][25] Summary by Sections 1. Industry Investment Opportunities - Focus on the high-demand semiconductor clean room sector, with Yaxiang Integration reporting an order backlog of 6.105 billion yuan and a significant improvement in gross margins [2][13] - The coal chemical sector is projected to see investments of nearly 500 billion yuan in Xinjiang alone, with a national total exceeding 1 trillion yuan, indicating a strong growth trajectory [3][19] - The fourth quarter is expected to see increased infrastructure spending, with special bonds and long-term treasury bonds being issued at a rapid pace, enhancing investment in construction [22][23] 2. Market Performance Review - The construction index's performance this week reflects a positive trend, with notable gains in individual stocks such as Hainan Development (+27%) and Chongqing Construction (+25%) [4][29] - The clean room engineering sector is highlighted for its low valuation compared to peers, making it an attractive investment opportunity [14][15] 3. Investment Recommendations - Emphasis on infrastructure projects in regions with high growth potential, particularly in water conservancy, railways, and aviation, with specific recommendations for companies like Sichuan Road and Bridge and China Communications Construction [36][37] - Attention to the nuclear power sector and emerging business directions, with recommendations for companies like Libat and China Nuclear Engineering [38] - The clean room sector is expected to benefit from domestic substitution trends and the demand for new display panel production lines, with a focus on companies like Baicheng Co. and Shenghui Integration [38]