继续推荐传统高股息品种及高景气细分下游龙头

Investment Rating - The industry rating is maintained at "Outperform the Market" [6] Core Viewpoints - The construction index increased by 0.30% during the week, outperforming the CSI 300 index by 0.46 percentage points, with significant gains in construction decoration, landscaping, and architectural design sectors [1][5] - There are signs of marginal recovery in certain regional infrastructure investments, suggesting a need for stable domestic demand, with infrastructure expected to benefit from incremental funding in the fourth quarter [2][14] - The cleanroom engineering sector is experiencing high demand driven by AI and semiconductor industries, with notable order backlogs from companies like Yaxiang Integration and Shenghui Integration [3][25] - The coal chemical investment sector shows high investment enthusiasm, with over 1 trillion yuan in national coal chemical investments, supported by green energy initiatives and new technologies in chemical engineering [4][30] Summary by Sections Continued Recommendation of High Dividend Stocks and High Prosperity Sub-sectors - The report emphasizes the importance of focusing on undervalued, high-dividend construction stocks and sectors with high prosperity, such as cleanrooms and chemical engineering [1][14] Infrastructure Performance and Marginal Recovery - Infrastructure investment data shows a decline in real estate development investment by 14.7% year-on-year from January to October 2025, with a significant drop in October [2][14] - Despite the overall weakness, there are expectations for recovery in certain regions, particularly in low-valuation, high-dividend construction stocks [2][14] Cleanroom Sector Growth - The cleanroom sector is highlighted for its robust order backlog, with Yaxiang Integration reporting 6.105 billion yuan in uncompleted contracts and significant new orders [3][25] - The sector's valuation is considered attractive, with Yaxiang Integration having the lowest valuation among peers, indicating potential for performance improvement [27][28] High Investment Climate in Coal Chemical Sector - The report notes that coal chemical investments are projected to exceed 1 trillion yuan nationally, with significant projects planned in Xinjiang [4][30] - The green energy transition and new chemical processes are expected to drive further growth in the chemical engineering sector [30][32] Market Review - The construction index's performance during the week indicates a positive trend, with specific stocks showing substantial gains, such as Guosheng Technology and ST Dongyi [5][41] Investment Recommendations - The report suggests focusing on infrastructure investments, particularly in water conservancy, railways, and aviation, as well as regional opportunities in provinces like Sichuan and Zhejiang [41][42] - It also highlights the importance of nuclear power and cleanroom sectors, recommending companies like Libat and China Nuclear Engineering [43][44]