2026年财政定调积极，投资有望止跌回稳

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the construction industry [6]. Core Insights - The fiscal policy for 2026 is set to be positive, with expectations for investment demand and funding to improve, aiding in the stabilization of infrastructure investment [3][17]. - The report suggests focusing on undervalued state-owned construction enterprises, particularly in the context of ongoing debt resolution and anti-"involution" policies [9][11]. - The semiconductor and cloud service sectors are experiencing increased capital expenditure, which is expected to drive demand for cleanroom construction, benefiting leading companies in this field [3][11]. Summary by Sections Industry Dynamics - The political bureau meeting emphasized the need for proactive macroeconomic policies and fiscal measures to stabilize investment and enhance economic governance [15][17]. - The central economic work conference highlighted the importance of expanding domestic demand and optimizing supply, with a focus on high-quality urban renewal projects [2][17]. Market Performance - The construction industry saw a decline of 1.59%, underperforming compared to major indices [18]. - Notable sectors such as landscaping engineering showed positive performance, while municipal engineering performed better than the overall industry [18]. Key Companies to Watch - Recommended companies include China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved operational metrics and dividend increases [11][28]. - In the cleanroom engineering sector, companies like Yaxiang Integration and Shenghui Integration are highlighted for their growth potential due to rising demand in the semiconductor industry [11][29]. Company Announcements - Recent major contract wins include projects by Jinggong Steel Structure and Chongqing Construction, indicating ongoing activity in the sector [31].