建材、建筑及基建公募REITs半月报（1月3日-1月16日）：26年提前批两重项目清单下达，国家电网十五五计划投资4万亿元-20260119

Investment Rating - The report maintains a "Buy" rating for several companies, including China Jushi, Conch Cement, and China State Construction, while suggesting "Hold" for others like Puyang Refractories [12]. Core Insights - The National Development and Reform Commission (NDRC) has issued an early list of "two heavy" projects for 2026, with a total investment of approximately 295 billion yuan, marking a year-on-year increase of 95 billion yuan, indicating a proactive investment approach for 2026 [4][8]. - The State Grid Corporation plans to invest 4 trillion yuan during the 14th Five-Year Plan period, a 40% increase compared to the previous plan, focusing on building a smarter and greener power grid [5][9]. - The report highlights that the construction of key projects such as ultra-high voltage power transmission and pumped storage will be accelerated to support the rapid growth of new energy installations [10]. Summary by Sections Section 1: Early Project List and Investment Plans - The NDRC's early project list for 2026 includes 281 key projects with a focus on urban underground pipelines and high-standard farmland, supported by 220 billion yuan for "two heavy" construction and over 750 billion yuan for public sector investments [4][8]. - The report anticipates that the construction investment rhythm will continue to be front-loaded, although year-on-year growth may face pressure due to high base effects from the previous year [4][8]. Section 2: Company Profit Forecasts and Valuations - The report provides detailed profit forecasts and valuations for various companies, indicating a stable outlook for major players in the construction and building materials sector [12]. - Companies such as China Energy Engineering, China Power Construction, and Suwen Electric Power are highlighted as key beneficiaries of the infrastructure investment boom [10]. Section 3: Weekly Market Review - The report includes a review of the weekly performance of the construction and building materials sectors, noting significant fluctuations in stock prices among various companies [15][23]. - It identifies top gainers and losers in the market, providing insights into the overall market sentiment and sector performance [23][24].