洁净室和出海高景气度持续，国家电网宣布“十五五”固投增长40%

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Insights - The cleanroom and overseas expansion remain highly prosperous, with the State Grid announcing a 40% increase in fixed asset investment during the "14th Five-Year Plan" period [3][19] - The construction industry is expected to see improved cash flow and profitability due to accelerated recovery of accounts receivable, supported by a positive fiscal outlook for 2026 and sufficient infrastructure demand [1][16] - Semiconductor and cloud service providers are expected to increase capital expenditures significantly, driving demand for cleanroom construction and benefiting leading companies in this sector [2][17] Summary by Sections Industry Dynamics - The cleanroom and overseas expansion are experiencing sustained high demand, with the State Grid's fixed asset investment projected to reach 4 trillion yuan, a 40% increase compared to the previous plan [3][19] - The government is focusing on clearing overdue payments to enterprises, which is likely to improve cash flow for construction companies [1][16] Market Performance - The construction industry saw a weekly increase of 0.27%, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.57% [20] - Other specialized engineering sectors performed better, with notable increases in the other professional engineering sector (3.05%) and engineering consulting services (0.90%) [20] Company Announcements - China National Chemical Corporation reported new contracts worth approximately 712.35 billion yuan in 2025, a year-on-year increase of 12% [18][31] - The State Grid's investment plan for the "14th Five-Year Plan" period is expected to significantly benefit the power grid construction sector [19][31] Key Focus Stocks - Recommended stocks include China State Construction Engineering, China Communications Construction Company, and cleanroom engineering leaders like Yaxiang Integration and Shenghui Integration, which are expected to benefit from high demand and overseas business growth [11][10][11]