“十五五”地下管网投资亮眼，洁净室建设景气持续

Investment Rating - The industry is rated as "Leading the Market - A" indicating a forecasted investment return that exceeds the CSI 300 index by 10% or more over the next six months [6]. Core Insights - The report highlights that the "14th Five-Year Plan" for underground pipeline investment is promising, with a projected investment demand exceeding 5 trillion yuan, significantly higher than the previous five-year period. This is expected to stimulate demand in related sectors such as design, construction materials, and construction services [3][16]. - The government aims for a GDP growth target of 4.5%-5% for 2026, with plans to implement more proactive macroeconomic policies to boost domestic demand. This includes a budget deficit rate of around 4% and the issuance of long-term special bonds totaling 1.3 trillion yuan [15][31]. - The "Six Networks" initiative is expected to see investments exceeding 7 trillion yuan in 2026, focusing on infrastructure such as water, electricity, and logistics networks, as well as urban underground pipelines [2][16]. Summary by Sections Industry Dynamics - The report emphasizes the robust investment outlook for underground pipelines and cleanroom construction, driven by government initiatives and the need for urban infrastructure upgrades. The "Six Networks" plan includes significant projects in various sectors, with an estimated investment of over 7 trillion yuan [2][16]. - The demand for cleanroom engineering is anticipated to rise due to the growth of emerging industries such as integrated circuits, aerospace, and biomedicine, alongside advancements in AI technology [17]. Market Performance - The construction industry experienced a slight decline of 0.70%, but certain sectors like landscaping and international engineering showed positive performance [18][20]. - The report notes that 34 companies in the construction sector recorded gains, with notable performers including Hui Green Ecology and Chengbang Co., which saw increases of 28.49% and 15.24%, respectively [20][22]. Key Investment Targets - Recommended stocks include major state-owned enterprises in construction such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved operational metrics and dividend increases [11][10]. - Cleanroom engineering leaders like Yaxiang Integration and Shenghui Integration are highlighted for their rapid order growth and strong overseas business performance [12][11]. - The report also suggests focusing on companies involved in the underground pipeline sector, such as Silver Dragon Co. and Tunnel Co., which are positioned to benefit from increased investment in urban infrastructure [12][11].