——2026年1-2月投资数据点评：固投增速企稳，基建投资改善

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector compared to the overall market performance [2][23]. Core Insights - Fixed asset investment growth stabilized in early 2026, with a cumulative year-on-year increase of 1.8%, a decrease of 5.6 percentage points compared to the full year of 2025. Manufacturing investment saw a year-on-year increase of 3.1%, up 2.5 percentage points from 2025 [4][10]. - Infrastructure investment, under a new calculation method, showed a year-on-year increase of 11.4% in January-February 2026. Key sectors such as transportation and public utilities also reported significant growth [5][10]. - Real estate investment remained low, with a year-on-year decrease of 11.1% in January-February 2026, indicating a continued weak recovery in the sector [10][15]. Summary by Sections Fixed Asset Investment - In January-February 2026, fixed asset investment grew by 1.8% year-on-year, with manufacturing investment increasing by 3.1% [4][5]. Infrastructure Investment - Infrastructure investment increased by 11.4% year-on-year in January-February 2026. Specific sectors such as transportation and public utilities showed growth rates of 9.1% and 8.3%, respectively [5][6]. Real Estate Investment - Real estate investment saw a significant decline of 11.1% year-on-year in January-February 2026, with construction starts and completions also decreasing by 23.1% and 27.9%, respectively [10][15]. Investment Recommendations - The report suggests focusing on sectors such as steel structure, chemical engineering, and cleanroom technology, highlighting companies like Honglu Steel Structure and China Chemical as potential investment opportunities [15].