1-2月基建投资快速增长，关注高景气煤化工和洁净室板块

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - In the first two months of 2026, infrastructure investment in China saw a significant increase, with a year-on-year growth of 11.4%, compared to a decline of 3.8% for the entire year of 2025. This growth is expected to drive overall investment recovery [1][15] - Major projects are accelerating, with investments in projects with planned total investments of 1 billion yuan and above increasing by 5% year-on-year, contributing to a 2.7% increase in total investment [1][15] - The construction industry is expected to see marginal improvements in operations due to increased construction activities and the release of special bond funds [3][16] Summary by Sections Infrastructure Investment - Infrastructure investment growth reached 11.4% year-on-year in January-February 2026, with electricity, heat, gas, and water investments growing by 13.1% [2][16] - The railway transportation sector showed remarkable growth at 28.7%, while public facilities management also experienced a double-digit growth of 11.6% [2][16] Market Performance - The construction industry experienced a decline of 6.25%, underperforming compared to the broader market indices [18] - The industry’s relative performance over the past month was +3.7%, while absolute returns were +1.7% [4] Investment Opportunities - Recommended stocks include major state-owned construction companies such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from increased infrastructure investments [11][10] - In the cleanroom engineering sector, companies like Yaxiang Integration and Shenghui Integration are highlighted due to their strong order growth and performance in the semiconductor industry [11][17] - The coal chemical industry is also a focus, with companies like China Chemical and Donghua Technology expected to benefit from increased investment in energy security [11][17] Long-term Strategy - The report suggests a positive outlook for infrastructure investment throughout 2026, driven by favorable fiscal policies and a focus on major projects in regions like Xinjiang [9][10] - The semiconductor industry is anticipated to see continued capital expenditure growth, benefiting cleanroom engineering demand [3][17]