Core Viewpoint - The A-share market showed mixed performance with the Shanghai 180 Infrastructure Index rising by 0.22% to 1883.26 points, with a trading volume of 29.432 billion yuan [1] Group 1: Index Performance - The Shanghai 180 Infrastructure Index increased by 0.84% over the past month and 1.78% over the last three months, but has decreased by 2.41% year-to-date [2] - The index is based on the Shanghai 180 Index and includes listed companies related to infrastructure, resources, and transportation, reflecting their overall market performance [2] Group 2: Index Composition - The top ten weighted companies in the Shanghai 180 Infrastructure Index are: - Changjiang Electric Power (14.26%) - China State Construction (8.58%) - China Telecom (8.28%) - China Mobile (7.12%) - China Unicom (6.14%) - China Nuclear Power (5.49%) - Three Gorges Energy (4.5%) - China Power Engineering (4.45%) - China Railway (4.28%) - Guodian Power (2.97%) [2] Group 3: Sector Allocation - The index is fully composed of companies listed on the Shanghai Stock Exchange, with sector allocations as follows: - Utilities: 40.30% - Industrials: 36.92% - Communication Services: 22.78% [3] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]

Investment Rating - The report maintains a "Recommended" rating for the construction industry [1] Core Viewpoints - Infrastructure investment growth remains robust, with special bond issuance accelerating to support major projects [3][6] - Real estate investment and sales are under pressure, but the decline in new construction and completion has narrowed [3][44] - The construction sector is experiencing a slight increase in fund holdings, indicating a low allocation compared to standard benchmarks [3][65] Summary by Sections Special Bond Issuance - The pace of special bond issuance has accelerated in 2025, with a total of 2.16 trillion yuan issued in the first half of the year, a 45% year-on-year increase [6] - The government plans to issue 4.4 trillion yuan in new local government special bonds this year, focusing on infrastructure and housing projects [6] Infrastructure Investment - Fixed asset investment (excluding rural households) reached 24.87 trillion yuan in the first half of 2025, with a year-on-year growth of 2.8% [3][27] - Broad infrastructure investment growth was 8.9%, while narrow infrastructure investment growth was 4.6% [30] - Investment in electricity, heat, gas, and water supply grew by 22.8%, while transportation and storage investment increased by 5.6% [3][35] Real Estate Market - Real estate development investment totaled 46.66 billion yuan, down 11.2% year-on-year, with sales area declining by 3.5% [44] - New construction area decreased by 20.0%, but the decline rate has narrowed [46] - The policy measures are expected to improve the supply-demand structure in the real estate market [3][44] Fund Holdings in Construction - As of Q2 2025, the fund holdings in the construction sector accounted for 0.43% of the total market, slightly up from the previous quarter [65] - The construction sector remains underweight compared to the standard allocation ratio of 1.77% [65] - Institutional investors are increasingly favoring segments such as housing construction, decoration, and engineering consulting [65][71]

Core Insights - The Guoqi Gongying ETF (159719) has shown a recent increase of 0.94%, with a latest price of 1.61 yuan as of July 30, 2025, and a cumulative increase of 1.14% over the past two weeks [1] - The ETF has achieved a net value increase of 56.00% over the past three years, ranking 63rd out of 1830 index equity funds, placing it in the top 3.44% [1] - The ETF's annualized return since inception is 100.00%, with a historical holding period of three years showing a 100.00% probability of profit [1] Performance Metrics - The ETF's Sharpe ratio for the past month is 1.10, indicating a favorable risk-adjusted return [2] - The maximum drawdown over the past six months is 8.26%, with a recovery time of 60 days, which is the fastest among comparable funds [2] - The ETF has a monthly return of 4.17% on average during the months it has increased, with the longest consecutive monthly increase being 7 months [1] Fee Structure - The management fee for the Guoqi Gongying ETF is 0.25%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] Tracking Accuracy - The tracking error for the ETF over the past two months is 0.115%, the highest tracking precision among comparable funds [4] - The ETF closely tracks the FTSE China State-Owned Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong [4] Top Holdings - The top holdings of the ETF include China Petroleum (15.94% weight, 1.72% increase), China Sinopec (11.93% weight, 2.20% increase), and China State Construction (9.59% weight, 0.87% increase) [6]

Group 1 - As of July 29, 2025, China Railway's stock price is 5.78 yuan, down 0.17% from the previous trading day, with a trading volume of 775 million yuan and a turnover rate of 0.66% [1] - China Railway is one of the largest multifunctional construction groups in China and Asia, and is the world's largest construction contractor, with business operations covering infrastructure construction, surveying and design consulting services, engineering equipment and parts manufacturing, and real estate development [1] - China Railway's subsidiary, China Railway Investment Construction Group Co., Ltd., has recently co-invested with Suzhou Wujiang Economic and Technological Development Zone Development Group Co., Ltd. to establish Suzhou Wujiang Railway Investment Development Co., Ltd., with a registered capital of 60 million yuan, focusing on construction engineering and real estate development [1] Group 2 - On July 29, China Railway saw a net inflow of main funds amounting to 11.1143 million yuan [2]

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 证券之星消息，7月29日基础建设板块较上一交易日上涨0.14%，*ST元成领涨。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。基础建设板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603176 汇通集团 | | 2800.11万 | 6.22% | -1744.08万 | -3.88% | -1056.03万 | -2.35% | | 001267 | 汇绿生态 | 1676.20万 | 4.60% | 140.47万 | 0.39% | -1816.68万 | -4.98% | | 068T09 | 中国中铁 | 1111.43万 | 1.43% | 422.30万 | - 0.54% | -- - 1533.73万 ...

Economic Overview - Chengdu metropolitan area achieved a GDP of 15,171.78 billion yuan in the first half of 2025, with Chengdu contributing 12,108.2 billion yuan, accounting for 79.8% of the total [1][4] - The GDP growth rate for Chengdu was 5.8% year-on-year, with the primary, secondary, and tertiary industries growing by 2.7%, 5.3%, and 6.0% respectively [4][5] Industrial Growth - The industrial output value above designated size in Chengdu increased by 7.8% year-on-year, with high-tech manufacturing growing by 12.1% [5] - Notable production increases included new energy vehicles (352.2%), smartwatches (119.2%), and lithium-ion batteries (45.8%) [5] Investment Initiatives - Chengdu launched its first future industry fund with an initial scale of 1120 billion yuan, aiming for a long-term scale of 2600 billion yuan, focusing on ten future industry sectors [1][7] - The fund is designed to act as a "resource lever" and "ecosystem builder," promoting technological innovation and the transformation of scientific achievements [7][10] Policy Support - Chengdu introduced a pioneering policy to support the sci-fi content industry, which includes financial backing and incentives for creative projects, aiming to enhance the entire value chain from creation to commercialization [12][13] - A total of 800 billion yuan in investment intentions were signed at the fund launch event, indicating strong investor interest in future industries [8][10] Infrastructure and Talent Development - The establishment of the "Investment Chengdu" future industry investment alliance, comprising over 100 investment institutions, aims to enhance collaboration across the industry chain [10] - New projects, including the first shield tunneling machine in high-end equipment manufacturing, signify advancements in Chengdu's industrial capabilities [12][13]

Group 1: Inner Mongolia First Machinery Group (600967.SH) - The company is the only main battle tank research and manufacturing base in China, driven by both domestic demand and foreign trade [1][6] - In 2024, the company achieved revenue of 9.792 billion yuan, a year-on-year decrease of 2.18%, and a net profit of 500 million yuan, down 41.33% year-on-year [6] - In Q1 2025, the company reported revenue of 2.731 billion yuan, an increase of 19.6% year-on-year, and a net profit of 186 million yuan, up 11.03% year-on-year, indicating an improvement in performance [6] - The company is actively expanding into the unmanned military equipment sector, leveraging its technological advantages in armored vehicles [6][7] - The company expects a significant increase in foreign trade sales, with projected sales reaching 4.517 billion yuan in 2025, a 64% increase from 2024 [7] - Revenue forecasts for 2025-2027 are 11.5 billion yuan, 13.1 billion yuan, and 14.8 billion yuan, with net profits of 750 million yuan, 950 million yuan, and 1.2 billion yuan respectively [7] Group 2: North Navigation (600435.SH) - The company is a core supplier of military guidance systems, benefiting from the rising demand for long-range fire systems [9][10] - In 2024, the company achieved revenue of 2.748 billion yuan, a year-on-year decrease of 22.91%, and a net profit of 59 million yuan, down 69.29% year-on-year [10] - The company anticipates a turnaround in H1 2025, with projected net profit between 105 million and 120 million yuan, compared to a loss of 74.42 million yuan in the same period last year [10] - The company has developed a unique "8+3" technology system and is integrating big data, AI, and IoT into its production processes [9] - Revenue forecasts for 2025-2027 are 5.24 billion yuan, 6.44 billion yuan, and 7.64 billion yuan, with net profits of 310 million yuan, 400 million yuan, and 510 million yuan respectively [11] Group 3: Hainan Free Trade Port - The Hainan Free Trade Port is set to officially close on December 18, 2025, which has been confirmed as a significant development for regional growth [13][16] - The report identifies four categories of companies that are expected to benefit from the Hainan Free Trade Port: those with significant foreign trade, those involved in supporting construction, tourism-related companies, and other local beneficiaries [16] - The current market liquidity is relatively ample, and the risk appetite is high, suggesting that the Hainan theme could continue to perform well as long as policy details are implemented as planned [16] Group 4: Medical Devices - The National Health Commission is promoting a "reverse involution" policy in medical procurement, which is expected to lead to a revaluation of the medical device sector [18][19] - The 11th batch of centralized procurement has been initiated, with a focus on optimizing selection rules and ensuring quality, which may lead to a recovery in the performance of some domestic manufacturers [19][21] - Recommendations include companies involved in already centralized consumables, those expected to benefit from a slowdown in procurement, innovative devices, and stable equipment manufacturers [21] Group 5: Commercial Aerospace - The commercial aerospace sector is witnessing significant developments, with major contracts being signed for eVTOL aircraft, indicating a potential transformation in the low-altitude economy [37][39] - The report highlights the importance of commercial rocket capacity for the rapid development of low-orbit satellites, suggesting that commercial rocket orders will be a key indicator for the sector's growth [25][39] - Companies involved in liquid rocket engines, structural components, and specialized manufacturing processes are recommended for investment [25][39]

[Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·建筑装饰 ◼ 本周（2025.7.21–2025.7.25，下同）：本周建筑装饰板块（SW）涨跌幅 5.62%，同期沪深 300、万得全 A 指数涨跌幅分别为 1.69%、2.21%，超 额收益分别为 3.93%、3.41%。 建筑装饰行业跟踪周报 ◼ 行业重要政策、事件变化、数据跟踪点评： 重点工程开工带动基建投资预期升温，推荐 关注低估值建筑央企 增持（维持） （1）今年 7350 亿元中央预算内投资基本下达完毕： 截至 7 月 24 日， 今年 7350 亿元中央预算内投资已基本下达完毕，重点支持现代化产业 体系、现代化基础设施体系、新型城镇化和乡村全面振兴、区域协调发 展和对外开放、绿色发展、社会民生、国家安全体系和能力现代化、灾 后应急恢复等领域项目建设。财政发力前置后实物工作量有望加速落 地，关注三四季度实物需求企稳情况以及增量政策工具出台节奏。 （2）上半年重点领域信贷保持较快增长，基础设施业中长期贷款余额 同比增长 7.4%，上半年增加 2.18 万亿元：新增贷款主要投向制造业、 基础设施业等领域。6 ...

免责声明 发行人 中铁信托有限责任公司 是经中国银行保险监督管理委员会批准，以金融信 托为主营业务的非银行金融机构，公司业务范围涵盖资金信托、动产信托、 不动产信 托 、 有价证券信托 、投资基金、证券承销、 投资银行业务 等 ，拥有 40 年持续经营 的历史。公司注册资本 50 亿元，建立以成都总部为核心，北上深汉渝为支点，"立足 四川、面向全国"的现代金融服务网络，获准建立有信托行业第三家、四川省内金融机 构第一家博士后创新实践基地，与西南财大联合建立中国信托研究中心。 此次资产证券化产品的成功发行为未来双方进一步深化合作奠定了坚实的基础， 对申万宏源持续资产证券化业务市场具有重要意义 。未来，申万宏源将继续为广大实 体企业提供深湛优良的综合金融服务，把落实国家战略与企业使命深度结合，为助力实 体经济高质量发展贡献金融央企力量。 7 月 22 日 ，由申万宏源担任 销售机构 的 中铁信托先锋 13 号应收账款资产支 持专项计划 项目成功发行 。 本期 资产证券化产品 优先 A 级 ， 发行规模 9.09 亿 元，期限 2.75 年 ，票面利率 2.09 % ， 债项评级 AAA ，无外部增信。优先 B 级 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" [4] Core Viewpoints - The ongoing urban renewal and the commencement of major projects are expected to accelerate infrastructure investment in the second half of the year [1][20] - The central government has emphasized the importance of urban village renovations and has set ambitious targets for the renovation of old urban residential areas, with 58,000 new projects planned for 2024 and 25,000 for the first half of 2025 [1][17] - The report suggests focusing on low-valuation state-owned enterprises in the infrastructure sector, as their fundamentals and operational metrics are expected to improve due to ongoing reforms and market conditions [9][11] Summary by Sections Industry Dynamics - The State-owned Assets Supervision and Administration Commission (SASAC) has called for state-owned enterprises to actively participate in urban development and infrastructure projects, emphasizing the need for safety and reliability in infrastructure [1][16] - The National Development and Reform Commission (NDRC) has allocated 735 billion yuan for central budget investments, focusing on modern infrastructure and urbanization projects [2][18] - Infrastructure investment growth rates for the first half of 2023 were reported at 4.60% for narrow definitions and 8.90% for broader definitions, with expectations for acceleration in the latter half of the year [9][20] Market Performance - The construction industry saw a weekly increase of 5.62%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [21] - The municipal engineering sector experienced the highest growth within the construction industry, with a weekly increase of 14.33% [21] Company Announcements - Major contracts were awarded, including China Power Construction winning contracts worth approximately 57.52 billion yuan for a pumped storage power station [32] - China State Construction reported new contracts totaling 2.5 trillion yuan for the first half of 2025, reflecting a year-on-year increase of 0.9% [32] Valuation - As of July 25, the construction and decoration industry had a price-to-earnings (P/E) ratio of 11.65 and a price-to-book (P/B) ratio of 0.85, indicating a slight increase from the previous week [24] - The report highlights that the construction industry ranks 27th in P/E valuation among major sectors, suggesting potential for valuation improvement [24][25] Key Focus Stocks - The report recommends focusing on low-valuation state-owned enterprises such as China State Construction, China Railway, and China Communications Construction, which are expected to benefit from improved operational metrics and market conditions [11][12][28]