1月22日，A股三大指数探底回升全线上涨，截止收盘，港股通红利ETF广发（520900）涨1.55%，成交 额8586万元。浙商证券表示，以红利板块为代表的权重股目前估值仍处于历史较低水平，这既反映了人 民币升值带来的资产重估潜力，也体现了其在经济结构转型过程中盈利稳定性的防御价值。国金证券认 为，港股红利板块可作为长期战略底仓，可增强防御性并持续提供股息回报。方向建议关注低估值央国 企，非银等。2026上半年长端利率低位震荡结合海外宽松延续，南向资金与险资等长线资金持续增配， 港股红利相对A股的股息优势仍在，具备估值回升与稳定现金回报的双重基础。港股通红利ETF广发 （520900）及其场外联接（022719/022720）为投资者提供了一键布局港股红利资产的便捷入口，让稳 健收益与长期价值兼得。 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 0.32% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, indicating that the construction sector underperformed the market by 0.75 percentage points. Professional engineering, architectural design, and infrastructure sectors showed stronger gains [1][33] - Infrastructure investment continued to support the economy, with energy-related and water conservancy investments maintaining strength, while transportation infrastructure showed signs of recovery. For the first half of 2025, real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing grew by -11.2%, +4.6%, +8.9%, and +7.5% year-on-year, respectively [1][13] - Recent disclosures of second-quarter orders from central state-owned enterprises (SOEs) indicate a recovery trend, with China Railway's second-quarter orders showing a year-on-year growth of 20.08%. The overall order situation for central SOEs is optimistic, suggesting a rebound in physical workload [2][27] Summary by Sections Macro and Micro Verification of Infrastructure Recovery - Infrastructure investment in June continued to provide support, with energy and water conservancy investments remaining strong, while transportation infrastructure showed signs of recovery. The year-on-year growth rates for real estate development investment, narrow infrastructure, broad infrastructure, and manufacturing from January to June 2025 were -11.2%, +4.6%, +8.9%, and +7.5%, respectively [1][13][14] Recent Order Disclosures from Central SOEs - Central SOEs such as China Railway, China Energy Construction, China Chemical, and China Nuclear Engineering reported a recovery in second-quarter orders. For instance, China Railway's first-half orders showed a year-on-year growth of 2.8%, with a significant increase in the second quarter [2][27][28] Valuation Perspective - As of July 18, the construction sector's PE (TTM) and PB (LF) ratios were among the lowest across all primary industries, indicating significant room for valuation improvement. The construction sector's PE (TTM) was 11.12 times, with a historical percentile of 48.50%, compared to the Shanghai and Shenzhen 300's PE of 13.39 times [3][30][32]