天风证券指出，建筑装饰及基础建设行业当前估值处于历史低位。当前基建资金端支持力度较大，专项 债发行进度达全年额度的90%，特别国债累计发行1.8万亿元，中西部地区基建景气度较高，新疆、西 藏等区域建设需求值得关注。 基建ETF（159619）跟踪的是中证基建指数（930608），该指数从沪深市场中选取50只涉及基础设施建 设、专业工程、工程机械及房屋建设等领域的上市公司证券作为指数样本，以反映基建类上市公司证券 的整体表现。该指数行业配置主要集中于工业领域，成分股覆盖基础建设、专业工程等细分方向，能够 较好地体现我国基建行业的发展状况。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 ...

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Core Viewpoint - The report highlights the significant growth in cargo volume and value through the Western Land-Sea New Corridor, emphasizing its role in enhancing logistics and trade connectivity for various industries, particularly in non-metallic building materials [1][2]. Group 1: Western Land-Sea New Corridor - In the first ten months of this year, the cargo volume and value through the Western Land-Sea New Corridor reached 272,300 TEUs and 48.962 billion yuan, representing increases of 33% and 27% respectively [1][2]. - The transportation network has expanded to cover 127 countries and regions with 581 ports, facilitating trade in over 1,300 product categories, including electronics, vehicles, machinery, and food [1][2]. - The Guangxi Pinglu Canal, which began construction in August 2022, is progressing towards completion by the end of 2026, further enhancing the corridor's capabilities [2]. Group 2: Key Points in Building Materials Sector - The building materials sector is experiencing a downturn, with a notable shift in demand for new homes and public construction, leading to four critical points for recovery: low market share, new demand from existing products, business diversification, and innovation [3]. - Companies like Sanke Tree and Rabbit Baby are successfully tapping into new demands, such as second-hand housing and rural revitalization, leading to performance and valuation recovery [3]. - Major players like Nippon Paint and Saint-Gobain are exemplifying business diversification strategies, while companies like Weixing New Materials are focusing on building resilient business models around emerging trends [3]. Group 3: Market Trends and Price Movements - The national average price of cement is 352 yuan per ton, down 74 yuan year-on-year, with an average shipment rate of 46.2% [4]. - The average price of float glass is 1,195.35 yuan per ton, showing a slight decrease, while the inventory days for key monitored provinces have increased [4]. - The concrete mixing station's capacity utilization rate is at 7.79%, indicating a marginal increase [4].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The construction index rose by 1.53% this week, outperforming the broader market by 0.21 percentage points, with sectors like clean rooms and chemical engineering showing strong performance [1][4] - High demand in the semiconductor-related clean room sector and the chemical engineering industry chain is recommended for investment, particularly in regions like Xinjiang and Tibet where infrastructure growth is expected [1][3] - The clean room sector shows a high level of order backlog, with significant contracts signed by companies like Yaxiang Integration and Shenghui Integration, indicating robust future performance [2][13] - The coal chemical investment landscape is promising, with projected investments exceeding 1 trillion yuan nationally, driven by green energy initiatives and the International Maritime Organization's net-zero emissions framework [3][16][20] - Anticipated infrastructure stimulus in the fourth quarter is expected to benefit the construction sector, with a focus on major transportation projects and regional opportunities in high-growth areas [22][25] Summary by Sections 1. Industry Investment Opportunities - Focus on the high-demand semiconductor clean room sector, with Yaxiang Integration reporting an order backlog of 6.105 billion yuan and a significant improvement in gross margins [2][13] - The coal chemical sector is projected to see investments of nearly 500 billion yuan in Xinjiang alone, with a national total exceeding 1 trillion yuan, indicating a strong growth trajectory [3][19] - The fourth quarter is expected to see increased infrastructure spending, with special bonds and long-term treasury bonds being issued at a rapid pace, enhancing investment in construction [22][23] 2. Market Performance Review - The construction index's performance this week reflects a positive trend, with notable gains in individual stocks such as Hainan Development (+27%) and Chongqing Construction (+25%) [4][29] - The clean room engineering sector is highlighted for its low valuation compared to peers, making it an attractive investment opportunity [14][15] 3. Investment Recommendations - Emphasis on infrastructure projects in regions with high growth potential, particularly in water conservancy, railways, and aviation, with specific recommendations for companies like Sichuan Road and Bridge and China Communications Construction [36][37] - Attention to the nuclear power sector and emerging business directions, with recommendations for companies like Libat and China Nuclear Engineering [38] - The clean room sector is expected to benefit from domestic substitution trends and the demand for new display panel production lines, with a focus on companies like Baicheng Co. and Shenghui Integration [38]

Core Viewpoint - The manufacturing PMI for October decreased to 49.0% from 49.8%, indicating a contraction in the manufacturing sector, with various sub-indices showing declines in production, new orders, and export orders [2][19]. Group 1: Manufacturing PMI Data - The production index fell to 49.7%, down 2.2 percentage points from the previous value of 51.9% [2][19]. - The new orders index decreased to 48.8% from 49.7%, while the new export orders index dropped to 45.9% from 47.8% [2][19]. - The employment index slightly declined to 48.3% from 48.5%, and the supplier delivery time index remained stable at 50.0% [2][19]. - The raw material inventory index decreased to 47.3% from 48.5%, indicating a reduction in inventory levels [2][19]. Group 2: Export and Construction Insights - The new export orders index at 45.9% suggests potential weakness in exports, but this may be influenced by seasonal factors and fewer working days in October [5][12]. - Despite the drop in the export index, demand from developed countries remains strong, with U.S. consumer spending trends improving [5][12]. - The construction PMI for October was 49.1%, indicating a slight decline, but new orders in the construction sector showed signs of recovery with a business activity expectation index of 56.0% [6][17]. Group 3: Price and Inventory Trends - The PMI output price index fell to 47.5%, marking 17 consecutive months below the neutral line, while the main raw material purchase price index was at 52.5% [3][20]. - The procurement index decreased to 49.0%, indicating a reduction in purchasing activity, while the finished goods inventory index was at 48.1% [20]. - The construction industry showed a new orders index of 45.9%, which is an improvement compared to the previous year's 43.5% [20][21]. Group 4: Sectoral Expectations - The manufacturing activity expectation index for October was 52.8%, down from 54.1%, while the service sector expectation index remained stable at 56.1% [3][21]. - The construction sector's business activity expectation index increased, reflecting growing confidence among firms in certain industries [3][21]. - Overall, the composite PMI output index was at 50.0%, indicating stability in production activities across sectors [21].

Core Viewpoint - The recent policy changes in Shenzhen's real estate market, effective from September 6, aim to stimulate sales during the traditional peak season of "Golden September and Silver October" by implementing differentiated controls in core and non-core areas [1][3]. Group 1: Policy Changes - Shenzhen's new policy includes the cancellation of purchase limits in non-core areas and the suspension of qualification reviews for home purchases in certain districts [1]. - The differentiation in policy applies to core areas like Futian and Nanshan, while non-core areas like Luohu and Guangming see relaxed restrictions [1]. - The new mortgage rate for first and second homes has been unified, with the lowest rate dropping to 3.05% [1]. Group 2: Market Response - Following the new policy, the number of second-hand residential transactions in Shenzhen increased by 14% compared to the same period in August and by 33% year-on-year [3]. - The average daily viewings in real estate agencies rose by 42.9% compared to the beginning of September [3]. - New home project visits increased by approximately 48% and transaction volumes grew by about 60% during the first weekend after the policy implementation [3]. Group 3: Company Performance - In August, major real estate companies reported varying sales figures, with China Overseas Development at 183.3 billion (down 0.7% year-on-year) and China Resources Land at 194.6 billion (up 38.9% year-on-year) [4]. - Greentown China saw a year-on-year increase of 27.7% in sales, reaching 106 billion [4]. - Poly Developments reported a sales decline of 18.5% year-on-year, totaling 180.2 billion [4]. Group 4: Investment Outlook - The central government's focus on stabilizing the real estate and stock markets is seen as crucial for boosting social expectations and facilitating domestic demand [5]. - There is an anticipated wave of development for high-quality residential properties due to policy guidance and changes in supply-demand dynamics [6].

Group 1 - Tianshan Co., Ltd. experienced a stock price increase of 10.03%, reaching a latest price of 6.58 yuan, with a total market capitalization of 46.787 billion yuan and a trading volume of 8.86 billion yuan [1] - The company has seen a profit contribution of approximately 42 million yuan from the successful delivery of a project in Tunisia, which supports its overseas business expansion and is related to the "Belt and Road" initiative [2] - The anticipated increase in cement demand in Xinjiang due to major projects like the China-Kyrgyzstan-Uzbekistan Railway and the New Tibet Railway aligns with the company's capabilities in supplying special cement, linking it to infrastructure and regional development themes [2] Group 2 - The company is strictly implementing capacity replacement policies to optimize its production structure, promoting supply-side structural reforms in the cement industry, which is associated with supply-side reform themes [2] - Tianshan Co., Ltd. is primarily involved in sectors related to cement, the Belt and Road initiative, infrastructure, supply-side reform, and green low-carbon concepts [2]

Core Viewpoint - The profitability of A-shares is improving, and the monetary policy remains accommodative, suggesting that current valuations may not have reached overheating levels [1][6][7]. Group 1: Market Performance - A-shares have shown strong momentum, breaking the 3700-point barrier and closing at 3728.03 points on August 16, with a year-to-date increase of nearly 15% [1]. - The Shanghai Composite Index reached a new high not seen in the past decade on August 18, with broker stocks being the best-performing sector [4]. - The balance of margin financing and securities lending in A-shares reached a milestone of 2 trillion RMB, surpassing previous highs [4]. Group 2: Investor Sentiment - There is a noticeable increase in optimism among retail investors, with discussions about the A-share market becoming more frequent [4]. - Global hedge funds have rapidly increased their positions in Chinese assets, marking the fastest accumulation in the past seven weeks [4][5]. - Institutional sentiment towards China's economic growth expectations has risen to 11%, up from just 2% in July, the highest level since March 2025 [1]. Group 3: Economic Indicators - The dynamic price-to-earnings ratio of the CSI 300 index is slightly above its 10-year average, indicating that A-shares may still have room for growth [6][7]. - Despite a rebound in the A-share market, institutions believe that the bullish sentiment is likely to persist in the short term due to ample liquidity and improving fundamentals [6]. Group 4: Policy and Structural Changes - The "anti-involution" policy is expected to stimulate consumption, with the government planning to issue additional consumption subsidies [11]. - The political bureau meeting in July emphasized the importance of implementing existing fiscal and monetary policies rather than introducing new ones [7]. Group 5: IPO Market Dynamics - A-shares are experiencing a backlog of IPOs, but the approval pace is slower compared to Hong Kong, which may limit the impact on market liquidity [9]. Group 6: Global Influences - The ongoing geopolitical tensions and the potential for interest rate cuts by the Federal Reserve are factors that could influence market sentiment in Asia [12][13].

Core Viewpoint - The article emphasizes the importance of professional investment analysis and the need for specialized insights in the current financial landscape [1]. Group 1 - The research team at Huachuang Securities is positioned to provide timely exchanges of viewpoints aimed at professional investors [10]. - The materials are intended solely for recognized professional investors and should not be shared with the general public [7][10]. - The analysis and opinions presented may change without notice based on subsequent reports from Huachuang Securities [11].

Market Data Summary - **Commodities**: As of August 8, 2025, among commodities, coking coal had the highest weekly increase of 12.31% at a closing price of 1227.00, while crude oil had the largest decline of -7.22% at 489.80 [2]. - **Equities**: In the A - share market, the CSI 500 rose 1.78% to 6323.50, the SSE 50 increased 1.27% to 2789.17, and the S&P 300 was up 1.23% to 4104.97. Among overseas stocks, the Nasdaq Index climbed 3.87% to 21450.02 [2]. - **Bonds**: Chinese 10 - year, 2 - year, and 5 - year government bonds declined by -0.51%, -0.88%, and -1.18% respectively, closing at 1.69, 1.41, and 1.55 [2]. - **Foreign Exchange**: The euro - US dollar exchange rate increased 0.47% to 1.16, while the US dollar index dropped -0.43% to 98.27 [2]. Commodity Views Summary Macro - financial Sector - **Stock Index Futures**: Among 8 institutions' views, 2 were bullish, 1 was bearish, and 5 expected a sideways trend. Bullish factors included rising Fed rate - cut expectations, faster growth in July's US - dollar - denominated import and export year - on - year growth rates, and the extension of China - US trade negotiations. Bearish factors were the reduction of 800 million shares in ETFs tracking the S&P 300, and domestic economic deflation pressure [4]. - **Treasury Bond Futures**: Out of 7 institutions' views, 1 was bullish, 3 were bearish, and 3 expected a sideways trend. Bullish factors were weak July credit data, expected central bank actions to balance funds, and weak US non - farm data. Bearish factors were potential new government bond supply and short - term equity market rebounds [4]. Energy Sector - **Crude Oil**: Among 9 institutions' views, 1 was bullish, 4 were bearish, and 4 expected a sideways trend. Bullish factors were high US refinery operating rates, inventory reduction, and OPEC+ under - production in July. Bearish factors were potential US - Russia talks and downward - revised US non - farm data [5]. Agricultural Sector - **Palm Oil**: Among 8 institutions' views, 3 were bullish and 5 expected a sideways trend. Bullish factors were better - than - expected July MPOB data and increasing biodiesel demand. Bearish factors were large Indonesian palm oil inventories and reduced Indian imports [5]. Non - ferrous Metals Sector - **Copper**: Among 7 institutions' views, 2 were bullish and 5 expected a sideways trend. Bullish factors were the suspension of China - US tariffs, expected domestic policies to boost demand, and weakening US dollars. Bearish factors were increasing global copper inventories and weak domestic demand [6]. Chemicals Sector - **Glass**: Among 7 institutions' views, 2 were bullish, 1 was bearish, and 4 expected a sideways trend. Bullish factors were improved processing orders and policy expectations. Bearish factors were weak spot market transactions and high inventory pressure [6]. Precious Metals Sector - **Gold**: Among 8 institutions' views, 4 were bullish, 1 was bearish, and 3 expected a sideways trend. Bullish factors were rising Fed rate - cut expectations, weak US non - farm data, and Chinese central bank gold purchases. Bearish factors were a key technical resistance level and potential Fed policy changes [7]. Black Metals Sector - **Coking Coal**: Among 8 institutions' views, 4 were bullish and 4 expected a sideways trend. Bullish factors were improved market sentiment on coal over - production checks and high iron - water production. Bearish factors were weak real - estate and infrastructure demand [7]. Core View The report objectively reflects the research views of futures and securities companies on various commodities, analyzes market investment sentiment, and summarizes investment driving logics. It provides a comprehensive view of different sectors' supply - demand, policy, and macro - economic factors affecting commodity prices [1].