分析师及联系人 丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 新藏铁路启航，重视稳增长，重视新疆 报告要点 [Table_Summary] 近日，新藏铁路有限公司成立，法定代表人为马殷军，注册资本 950 亿人民币，由中国国家铁 路集团有限公司全资持股。新藏铁路公司成立，指向新藏铁路建设加速，引发市场对新疆区域 进一步关注。 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 新藏铁路启航，重视稳增长，重视新疆 [Table_Summary2] 事件描述 近日，新藏铁路有限公司成立，法定代表人为马殷军，注册资本 950 亿人民币，由中国国家铁 路集团有限公司全资持股。新藏铁路公司成立，指向新藏铁路建设加速，引发市场对新疆区域 进一步关注。 事件评论 风险提示 1、政策落地不及预期；2、资金到位不及预期。 请阅读最后 ...

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 《新一轮农村公路提升行动方案》印发，基建稳 增长更进一步 报告要点 [Table_Summary] 交通运输部、财政部、自然资源部联合印发《新一轮农村公路提升行动方案》。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title 《新一轮农村公路提升行动方案》印发，基建稳 2] 增长更进一步 [Table_Summary2] 事件描述 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% 交通运输部、财政部、自然资源部联合印发《新一轮农村公路提升行动方案》（以下简称《方 案》）。 事件评论 风险提示 1、政策推进不及预期； 2、资金到位情况不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-08-07 行业研究丨点评报告 [Table_Rank]投资评级 看好丨维持 * [16] A. A. K. ...

Investment Rating - The report maintains an "Outperform" rating for the construction and building materials sector, indicating expected performance above the market index by over 10% [5][79]. Core Views - The construction and building materials sector is expected to benefit from two main themes: "infrastructure recovery" and "anti-involution," leading to significant excess returns in recent times. The Ministry of Industry and Information Technology announced a new round of growth stabilization plans for key industries, including construction materials, which is anticipated to boost infrastructure investment and order recovery in the construction sector [1][3]. - The building materials sector is experiencing a structural improvement in supply and demand, driven by the "anti-involution" trend and expectations of stable growth, which are expected to resonate positively across various sub-sectors [1][3]. Summary by Sections Cement - National cement prices fell by 0.9% last week, with declines of 10-30 yuan/ton in regions like Jilin and Hunan. High temperatures and rainfall have weakened construction demand, leading to a drop in the average shipment rate to 43%. The sector faces significant inventory pressure and ongoing price declines [2][23]. Glass - The domestic float glass market showed signs of recovery, with prices increasing due to speculative demand and replenishment from downstream buyers. Inventory levels have decreased, alleviating some pressure in certain regions. The photovoltaic glass market also saw improved trading conditions, with a slight reduction in inventory [2][41]. Fiberglass - The price of non-alkali roving remained stable, while electronic yarn prices showed slight increases. The overall market demand remains weak, with transactions primarily based on need [2][47]. Investment Recommendations - The report suggests focusing on leading companies in the cement and glass sectors, such as Conch Cement, Huaxin Cement, and Qibin Group, as well as companies benefiting from structural demand in fiberglass, like China National Materials and China Jushi. The construction sector is expected to recover in the second half of the year, with recommendations for companies like China Railway Construction and China Communications Construction [3][12].

Core Insights - China State Construction Engineering Corporation (CSCEC) reported a total new contract value of 1,520.2 billion yuan for the first four months of 2025, reflecting a year-on-year growth of 2.8% [1] - The construction business segment achieved a new contract value of 1,424.7 billion yuan, with a year-on-year increase of 3.7%, driven by a significant 24.0% growth in infrastructure contracts [1] - The real estate segment saw a contract sales value of 95.6 billion yuan, with a narrowing decline compared to the previous months, and a total land reserve of 7,592 million square meters at the end of the period [1] Construction Business Performance - New contracts in the infrastructure sector reached 505.3 billion yuan, marking a robust growth of 24.0% [1] - Domestic business accounted for 1,354.7 billion yuan, with a year-on-year increase of 4.2% [1] - The physical indicators included a construction area of 146,501 million square meters and a new construction area of 9,293 million square meters, which represents a year-on-year growth of 29.7% [1] Major Projects and Future Outlook - CSCEC is rapidly advancing major projects, with a total project amount of 39.52 billion yuan disclosed recently, the highest this year [2] - Key projects include four housing construction projects totaling 11.08 billion yuan and nine infrastructure projects amounting to 28.44 billion yuan [2] - The construction industry is experiencing a weak recovery driven by "policy efforts + supply optimization," with infrastructure investment remaining a core support for growth [2] - CSCEC aims for sustainable development through business structure optimization, strengthening technological barriers, and expanding new market opportunities under the dual drivers of policy dividends and technological innovation [2]