主题温度计：热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。 上周热点主题日均成交额平均 8 亿元，日均换手率 3.55% ， 11 月 以来较前期整体回落。科技主题内部分化，电解液 / 隔膜等锂电材料连续两周大涨，部分创新药反弹， PCB/ 光模块回调，电网设备上周大涨后回调；非科 技主题亮点增多，低价蓝筹与白酒 / 金融获资金净流入。短期市场在总量层面缺乏预期锚点，交易方向依赖自下而上结构性变化，主题轮动加快前期大涨主 题易出现回调，风格均衡下低位消费 / 红利主题成为资金选择。本期看好内需消费新机遇与区域经济新格局，关注 AI/ 机器人 / 创新药年底修复。 报告导读： 热点主题交易热度较十月降温，科技主题内部分化，消费蓝筹底部回升。看好 内需消费新机遇与区域经济新格局。推荐：内需消费 / 新疆基建 /AI 应用 / 机器人。 主题一：内需消费。 国常会提出增强供需适配性释放消费潜力，培育消费新场景新业态。新需求引领新供给，新供给创造新需求，我国体育赛事 / 冰雪旅游 / 演出文旅等新场景不断兴起。"苏超"溢出效应显著，带动江苏全域多场景消费超 380 亿元；辽宁省委提出办好"东北超"， ...

Core Insights - Infrastructure investment has weakened in the first three quarters, with a notable decline in the proportion of special bonds used for broad infrastructure, dropping to approximately 31% from 45% in the previous year [5] - The valuation of central state-owned construction enterprises remains low, highlighting the investment value of high-dividend stocks in this sector, with dividend yields for several companies exceeding 4.6% [5] - The Xinjiang region is expected to benefit from ongoing infrastructure investments, with significant projects underway that will positively impact local leading engineering firms and suppliers [5] Infrastructure Investment Trends - As of October 19, 2025, special bonds issued reached 3.7 trillion yuan, a year-on-year increase of 2.01%, but the investment growth rates for narrow and broad infrastructure were only 2.00% and 5.42% respectively from January to August 2025 [5] - In August 2025, narrow and broad infrastructure investments saw year-on-year declines of 5.85% and 6.42%, indicating a slowdown in growth momentum [5] Valuation and Dividend Insights - As of October 17, 2025, several central state-owned construction companies exhibited attractive dividend yields, such as China State Construction at 4.86% and China Railway Construction at 6.06% in the Hong Kong market [5] - The price-to-earnings ratios for these companies are significantly low, with China Railway Construction at 3.61 times, indicating a historical valuation level that presents a potential investment opportunity [5] Regional Investment Opportunities - The Xinjiang region has seen substantial fixed asset investment growth due to the Western Development Policy, with over 2 trillion yuan allocated in transfer payments during the 14th Five-Year Plan period [5] - Major transportation infrastructure projects in Xinjiang, such as the New Tibet Railway and Duku Highway, are expected to drive demand for local construction firms and suppliers [5]

Group 1 - The new infrastructure projects in Xinjiang, including the 2000 km New Tibet Railway, 100 billion Duku Highway, and 800 billion coal chemical projects, are expected to create significant investment opportunities for leading companies in the sector [1] - The market for innovative drugs for vitiligo is projected to reach 10 billion, with only 54% of the 22.83 million patients currently receiving treatment, indicating a substantial growth potential for leading pharmaceutical companies [1]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [12] Core Insights - Xinjiang has significant development potential despite its poor infrastructure, with ongoing investments in major infrastructure projects such as transportation, water conservancy, and energy [2][5] - The region's GDP is projected to grow by 6.1% in 2024, with fixed asset investment expected to increase by around 10% by 2025 [5][27] - Major projects in Xinjiang, including coal chemical projects and significant transportation infrastructure, are expected to drive economic growth and create investment opportunities [7][10] Summary by Sections Economic Overview - Xinjiang's GDP for 2024 is estimated at 20,534.08 billion yuan, with a per capita GDP of 78,660 yuan, reflecting a growth of 6.1% and 5.4% respectively [5][21] - The region's infrastructure is lagging, with road and rail density significantly below national averages, which constrains economic development [24][26] Infrastructure Investment - The Xinjiang government plans to utilize various funding sources, including central budget investments and local government bonds, to support infrastructure development [27] - By 2025, Xinjiang aims for a GDP growth of around 6% and a fixed asset investment increase of approximately 10% [27] Major Projects - Significant projects include the Xinjiang coal chemical industry, with investments expected to accelerate, and major transportation projects like the China-Kyrgyzstan-Uzbekistan railway and the New Tibet Railway [7][10] - The total investment for the China-Kyrgyzstan-Uzbekistan railway is estimated at 8 billion USD, with construction expected to start by the end of 2024 [7] Strategic Positioning - Xinjiang is positioned as a key hub in the Belt and Road Initiative, with its foreign trade growth rate leading the nation [9] - The region's strategic location and resource advantages are expected to enhance its role in national economic development [44][45] Investment Recommendations - Companies such as China Chemical and China Railway Construction are highlighted as potential beneficiaries of the increasing infrastructure investments in Xinjiang [10] - The report suggests monitoring local engineering firms for order releases as infrastructure projects ramp up [10]

Investment Rating - The report maintains a "Buy" rating for key companies in the construction and infrastructure sector, particularly those benefiting from the Xinjiang transportation infrastructure projects [9][26]. Core Viewpoints - The establishment of the Xinjiang-Tibet Railway Company, with a registered capital of 95 billion RMB, is expected to catalyze significant investment opportunities in the Xinjiang transportation infrastructure sector [1][12]. - The Xinjiang region is anticipated to receive increased policy support and major project investments, particularly in transportation infrastructure, due to its strategic importance to national energy security and ethnic unity [17][12]. - The report emphasizes the potential for substantial returns from leading construction companies such as China Railway, China Railway Construction, and China Communications Construction, as well as local firms like Xinjiang Communications Construction and Beixin Road and Bridge [1][8]. Summary by Sections Industry Investment Rating - The report recommends a "Buy" rating for major construction companies involved in Xinjiang's infrastructure projects, highlighting their strong market positions and expected growth [9][26]. Key Beneficiaries - Major construction central enterprises such as China Railway, China Railway Construction, and China Communications Construction are identified as primary beneficiaries of the Xinjiang infrastructure projects [18][24]. - Local companies like Xinjiang Communications Construction and Beixin Road and Bridge are also highlighted for their significant roles in regional infrastructure development [21][22]. Project Details - The Xinjiang-Tibet Railway, approximately 2010 kilometers long, is projected to require an investment of 96 billion RMB, with construction expected to commence in 2025 [1][12]. - The report outlines the timeline for project milestones, including geological surveys and construction start dates, indicating a structured approach to project execution [13][17]. Financial Metrics - Key financial metrics for recommended companies include projected earnings per share (EPS) and price-to-earnings (PE) ratios, with China Railway and China Railway Construction showing favorable valuations [27][28]. - The report provides detailed financial forecasts for these companies, indicating strong potential for growth and returns on investment [9][26].