● 本报记者 刘丽靓 新春时节，万象更新。从华中腹地到东海之滨，从粤港澳大湾区到雄安新区，一批国家重大工程建设正 酣，建设者们坚守一线，以奋斗姿态冲刺节点目标。随着一系列政策红利加速落地，重点领域基建投资 持续发力，为高质量发展积蓄蓬勃动能。 重大工程加速跑的背后，是中央企业服务国家战略、发挥稳投资作用的生动实践。数据显示，2025年中 央企业完成固定资产投资5.1万亿元，完成战略性新兴产业投资2.5万亿元。 日前召开的国务院常务会议明确提出，要更好发挥央国企扩投资作用。 重大工程拔节生长 国务院国资委副主任庞骁刚此前在国新办新闻发布会上表示，2026年，国资央企将积极扩大有效投资， 坚持投资于物和投资于人紧密结合，聚焦"两重""两新"，靠前谋划实施一批重大项目和标志性工程，更 好支撑国家惠民生、促消费、扩投资，带动产业链上下游企业共同发展。 在湖北长阳，国家"十四五"规划重点实施项目——清江抽水蓄能电站建设正酣。上水库大坝基础处理现 场，挖掘机长臂挥舞，自卸车往来穿梭。这座总装机120万千瓦的工程，是三峡集团服务湖北绿色发 展、保障华中电网安全稳定的重大工程，正向着2029年首台机组发电目标全力推进。 在雄 ...

Economic Goals - The main expected economic growth target for the city is a GDP increase of around 5% [2] - Local general public budget revenue is projected to grow by 2% [2] - The proportion of total R&D expenditure relative to GDP is expected to reach approximately 4.6% [2] - The urban unemployment rate is targeted to remain within 5% [2] - Per capita disposable income for residents is expected to grow in line with economic growth [2] - The consumer price index is anticipated to rise by around 2% [2] Major Investments - A total investment of 255 billion yuan is planned for major engineering projects this year [2] - Construction will begin on the northern extension of the Jia-Min Line and accelerate the development of several other metro lines [2] - Key projects include the construction of the North-South Passage and the advancement of the second phase of the Hushang Railway and the Shanghai section of the Huchuoyong High-speed Railway [2]

Group 1 - The overall performance of the construction sector in 2025 was weaker than the CSI 300 index, with the SW construction decoration index increasing by 8.88% compared to the CSI 300's 18.19% [4][7] - Private enterprises in the construction sector showed significant advantages, achieving a return rate of 35.6%, while state-owned enterprises faced pressure with a return rate of -4.51% [4][7] - The report anticipates that the "14th Five-Year Plan" will open an investment upturn, with major projects expected to be launched in 2026, leading to a new cycle of investment growth [4][24] Group 2 - The report identifies three main value lines for future investment: major engineering projects, high dividends, and growth transformation [4][32] - Major engineering projects include significant investments in waterway construction, the Tibet railway, and hydropower projects, with total investments estimated at approximately 6,211 billion yuan for waterway projects alone [4][36][39] - The report suggests focusing on companies with high dividend yields and low valuations, as regulatory measures are enhancing the importance of shareholder returns [4][49] Group 3 - The construction sector is expected to benefit from the AI investment wave, with the cleanroom market projected to grow significantly due to increased demand from the semiconductor industry [4][55] - The cleanroom investment is estimated to account for 10-20% of the total capital expenditure in the semiconductor industry, indicating a strong growth potential in this area [4][55] - Companies such as Deep Sanda A, Yaxin Integration, and others are recommended for investment due to their involvement in the cleanroom sector [4][61]

Core Insights - The construction and decoration industry is experiencing a mixed performance, with the overall market indices declining while certain segments show growth [1][3] - Significant government investment and policy support are expected to enhance infrastructure development and promote green transformation [2][3] Industry Overview - The Shanghai Composite Index fell by 1.47%, the Shenzhen Component Index by 4.99%, and the ChiNext Index by 5.71% during the week, while the Shenwan Construction Decoration Index decreased by 1.67%. However, segments such as decoration, engineering consulting services, and steel structures saw increases of +3.40%, +2.68%, and +0.72% respectively [1][3] - A total of 48 stocks in the Shenwan Construction sector rose, with the top five performers being Matrix Co. (+39.20%), Huajian Group (+28.11%), *ST Dongyi (+26.23%), Guosheng Technology (+26.15%), and Kexin Development (+17.87%) [1][3] Investment Highlights - Major engineering projects are accelerating, supported by robust funding mechanisms. The National Railway Group reported a fixed asset investment of 593.7 billion yuan, a year-on-year increase of 5.8%, with 968 kilometers of new railway lines completed [1][2] - The issuance of 400 billion yuan in 20-year special bonds is part of a broader 1.3 trillion yuan plan aimed at infrastructure and new productivity projects, solidifying the capital foundation for future investments [1][2] - Recent policy initiatives from multiple government departments aim to optimize industrial structure and accelerate green transformation, focusing on energy conservation and carbon reduction in key industries [2] Stock Selection Strategy - The current stock selection in the construction sector revolves around two main themes: 1. Dividend-focused stocks that are undervalued, benefiting from a low-interest-rate environment and increased attention on high-dividend yields. Recommended stocks include Jianghe Group and Sichuan Road and Bridge [3] 2. Companies embracing "Construction+" strategies, which involve mergers, acquisitions, and transitions into new business areas such as renewable energy and digital construction [3]