2026年基建需求端仍较为充足，2月24日，基建ETF（159619）涨超3%。 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，以反映基建相关领域上市公司的 整体表现。该指数侧重于工业行业，覆盖了建筑与工程等多个细分领域，具有较高的行业集中度。 国投证券指出，2026年基建需求端仍较为充足，财政部门将继续实施更加积极的财政政策，推动投资止 跌回稳。2025年八大建筑央企新签订单实现同比正向增长，建筑企业经营有望迎边际改善。此外，Q1 通常为全国及各省份基建/投资政策密集发布期，或驱动建筑行业估值提升，部分建筑央国企低估值、 高股息，配置价值凸显。建筑企业出海战略略显成效，境外新签订单同比快速增长，为2026年海外创收 奠定基础。2025年，已披露的七大建筑央企海外新签订单同比增长13%，国际工程板块龙头中材国际海 外新签合同额同比高增24%。在基建和专业工程板块，龙头企业出海策略实施有效，全球降息背景下， 海外新签订单有望加速转化为海外创收。 风险提示：提及个股仅用于行业事件分析，不构成任 ...

西部证券指出，促进有效投资对于稳定经济增长、增强发展后劲具有重要作用，需结合制定实施"十五 五"规划，在基础设施、城市更新等重点领域深入谋划推动一批重大项目、重大工程。2025年，全国固 定资产投资比上年下降3.8%，但中央经济工作会议已明确"推动投资止跌回稳"。从2025Q4单季新签订 单看，部分企业如中国能建、中国电建、中国化学及四川路桥等同比实现正增长。专项债方面，2026年 初累计发行额同比大幅增加。水泥市场方面，近期价格环比回落，预计将进入休市平稳阶段。建筑板块 估值处于历史较低水平。 （文章来源：每日经济新闻） 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涉及基础建设、专业 工程、机械制造等业务的上市公司证券作为指数样本，以反映基础设施建设相关上市公司证券的整体表 现。指数成分股集中于建筑与工程等相关行业，旨在展现中国基建领域的整体市场动态和投资价值。 ...

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sector, with specific recommendations for several companies [9][12]. Core Insights - The report highlights the recent price increases in electronic fabrics, indicating a positive trend in both emerging technologies and traditional cyclical investments. The price of 7628 electronic fabric increased by over 0.5 yuan/meter, exceeding market expectations, which reflects a broader trend of high-end electronic fabric demand trickling down to standard electronic fabrics [1][12]. - The report emphasizes the importance of effective investment in stabilizing economic growth, as reiterated in the recent State Council meeting, which is expected to boost construction activity in Q1 2026 [1][14]. - The report suggests a balanced investment approach between emerging industries and traditional cyclical sectors, recommending companies such as Yaxiang Integration, Jinggong Steel Structure, and China Construction International [1][12]. Summary by Sections Industry Overview - The report notes that the price of ordinary electronic yarn and fabric has increased significantly, with G75 electronic yarn prices rising by 10.5% and 7628 electronic fabric prices by 11.9% week-on-week [2][19]. - The domestic cement price decreased by 0.9% week-on-week, with a notable drop in the cement shipment rate [2][26]. Key Companies and Dynamics - China National Building Material has issued a profit warning, expecting a loss of approximately 2.3 billion to 4 billion yuan for 2025, a significant shift from a profit of 2.387 billion yuan in 2024 [3]. - The report recommends several companies for investment, including Yaxiang Integration (603929 CH), China Construction International (3311 HK), and Sichuan Road and Bridge (600039 CH), all rated as "Buy" with target prices set above current market levels [9][37]. Market Trends - The report indicates that the construction materials sector is experiencing a cyclical recovery, with price increases in various segments such as waterproofing and engineering materials, driven by government policies aimed at boosting infrastructure investment [1][15]. - The report also highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials for solar wings [1][12].

证券日报网讯2月2日，中国中铁（601390）在互动平台回答投资者提问时表示，公司矿产资源业务以矿 山实体经营开发为主，目前在境内外全资、控股或参股投资建成5座现代化矿山生产和销售的主要矿产 品包括铜、钴、钼、铅、锌等品种的精矿、阴极铜和氢氧化钴等，目前生产经营正常，根据公司2025年 半年度报告，中铁资源集团有限公司实现营业收入134.6亿元，净利润为28.30亿元。 ...

Core Viewpoint - China Railway (601390) emphasizes the importance of a comprehensive evaluation of multiple factors in mineral resource extraction and capacity release, adhering to principles of "safety first, compliance operation, and sustainable development" [1] Group 1 - The company aims to scientifically match resource endowments with extraction conditions to ensure a balance between economic benefits and sustainability in resource development [1]

智通财经APP获悉，中国中铁(00390)再涨超5%，截至发稿，涨4.63%，报4.52港元，成交额2.36亿港 元。 国泰海通证券发布研报称，中国中铁铜、钴、钼保有储量在国内同行业处于领先地位，矿山自产铜、钼 产能已居国内同行业前列，2024上半年生产铜金属150,165吨；钴金属2,837吨；钼金属7,682吨；铅金属 4,565吨；锌金属10,697吨；银金属18吨。全资子公司中铁资源2025上半年归母净利润25.8亿元同比增长 27.4%，占比22%。长江证券则表示，关注公司矿产资源重估。 ...

Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - In December 2025, narrow infrastructure investment decreased by 11.4%, with a month-on-month decline of 1.7 percentage points. Broad infrastructure investment fell by 9.5%, with a month-on-month decline of 1.2 percentage points. For the entire year, narrow infrastructure investment declined by 2.2%, with a month-on-month decline of 1.1 percentage points, while broad infrastructure investment grew by 0.6%, with a month-on-month growth rate decrease of 1.2 percentage points [2][6][12] - Investment across various sectors showed a downward trend in December, particularly in transportation, where the investment growth rate significantly declined. Specifically, power sector investment fell by 3.7%, transportation sector investment dropped by 12.7%, railway investment decreased by 30.0%, and road transport investment declined by 18.4%. Water conservancy investment fell by 26.6%, with management investment down by 36.4%, and public facility management investment decreased by 25.3% [12] - Cement production data indicated a continued decline in physical workload, with December cement output down by 6.6% year-on-year and a total decline of 6.9% for the year. The national cement dispatch volume from January 7 to January 13 was 2.645 million tons, a month-on-month decrease of 2.7% and a year-on-year decrease of 1.6% [12] - Looking ahead to 2026, infrastructure investment may show resilience due to coordinated fiscal efforts. The National Development and Reform Commission has initiated a list of major construction projects and a central budget investment plan totaling approximately 295 billion yuan, aimed at accelerating fund allocation and usage [12] Summary by Sections - **Investment Performance**: December saw a significant drop in narrow and broad infrastructure investments, with respective declines of 11.4% and 9.5% [2][6] - **Sector Analysis**: All sectors experienced a decline in investment, with transportation and water conservancy sectors showing the most significant drops [12] - **Physical Workload Trends**: Cement production and dispatch volumes continued to decline, indicating a weak physical workload in the construction sector [12] - **Future Outlook**: Anticipated resilience in infrastructure investment for 2026, supported by government initiatives and major project approvals [12]

Core Viewpoint - In 2025, China's infrastructure investment is projected to reach 24.5 trillion yuan, reflecting a 1.5% decrease from the previous year, with a narrow infrastructure growth rate of -2.2% [1] Group 1: Infrastructure Investment Trends - Key sectors such as pipeline transportation, warehousing, and internet services are expected to maintain a rapid growth rate in infrastructure investment, while sectors like ecological protection, water conservancy, road transportation, and public facilities are experiencing significant declines [1] - A series of investment-promoting policies implemented since the second half of 2025 are anticipated to lead to an acceleration in key engineering and sector-specific infrastructure investments in the first half of 2026, despite a lag in the physical work volume due to funding and project formation delays [1] Group 2: Investment Tools and Indices - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed company securities involved in construction, engineering, and machinery manufacturing from the Shanghai and Shenzhen markets to reflect the overall performance of securities related to infrastructure construction [1]

Investment Rating - The report maintains a "Buy" rating for the construction and building materials sectors, with specific recommendations for several companies [9]. Core Insights - The report emphasizes a balanced allocation between traditional cyclical sectors and emerging growth industries, particularly in the context of improving real estate transaction data and liquidity in the market [12][19]. - The construction materials sector has shown resilience, with price increases observed in waterproofing materials, aluminum formwork, and engineering pipe materials since Q3 2025, indicating a strengthening self-repair capability within the sector [12][14]. - The report highlights the ongoing demand for high-end materials in commercial aerospace, including high-temperature fiber materials and perovskite materials in solar wing energy systems [12]. Summary by Sections Industry Overview - The construction materials sector has been leading the market, driven by improved real estate transaction data and expectations of a spring rally in cyclical sectors [12]. - The report notes that from January to December 2025, the new construction area in real estate decreased by 20.4% year-on-year, but there are signs of recovery in major cities [12][19]. Key Companies and Developments - Zhejiang Weixing New Materials announced plans to acquire an 88.26% stake in Beijing Songtian Cheng for approximately 111 million yuan, aiming to enhance its product chain in municipal pipeline systems [3]. - The report recommends several companies for investment, including Yaxiang Integration, Zhongcai International, China Chemical, Qibin Group, and others, with target prices and expected earnings per share provided [9][38]. Market Dynamics - The report indicates that the cement price remained stable at 353 yuan per ton, with a significant drop in the average shipment rate to 29.5% due to seasonal factors [29]. - The glass market has shown stability, with the average price of float glass holding steady at 61 yuan per weight box, despite a year-on-year decline of 18.5% [2][29]. Emerging Trends - The report identifies a potential recovery in investment in Q1 2026, supported by government policies aimed at stimulating the economy, which may benefit cyclical sectors [17]. - The demand for electronic fabrics and cleanroom materials is expected to remain high, driven by advancements in AI and increased PCB investments [13][27]. Recommendations - The report suggests focusing on waterproofing and engineering pipe materials as key opportunities in the construction sector, with a positive outlook for these segments due to expected price increases and improved market conditions [20][21].

今日早参 2026 年 1 月 23 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 仇文竹 固定收益：三个角度尝试增厚收益 随着基金销售新规落地，近期二永债明显修复。往后看，需求端超调压力缓 解，但股市、通胀、利率供给扰动仍存，一季度债市或延续震荡，但也不乏 交易机会。机构行为存在分化，保险开门红分红险销售亮眼，中小保险有拉 久期需求，银行配置摊余成本法信用债专户或带来中长久期信用债配置需 求。理财面临净值化挑战和分红险分流，春节前谨防取现需求规模回落。债 基短期压力缓解，中期仍面临"收益增厚和持有体验"等挑战。信用债 ETF 是机构发展重点，但年前冲量后近期明显回落，成分券超跌。综上，近期建 议继续票息打底，通过波段、品种、杠杆等增厚收益。基金、理财可继续下 沉挖掘 2 年期以内城投债，关注 5 年期二永债波段机会、4 年中高等级骑乘 机会，保险等可逢调整增配 5 年及以上中高等级信用债。 风险提示：股市走强超预期，刺激经济政策超预期。 研报发布日期：2026-01-22 研究员 张继强 SAC:S0570518110002 SFC: ...