Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [1][11]. Core Insights - The Yajiang Hydropower Station has officially commenced construction with a total investment of approximately 1.2 trillion yuan, differing structurally from the Three Gorges Dam [3]. - The Yarlung Tsangpo River downstream hydropower project in Tibet will implement a run-of-river development approach, constructing five tiered power stations to enhance power generation efficiency through cascading water flow [3]. - The average cost of newly approved hydropower projects in 2023 is estimated at 20,344 yuan per kW, suggesting an expected installed capacity of 60 million kW for the Yarlung Tsangpo project [3]. Summary by Sections Project Overview - The Yajiang Hydropower Station project is expected to catalyze future developments, with the next phases likely involving "bidding" and "performance release" [4]. - The project structure is anticipated to differ significantly from traditional reservoir dams, such as the Three Gorges Dam [4]. Comparative Analysis - The Zangmu Hydropower Station, the first large-scale hydropower station on the Yarlung Tsangpo River, has a total installed capacity of 510,000 kW and a total investment of 9.6 billion yuan, with a construction period of nearly eight years [5]. - The Dadu River Hard Beam Package Hydropower Station, with an installed capacity of 1.116 million kW, showcases advanced construction techniques that may parallel those of the Yajiang project [6]. Supplier Insights - The report identifies potential suppliers for the Yajiang project based on bidding data from the Zangmu Hydropower Station, highlighting companies such as China Power Construction, China Energy Engineering, and Huaxin Cement as key players [7]. - The report notes significant stock price increases for several suppliers since July 21, with China Power Construction and Huaxin Cement both seeing a rise of 33% [7]. Investment Recommendations - The commencement of the Yajiang Hydropower Station is expected to generate new demand for construction and materials, prompting a focus on companies involved in hydropower engineering and infrastructure, such as China Power Construction and China Railway [8]. - Material suppliers like Huaxin Cement and equipment providers such as Tianqiao Hoisting are also recommended for investment consideration [8].

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and a "Buy" rating for non-metallic building materials [5]. Core Insights - The Central Urban Work Conference emphasized urban renewal and transformation rather than large-scale demolition, focusing on improving existing urban infrastructure and addressing public needs [1]. - The National Development and Reform Commission (NDRC) highlighted the need to prevent inefficient and redundant construction in the low-altitude economy, advocating for a more orderly and high-quality development approach [2]. - The public REITs market remained stable, with the CSI REITs (Total Return) Index slightly increasing by 0.06% to 1104.55, and a year-to-date increase of 14.12% [3]. Summary by Sections Urban Development - The focus is on upgrading existing urban areas and enhancing quality rather than new large-scale projects, with a strong demand for renovation in first-tier cities [1]. - The emphasis on safety and resilience in urban infrastructure, including the upgrade of old pipelines and disaster prevention measures, is crucial for future urban planning [1]. Low-Altitude Economy - The NDRC's meeting stressed the importance of developing the low-altitude economy based on local conditions, avoiding blind imitation, and preventing low-end competition [2]. - The lack of a unified regulatory framework and stable business models in the low-altitude economy may slow down infrastructure development [2]. Public REITs Market - The public REITs market is expected to see concentrated trading of Q2 performance reports, with products showing strong operational performance likely to rebound slightly [3]. - Investment recommendations include companies like Honglu Steel Structure and China Construction, which are expected to benefit from market recovery and operational improvements [3].

——建材、建筑及基建公募 REITs 周报（6 月 7 日-6 月 13 日） 要点 国常会再提构建房地产发展新模式，更大力度推动房地产市场止跌回稳。 国务院总理李强 6 月 13 日主持召开国务院常务会议，会议指出：构建房地产发 展新模式，对于促进房地产市场平稳、健康、高质量发展具有重要意义，要着眼 长远，坚持稳中求进、先立后破，有序搭建相关基础性制度。要扎实有力推进"好 房子"建设，纳入城市更新机制加强工作统筹，在规划、土地、财政、金融等方 面予以政策支持。要对全国房地产已供土地和在建项目进行摸底，进一步优化现 有政策，提升政策实施的系统性有效性，多管齐下稳定预期、激活需求、优化供 给、化解风险，更大力度推动房地产市场止跌回稳。 我们认为，国常会强调构建房地产发展新模式，各地或因地制宜逐步落实推出现 房销售制度；会议要求开展全国房地产已供土地和在建项目摸底工作，或有助于 加快收储节奏；会议提出更大力度推动房地产市场止跌回稳，各地有望因城施策 进一步推出地产政策。 2025 年 6 月 16 日 行业研究 国常会再提构建房地产发展新模式，更大力度推动房地产市场止跌回稳 广州市发布《广州市提振消费专项行动实施 ...