深度解读洁净室行业 20250903 国内市场方面，深桑达、胜辉、亚翔和百成均有机会受益于资本开支增 长；海外市场方面，胜辉和亚翔等具有台湾背景的企业在出海方面具备 优势。 投资洁净室行业应重点关注具备强出海能力的上市公司，如胜辉集成和 亚翔集成，同时考虑公司市值及收入体量，以便在获得大型订单时实现 业绩快速增长。 增投资项目逐渐释放，也为企业带来海外订单。因此，无论是国内还是海外市 场，都显示出洁净室行业未来增长潜力。 洁净室行业下游需求情况如何？ 摘要 洁净室行业受益于半导体产业链重塑和进口替代，国内大型半导体企业 如中芯国际的资本开支计划为洁净室企业带来订单机会，预示国内市场 增长潜力。 全球产业链格局变化和贸易保护主义抬头，推动北美、新加坡及东南亚 地区新增投资项目释放，为洁净室企业带来海外订单，海外市场同样显 示出增长潜力。 电子行业（半导体、液晶面板等）是洁净室主要下游需求来源，占比超 55%，医药、医疗器械、新能源等领域需求也在增长，高端制造业政策 支持将助力需求增长。 洁净室行业呈现高度集中的竞争格局，能承接高端项目的公司数量有限， 大型资本开支项目需要丰富的历史经验，具备资质和经验的大型企业 ...

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - Increased focus on cyclical infrastructure and international engineering sectors, with significant improvement in funding sources such as special bonds. The physical volume of infrastructure is expected to accelerate, particularly post the Two Sessions, which may drive market performance in these sectors [1][14] - The construction industry is showing signs of recovery, with a construction PMI of 52.7%, indicating expansion. The physical workload in infrastructure is improving, supported by favorable weather and project commencement [14][20] - The report suggests focusing on central state-owned enterprises in infrastructure and cyclical engineering products, as well as international engineering opportunities due to geopolitical developments [1][14] Summary by Sections Section 1: Current Market Conditions - As of February 27, 2025, the funding availability rate for 13,532 construction sites is 49.1%, showing a year-on-year increase. The construction PMI has risen by 3.4 percentage points from the previous month [2][14] - The issuance of new special bonds has reached 589.11 billion yuan, an increase of over 180 billion yuan compared to the same period last year, with infrastructure being the primary focus [2][13] Section 2: Market Performance - The construction index rose by 1.25% during the week of February 24-28, while the Shanghai and Shenzhen 300 index fell by 1.89%. Notable stock performances included HanJia Design (+32.74%) and Chengbang Co. (+22.71%) [3][17] Section 3: Investment Recommendations - Three main investment themes are highlighted: 1. Focus on infrastructure, debt reduction, and value enhancement opportunities [20] 2. Attention to cyclical engineering sectors with potential high elasticity [21] 3. Investment opportunities in low-altitude economy, Belt and Road Initiative, and construction transformation [24][25]