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、房屋建设等业务的上市公司证券作为指数样本，以反映基建领域相关上市公司证券的整体表 现。中证基建指数聚焦于建筑与工程、建筑装修等细分行业，具有鲜明的"基建"属性和较高的行业集中 度，能够全面反映基建领域相关企业的整体表现。 （文章来源：每日经济新闻） 财通证券指出，消费建材板块受益于资金"高低切换"及行业格局优化，涂料、防水等领域价格战趋缓， 龙头企业通过提价逐步修复盈利，中小企业在需求下行中退出市场，龙头集中度提升趋势显著。水泥板 块受政策推动供给侧改革，严禁新增产能并推动超备案产能置换，但需求下行背景下企业间存在分歧， 旺季提价受阻，价格短期承压，后续需关注基建实物工作量对价格的支撑。整体来看，建材板块处 于"政策底+盈利底+估值底"三重底部，细分领域格局优化有望开启盈利修复周期。 10月21日，基建ETF（159619）涨超2%。 ...

Group 1 - The core viewpoint of the article highlights the positive impact of the Ministry of Finance's measures to address existing hidden debts, which is expected to influence the accounts receivable and cash flow of construction companies [1] - Western Securities points out that the Ministry of Finance has preemptively allocated part of the 2026 new local government debt limit and is utilizing debt relief quotas, which will help alleviate existing hidden debts [1] - As of H1 2025, the accounts receivable and contract assets of the eight major central construction enterprises accounted for 28.06% of total assets, indicating a significant portion of their financial structure is tied to these assets [1] Group 2 - Over 60% of financing platforms have achieved exit, indicating a rapid advancement in the reform and transformation of financing platforms within the industry [1] - The construction industry is experiencing improvements in profitability and cash flow in Q2, with the issuance of special bonds accelerating; as of September 12, 2025, the cumulative issuance progress of new local government special bonds reached 77.59%, faster than the same period in 2024 [1] - The national cement market price increased by 0.4% week-on-week, with multiple regions pushing for price hikes to improve profitability, and prices are expected to show a fluctuating upward trend in the future [1]

Group 1 - The world's largest span cable-stayed bridge completed key tests before opening on August 6, 2025, marking a significant milestone in major bridge engineering [1] - The construction and building materials industry is currently at the bottom of the economic cycle, but with the implementation of positive policies, the industry is expected to stabilize and recover [1] - The Central Committee of the Communist Party of China proposed to promote high-quality "two重" construction, stimulate private investment, and expand effective investment, indicating that macro policies will continue to be supportive [1] Group 2 - The current valuation of the construction sector is at a historical low, with a price-to-earnings ratio of only 8.72 times, while the building materials sector stands at 19.67 times [1] - As policy effects are released, the supply and demand situation in the industry is expected to gradually improve [1] - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies related to infrastructure construction from the Shanghai and Shenzhen markets [1]

Group 1 - The construction and infrastructure sectors are expected to improve in terms of market sentiment, with a notable increase in orders from state-owned construction enterprises in the second quarter [1] - The issuance of new local government special bonds reached 54.29% of the total planned for 2025, representing a year-on-year increase of 13.94 percentage points, with a month-on-month increase of 490.45% in July [1] - The Ministry of Industry and Information Technology is set to release a work plan to stabilize growth in the building materials sector, which is anticipated to alleviate supply-demand conflicts in the cement industry under the anti-involution policy [1] Group 2 - The current price-to-earnings ratio for the construction sector is at a historical low of 8.53 times, while the infrastructure sub-sector has a valuation of 7.58 times, indicating potential for recovery [1] - The China Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which includes listed companies involved in construction, building materials, and engineering machinery, reflecting the overall performance of the infrastructure sector [1] - Investors without stock accounts can consider the Guotai CSI Infrastructure ETF Initiated Link C (016837) and Guotai CSI Infrastructure ETF Initiated Link A (016836) [1]

Core Viewpoint - The infrastructure ETF (159619) has risen over 4.6%, driven by urbanization transformation and stable growth policies that may boost industry expectations [1] Group 1: Urbanization and Infrastructure Development - China's urbanization phase is transitioning from rapid growth to stable development, focusing on enhancing existing urban areas for high-quality development [1] - Key tasks include establishing a new model for real estate development, advancing the renovation of urban villages and dilapidated housing, and emphasizing urban renewal [1] - There is a push to upgrade urban infrastructure, including old pipeline renovations and the networking of urban clusters and metropolitan areas [1] - The focus on green and low-carbon development aims to enhance the safety of urban infrastructure and improve ecological environment management [1] - Future urbanization will emphasize the construction of medium and large cities and metropolitan areas, prioritizing structural optimization, quality enhancement, and governance efficiency [1] Group 2: Infrastructure ETF Overview - The infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies in construction, engineering machinery, and other related fields from the A-share market [1] - The index covers multiple infrastructure sectors, including railways, highways, water conservancy, and electricity, reflecting the overall performance of listed companies in infrastructure construction [1] - Investors without stock accounts can consider the Guotai CSI Infrastructure ETF Initiated Link C (016837) and Guotai CSI Infrastructure ETF Initiated Link A (016836) [1]