Investment Rating - The report maintains a "Strong Buy" rating for the construction and decoration industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The report emphasizes the gradual introduction of pro-cyclical policies, suggesting a focus on bottom-tier cyclical stocks and the low-altitude commercial aerospace industry chain, which is expected to accelerate its development by 2026 due to policy catalysts [2][8]. - The report highlights the significant improvement in the operating data of some central state-owned enterprises in Q4 2025, with notable increases in new contracts signed, indicating a recovery in construction demand [2][8]. - The report identifies three main investment lines: 1. Focus on key engineering projects in the western region during the 14th Five-Year Plan, benefiting central state-owned enterprises [9]. 2. Investment in high-demand sectors such as tunneling, civil explosives, and geotechnical engineering [22]. 3. Active investment in new economic directions such as commercial aerospace, low-altitude economy, computing power, and AI [23]. Summary by Sections Industry View and Investment Recommendations - The report suggests focusing on high-quality computing power, the low-altitude commercial aerospace industry chain, and bottom-tier cyclical stocks, supported by the central bank's policies aimed at stabilizing growth [16]. - The report notes that as of January 16, 2026, the cumulative net financing of special bonds reached 1,060.7 billion yuan, significantly higher than the same period in previous years, indicating a positive trend in financing for infrastructure projects [18][19]. Market Review - The construction and decoration index increased by 0.27% while the overall A-share index decreased by 0.45%, resulting in an excess return of 0.71 percentage points for the sector [15][28]. - The report highlights the performance of various sub-sectors, with other professional engineering (+4.04%) and steel structures (+1.45%) showing strong performance [15][28]. Key Company Dynamics - The report tracks significant company announcements, including contract signings and management shareholding changes, indicating active corporate governance and strategic movements within the industry [34]. - For instance, China Chemical announced a plan for management share reduction due to personal financial needs, while China Electric Power signed major contracts for international projects, reflecting ongoing business expansion [34].

Core Insights - SpaceX successfully completed the NROL-105 launch mission on January 16, marking the 600th mission of its Falcon rocket series [1][3] - This mission is part of the National Reconnaissance Office's (NRO) "distributed architecture" program, which aims to deploy a large number of small satellites for enhanced reconnaissance capabilities [3] Group 1 - The Falcon 9 rocket executed the launch from Vandenberg Space Force Base at 11:39 PM EST on January 16 [3] - NROL-105 is the 12th mission under the NRO's distributed architecture program, focusing on creating a more flexible, faster-deploying, cost-effective, and resilient generation of reconnaissance satellites [3] - Specific details regarding the number of satellites onboard NROL-105, their deployment times, and orbital parameters were not disclosed due to confidentiality [3] Group 2 - The first stage booster of the Falcon 9 rocket successfully returned to the ground approximately 7.5 minutes after launch and landed safely at Vandenberg Base [3] - This marks the second launch and recovery of this particular booster [3]