China Galaxy Securities: Acceleration of infrastructure investment in the first quarter, narrowing declines in sales, new construction starts, and completed area.

601186601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800601800 2)601390601985601985601985601985601985601985601985601985601985601985601985601985601985601985 3)... China Galaxy Securities has released a research report stating that in March, the construction industry's return-to-work rate accelerated, and the industry's prosperity continued to rise. From January to March, the growth rate of general infrastructure investment was 11.54%, an increase of 1.6 percentage points compared to the previous period, and the growth rate of specific infrastructure investment was 5.8%, an increase of 0.2 percentage points. It is expected that in the second quarter, infrastructure will continue to play a positive role in expanding effective investment, stabilizing the economy, and promoting quality improvement and reasonable growth in the economy. In the first quarter of 2025, real estate investment was under pressure, with decreases in sales, new construction, and completed areas narrowing. The report recommends focusing on three main areas: 1) undervalued high-dividend, stable-performing state-owned enterprises in the infrastructure and construction industry chain; 2) high-growth international engineering companies; 3) leading design companies in the low-altitude economy.6. China State Construction Engineering Corporation (601668.SS), China Railway (601390.SS), China Communications Construction (601800.SS), Metallurgical Corporation of China (601618.SS), Power Construction Corporation of China, Ltd (601669.SS), China Energy Engineering Corporation (601868.SS), China National Chemical Engineering (601117.SS), China Nuclear Engineering Corporation (601611.SS), etc.2) Recommended high-growth overseas international engineering companies include NORINCO International Cooperation (000065.SZ), Sinosteel Engineering & Technology (000928.SZ), China Camc Engineering (002051.SZ), Sinoma International Engineering(600970.SH), etc. 3) Recommended low-altitude economic mainstay design enterprises include Anhui Transport Consulting & Design Institute (603357.SH), China Design Group (603018.SH), Shanghai Research Institute of Building Sciences Group (603153.SH), etc. Risk Warning Risks of declining fixed asset investment; risks of declining accounts receivable recovery; geopolitical risks; risks of state-owned enterprise reform progress falling below expectations; risks of growth-stability policies falling short of expectations, etc.