China Jianxin Corporation: It is estimated that the growth rate of infrastructure investment in 2026 will be 4.5%.

The research report of CITIC Securities stated that by the end of 2025, the Central Economic Work Conference clearly stated the goal of "stabilizing and rebounding investment" in 2026, leading to a relatively optimistic outlook on next year's fiscal policy. CITIC Securities believes that with the continuous stabilization of the real estate market, infrastructure investment will still be an important means for stabilizing growth. It is expected that the growth rate of infrastructure investment in 2026 will be 4.5%. They recommend actively investing in the following main themes: "high dividend state-owned enterprises, high elasticity western infrastructure, high demand professional projects, and high demand overseas markets." Specifically, they are optimistic about regional investment opportunities in western infrastructure, especially in Sichuan Province, which has a high level of investment activity. They also have faith in the valuation recovery potential of construction state-owned enterprises under the background of debt-to-equity swaps and state-owned enterprise reforms. In addition, they believe that manufacturing investment is expected to stabilize and rebound, and they are bullish on cleanroom projects benefiting from the uptrend in semiconductor capital expenditures. Finally, they suggest that overseas markets may become the second growth curve, and they are paying attention to the accelerated realization of the logic of construction companies expanding overseas.