Huatai Securities: Emphasizing Pipeline Network Renovation Investment Opportunities in the "15th Five-Year Plan"

People’s Financial News, March 13 — Huatai Securities research report states that looking ahead to the 14th Five-Year Plan, the shift from “incremental” to “stock” demand not only applies to the housing renovation sector but also to infrastructure construction investment. By the end of the 14th Five-Year Plan, China’s urbanization rate of the permanent population has reached 67.9%, and the scale of existing buildings is growing larger. Urban development may shift from the era of “large-scale demolition and construction” to a new stage of “quality improvement of existing stock.” Since 2024, policies have repeatedly emphasized the importance of promoting urban renewal. In recent years, frequent extreme weather events and floods have created opportunities for pipeline network upgrades, which could become one of the key investment focuses during the 15th Five-Year Plan. Investors are advised to pay attention to related supply chains and individual stocks, especially in the fields of engineering pipes, waterproof auxiliary materials, and pipeline inspection and maintenance.