回顾2016年以来的行情,基建的投资主线是去产能,国内通过PPP的新商业模式,挖掘内部市场空间,受益于新商业模式带来收入和现金流改善;国外通过一带一路促进基建出海,拓展市场空间,国际工程、大基建企业是最佳受益者。我们判断,2017年供给侧主线仍然适用叠加政府换届的因素,央企和地方国企改革有望加快推进。基建业2017年的投资机会主要存在于订单和业绩高成长的PPP板块,以及受益于改革催化的低估值大蓝筹。 Recalling the market since 2016, infrastructure investment is to go to the main line of production capacity, the domestic adoption of PPP’s new business model, tap the internal market space, benefit from the new business model to bring revenue and cash flow improvement; foreign countries through infrastructure to promote infrastructure to the sea, expand Market space, international engineering, large infrastructure enterprises are the best beneficiaries. We judge that in 2017, the supply-side mainline will still apply to the factor of superposition of the government. The reform of central SOEs and local SOEs is expected to accelerate. Investment opportunities for infrastructure construction in 2017 mainly lie in the high-growth PPP sector with orders and performance, as well as the big blue chip, which is undervalued by reform and catalyst.