前8个月投资增速有所回落，分析师：接下来基建投资或将提速

Group 1: Fixed Asset Investment - National fixed asset investment from January to August increased by 0.5% year-on-year, a decline of 1.1 percentage points compared to January to July [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) grew by 2.0% year-on-year, down 1.2 percentage points from January to July [2] - Full-year infrastructure investment growth is expected to reach around 5.0%, an acceleration of 0.6 percentage points compared to the previous year [2] Group 2: Government Policies and Financing - The Central Political Bureau emphasized the need for sustained macro policies and the acceleration of government bond issuance to improve fund utilization efficiency [2] - There will be a large-scale issuance of new special bonds for local governments for project construction in the second half of the year [3] - The issuance scale of special long-term bonds to support "two heavy" investments may be increased, providing sufficient funding for infrastructure investment [5] Group 3: Real Estate Investment - Real estate development investment from January to August decreased by 12.9% year-on-year, with the decline expanding by 0.9 percentage points compared to January to July [4] - New commercial housing sales area was 57,304 million square meters, a year-on-year decrease of 4.7% [4] - The expected year-on-year decline in real estate investment is projected to be around -9.0%, narrowing by 1.6 percentage points compared to the previous year [6] Group 4: Manufacturing Investment - Manufacturing investment from January to August increased by 5.1% year-on-year, but this was a decline of 1.1 percentage points compared to the first seven months [7] - The external economic environment and "anti-involution" policies may further impact domestic manufacturing investment, with a projected full-year growth rate of around 5.5%, down 3.7 percentage points from the previous year [7][8] - Manufacturing investment is expected to continue its downward trend in the second half of the year [7]