1.3万亿特别国债全面落地，建筑装饰板块逆势走强

Core Viewpoint - The construction and decoration industry is showing resilience, outperforming the market index amid a turbulent global environment influenced by U.S.-China trade tensions and domestic policy support [2]. Group 1: Market Performance - The equity market is mixed, with the construction and decoration sector outperforming the index [2]. - The Shanghai Composite Index fell back after breaking through 3900 points, with an average daily trading volume of 2.6 trillion yuan and financing purchases around 288 billion yuan [2]. Group 2: Economic Indicators - In September, the construction business activity index rose to 49.3%, an increase of 0.2 percentage points from the previous month [2]. - The new orders index reached 42.2%, up 1.6 percentage points month-on-month, while the business activity expectation index was at 52.4%, increasing by 0.7 percentage points [2]. - The transaction volume of second-hand houses in 11 major cities continued to rise, indicating strong market enthusiasm [2]. - However, the transaction area of commercial housing in 30 medium and large cities decreased year-on-year, and new home sales contracted during the holiday period [2]. Group 3: Industry Trends - High-frequency data shows that cement shipment rates are stable at high levels, with prices increasing month-on-month [3]. - Rebar prices and volumes have both declined month-on-month, with year-on-year fluctuations [3]. - The operating rate of petroleum asphalt plants has significantly increased, indicating a busy production season in northern regions [3]. Group 4: Investment Recommendations - In a context of loose liquidity and low interest rates, the focus should be on undervalued, high-dividend stocks with strong performance and stable cash flow [3]. - Attention is also recommended for companies involved in key projects supported by the government and those with clear transformation directions and growth potential [3].