Xin Lang Cai Jing·2025-12-19 00:05Core Viewpoint - The report from Huatai Securities indicates that infrastructure investment (excluding electricity, heat, gas, and water production and supply) has shown a cumulative year-on-year decline of 1.1% from January to November 2025, while real estate and manufacturing investments have decreased by 15.9% and increased by 1.9%, respectively. This reflects a pressure on investment demand [1] Group 1: Investment Trends - Infrastructure investment is expected to gain momentum as the central government emphasizes stabilizing growth through expanding domestic demand [1] - The cumulative year-on-year decline in real estate investment has worsened by 1.2 percentage points compared to the previous month, indicating ongoing challenges in the sector [1] - Manufacturing investment has shown a slight increase of 1.9%, but this is still below the desired growth levels [1] Group 2: Government Initiatives - Recent meetings of the Central Political Bureau and the Economic Work Conference have provided guidance for economic work in 2026, focusing on stabilizing investment and promoting recovery [1] - The government aims to reverse the downward trend in investment, particularly in infrastructure, which is seen as a key area for stimulating economic activity [1] - Huatai Securities expresses optimism about the potential for a spring rally in the infrastructure sector, driven by government initiatives [1]