建筑行业：基建投资韧性较强，持续关注出海机会

Investment Rating - The report maintains a "Recommended" rating for the construction industry [4]. Core Insights - The construction industry's business activity index continues to decline, with a July index of 51.2%, down 1.1 percentage points from the previous month. The new orders index fell to 40.1%, a decrease of 4.0 percentage points [2][8]. - Cement prices have started to decline, with the cement price index at 113.99 as of August 28, down 3.23% from late July. Steel prices also continue to drop, with rebar prices at 3,158.00 yuan/ton, down 312 yuan/ton from July 19 [2][10][14]. - Fixed asset investment growth has slowed, with a total of 287,611 billion yuan from January to July, a year-on-year increase of 3.6%. Broad infrastructure investment growth was 8.22%, while narrow infrastructure investment growth was 4.9% [2][16][28]. - Real estate investment remains low, with a total of 60,877 billion yuan from January to July, down 10.2% year-on-year. However, the decline in sales has narrowed, with a sales area of 54,149 million square meters, down 18.6% [2][36][40]. Summary by Sections 1. Construction Industry Activity - The construction industry's business activity index is at 51.2%, indicating a decline in activity [2][8]. - The new orders index is at 40.1%, reflecting a significant drop in demand [2][8]. 2. Price Trends - Cement prices have decreased by 3.23% as of August 28, with a price index of 113.99 [14]. - Steel prices have also fallen, with rebar prices at 3,158.00 yuan/ton, down 312 yuan/ton from July [10][14]. 3. Investment Trends - Fixed asset investment totaled 287,611 billion yuan from January to July, with a year-on-year growth of 3.6% [16]. - Broad infrastructure investment growth is at 8.22%, while narrow infrastructure investment growth is at 4.9% [28]. 4. Real Estate Market - Real estate investment is at 60,877 billion yuan, down 10.2% year-on-year [36]. - The sales area for properties is 54,149 million square meters, down 18.6%, but the decline is narrowing [36][40]. 5. Recommendations - The report suggests focusing on three main areas: undervalued high-dividend state-owned enterprises in the construction sector, high-growth international engineering companies, and key players in the low-altitude economy [3][48][49].