专项债发行加速提升行业需求，财政协同提效助质变

Investment Rating - The report maintains a "Positive" investment rating for the construction and building materials industry [2]. Core Insights - The acceleration of special bond issuance by local governments since August 2024 has significantly increased industry demand, with monthly issuance amounts reaching 805.1 billion and 1,027.9 billion yuan in August and September respectively, marking year-on-year growth of 34% and 188% [2]. - Cumulative issuance from January to September 2024 reached 3.61 trillion yuan, reversing the previous seven months' negative growth trend with a year-on-year increase of 4.44% [2]. - The rapid issuance of special bonds is expected to generate substantial physical work volume in Q4 2024, enhancing infrastructure investment and domestic demand [2][3]. - The report highlights the synergistic effect of fiscal and monetary policies, with recent measures including reductions in reserve requirements and interest rates aimed at stimulating demand [3]. - The construction and building materials industry has been in a prolonged downturn since Q4 2022, but the current policy environment is expected to facilitate a return to long-term healthy development [3]. Summary by Sections Special Bond Issuance - The issuance of special bonds has accelerated, with significant monthly increases observed in August and September 2024 [2]. - The total issuance for the first nine months of 2024 has already reached 92.51% of the annual target [2]. Policy Environment - The report notes a collaborative effort between fiscal and monetary policies to enhance the effectiveness of economic measures, which is expected to improve domestic demand and support the construction and building materials sector [3]. Industry Outlook - There is an expectation of marginal improvement in demand for the construction and building materials industry, which could lead to valuation recovery and performance enhancement [3]. - The report suggests that if supply optimization and policy effects transition from quantitative to qualitative changes, the industry could experience a "Davis Double" effect, benefiting both valuations and earnings [3].