建筑行业：财政释放积极信号，基建和房建价值迎重估

Investment Rating - The report maintains a "Recommended" rating for the construction industry [3]. Core Insights - The report highlights the positive signals from the government regarding fiscal policy, emphasizing the acceleration of infrastructure and real estate value reassessment [2]. - It notes that the Ministry of Finance plans to increase the issuance of special bonds, with a target of 3.9 trillion yuan for the year, and that 25,800 billion yuan has already been issued by August, achieving 66.15% of the annual plan [2]. - The report indicates that there is a total of 2.3 trillion yuan in special bond funds available for use in the next three months, which will help stimulate investment [2]. - It emphasizes the support for local governments to resolve hidden debt risks, with a debt limit of 1.2 trillion yuan allocated for this purpose in 2024 [2]. - The report also discusses measures to stabilize the real estate market, including the use of special bonds for land reserves and the acquisition of existing housing [3]. Summary by Sections Fiscal Policy and Infrastructure - The government is accelerating the use of various debt funds to secure financing for infrastructure projects, with a focus on increasing the issuance of long-term special bonds [2]. - The report mentions that the Ministry of Finance has confirmed the issuance of 8,720 billion yuan in long-term special bonds, with plans to complete the issuance of 1 trillion yuan by mid-November [2]. Support for Local Governments - The report outlines a significant increase in debt limits to assist local governments in addressing hidden debt, which is expected to alleviate cash flow pressures for construction companies [2]. Real Estate Market Stabilization - The report suggests that the combination of local government special bonds, special funds, and tax policies will support the stabilization of the real estate market, potentially improving the supply-demand structure and boosting confidence in the sector [3]. Investment Recommendations - The report recommends focusing on three main areas: undervalued high-dividend state-owned enterprises in the infrastructure and construction chain, local state-owned enterprises in key regions, and high-growth international engineering companies [3].