建筑行业每周观点：《关于解决拖欠企业账款问题的意见》落地，继续重点推荐大建筑央企

Investment Rating - The report maintains an "Overweight" rating for major state-owned construction enterprises, including China Railway, China State Construction, China Communications Construction, China Railway Construction, China Electric Power Construction, China National Chemical Corporation, China National Materials, and Honglu Steel Structure [1][2][3]. Core Viewpoints - The implementation of policies to address overdue corporate payments is expected to improve cash flow and accounts receivable for major construction state-owned enterprises [3][4]. - The construction sector has shown positive performance, with the construction engineering sector (SW) rising by 3.57% from October 14 to October 18, 2024, outperforming the overall A-share index [11][12]. - The report highlights the ongoing high demand for infrastructure investment, with fixed asset investment reaching 378,978 billion yuan in the first nine months of 2024, a year-on-year increase of 3.4% [2][10]. Summary by Sections Important Events Tracking - The report notes significant events, including the approval of loans for "whitelist" real estate projects, which are expected to double by the end of 2024, and the issuance of policies to support overdue corporate payments [10][11]. Market Performance Tracking - The construction engineering sector has outperformed the overall A-share market, with specific sub-sectors like housing construction and engineering consulting showing notable gains [11][12]. - Individual stocks such as Chengdu Road and Bridge and Chongqing Construction have seen substantial increases in their stock prices [13]. Industry Data Tracking - The report tracks financing data, noting that new special bonds issued from October 12 to October 18, 2024, amounted to 83.50 billion yuan, with a cumulative issuance of 36,243.59 billion yuan for the year, representing 92.93% of the annual plan [18][21]. - The report also highlights the distribution of special bond funds, primarily directed towards municipal and industrial park infrastructure projects [22][23].