9月水利/铁路投资持续高增，专项债发行提速，持续推荐优质建筑央企

Investment Rating - The industry is rated as "Leading the Market - A" with a maintained rating [5][35]. Core Insights - Infrastructure investment remains robust with a year-on-year growth of 4.10% for narrow infrastructure and 9.26% for broad infrastructure from January to September 2024. The issuance of special bonds has accelerated, supporting steady growth in infrastructure investment [2][19][20]. - The real estate market is undergoing deep adjustments, with significant declines in sales and new construction. However, recent policies aim to stabilize the market, including the cancellation of purchase restrictions and the introduction of new financing measures [3][21][33]. - The construction industry is expected to benefit from increased demand due to ongoing urban village renovations and the implementation of supportive policies for real estate [21][33]. Summary by Sections 1. Industry Dynamics - In September, water conservancy and railway investments continued to grow significantly, with water management investment increasing by 37.1% year-on-year [2][19]. - The issuance of special bonds has accelerated, with a total of 3.6 trillion yuan issued by October 21, 2024, accounting for 93% of the annual quota [2][19][20]. 2. Market Performance - The construction industry saw a weekly increase of 3.57%, outperforming major indices such as the Shenzhen Composite Index and the Shanghai Composite Index [22]. - The engineering consulting sector performed particularly well, with a weekly increase of 9.38% [22]. 3. Company Announcements - Major contracts were awarded, including a significant project by Longjian Co. in Tanzania valued at 860 million yuan and a project by Zhejiang Construction worth 1.569 billion yuan [30][31]. - China State Construction reported new contracts totaling 2.99 trillion yuan from January to September 2024, reflecting a year-on-year increase of 7.9% [31]. 4. Industry News - Recent policies from various cities, including the cancellation of housing restrictions in Tianjin and the promotion of real estate stability in Chengdu, are expected to positively impact the construction sector [32][33]. - The Ministry of Housing and Urban-Rural Development announced plans to implement 1 million urban village renovations, which will create demand for construction services [21][33].