建筑工程行业月报：月度跟踪-9月单月基建投资提速，地产投资、销售、新开工面积降幅均收窄

Investment Rating - The industry investment rating is "Outperform the Market" and maintains "Market Performance" [1]. Core Insights - The report highlights a narrowing decline in investment, sales, and new construction area, indicating a potential recovery in the construction sector [1]. - Infrastructure investment has accelerated in September, with significant improvements in both broad and narrow infrastructure investment growth rates [1][10]. - The manufacturing sector continues to show robust growth, with a year-on-year increase in investment [1][20]. Summary by Sections Downstream and Leading Indicators - Fixed asset investment grew by 3.4% year-on-year in the first nine months of 2024, maintaining the same growth rate as the previous eight months [10]. - In September, both broad and narrow infrastructure investment growth rates improved, with broad infrastructure investment increasing by 17.5% year-on-year and narrow infrastructure investment by 2.2% [12]. - Real estate investment decreased by 10.1% year-on-year, but the decline has narrowed compared to previous months, with sales area down by 17.1% [15][16]. Funding Tracking - Special bond issuance significantly increased in September, with a total of 1,027.917 billion yuan issued, a 29.06% increase from August [22]. - The funding availability rate for construction sites improved, reaching 62.50% by the end of September, with a continuous upward trend observed over the past three weeks [24]. Industry Order Tracking - Major construction state-owned enterprises (SOEs) have seen a slowdown in new order growth, with some companies reporting declines in new contracts [27]. - The overseas contracting sector remains strong, with new contracts increasing by 21.1% year-on-year in the first eight months of 2024, although the growth rate has decreased compared to earlier months [32].