建筑工程月度跟踪：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 report maintains a positive outlook on the construction sector, highlighting the stability of large state-owned enterprises and potential valuation increases due to government initiatives [3]. Core Insights - The construction industry is experiencing a marginal improvement in downstream indicators, with broad and narrow infrastructure investment growth rates increasing. Fixed asset investment for January to September 2024 shows a year-on-year increase of 3.4%, halting the downward trend observed earlier in the year [1][12]. - In September 2024, broad infrastructure investment increased by 17.5% year-on-year, marking a significant acceleration compared to August [1][14]. - The issuance of special bonds by local governments surged in September 2024, with a total of 1,027.917 billion yuan issued, representing a 29.06% month-on-month increase and a 187.99% year-on-year increase [2][25]. - The funding availability rate for construction sites improved, reaching 62.50% by the end of September 2024, up 0.50 percentage points from August [2][27]. Summary by Sections Downstream and Leading Indicators - Fixed asset investment for January to September 2024 increased by 3.4%, with regional growth rates varying: Eastern (2.5%), Western (4.5%), Central (1.0%), and Northeastern (3.8%) [12]. - Broad infrastructure investment grew by 9.3% year-on-year, while narrow infrastructure investment saw a 4.1% increase [14]. - Real estate development investment decreased by 10.1% year-on-year, with a slight narrowing of the decline compared to previous months [1][19]. Funding Tracking - Special bond issuance in September 2024 reached 1,027.917 billion yuan, significantly exceeding the issuance rates of 2022 and 2023 [2][25]. - The funding availability rate for construction projects has shown consistent improvement, with a recent increase to 63.54% as of mid-October 2024 [2][27]. Order Tracking - New order growth for major construction state-owned enterprises has slowed, with notable decreases in new contracts for several companies in September 2024 compared to earlier months [2][29]. - The value of new contracts for foreign engineering projects increased by 21.1% year-on-year for January to August 2024, although the growth rate has declined [33].