建筑行业行业月报：基建投资增速加快，Q3基金持仓环比微降

Investment Rating - The report maintains a positive outlook on the construction and infrastructure sectors, highlighting potential investment opportunities in state-owned enterprises and companies involved in international engineering projects [4][5]. Core Insights - The construction industry shows a slight recovery in business activity, with the business activity index at 50.7% in September, indicating a marginal increase [2][11]. - Infrastructure investment growth has accelerated, with broad infrastructure investment growth at 9.26% year-on-year for the first nine months of 2024, an increase of 1.39 percentage points from the previous period [2][33]. - Real estate investment and sales have seen a narrowing decline, with real estate development investment down 10.1% year-on-year, but the decline is less severe than in previous months [3][46]. Summary by Sections Construction Industry Recovery - The construction industry's business activity index rose to 50.7% in September, reflecting a slight recovery [2][11]. - The new orders index for the construction sector fell to 39.5%, indicating a decrease in demand [11]. Infrastructure Investment Growth - Fixed asset investment (excluding rural households) reached 378,978 billion yuan from January to September, with a year-on-year growth of 3.4% [2][33]. - The issuance of long-term special bonds has reached 9,200 billion yuan, completing 92% of the planned issuance [2][45]. Real Estate Sector Trends - Real estate development investment totaled 78,680 billion yuan, down 10.1% year-on-year, but the decline has narrowed compared to previous months [3][46]. - The area of new housing starts decreased by 22.2% year-on-year, but the decline is less than in previous months [3][46]. Institutional Investment Trends - As of the end of Q3 2024, the market value of funds held in the construction sector was 14.124 billion yuan, a decrease of 1.55% from Q2 2024 [4][50]. - The construction sector's fund holding ratio was 0.46%, down 0.1 percentage points from the previous quarter, indicating a lower allocation compared to the standard configuration [50][51]. Recommendations for Investment - The report recommends focusing on state-owned enterprises with low valuations and high dividends, such as China Railway Construction and China State Construction [4][5]. - It also highlights the potential of international engineering companies and design firms involved in the low-altitude economy [4][5].