兴证建筑每周观点：建筑业10月PMI指数回暖，上市建企业绩有望触底回弹

Investment Rating - The report maintains an "Overweight" rating for key companies in the construction industry, 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]. Core Insights - The construction industry is expected to see a rebound in performance in the fourth quarter of 2024, driven by improved PMI indices and increased physical workload [2][4]. - The report highlights that the fixed asset investment completed in the first nine months of 2024 reached 378,978 billion yuan, showing a year-on-year increase [3]. - The construction sector's revenue and net profit for the first three quarters of 2024 have declined, but the fourth quarter is anticipated to mark a turning point [3][4]. Summary by Sections Important Events Tracking - The construction PMI for October was reported at 50.4%, indicating a slight decrease but remaining above the threshold [4]. - New orders in the construction sector increased by 4.0 percentage points to 43.5% [4]. - The report notes a significant increase in the issuance of special bonds, with 75.245 billion yuan issued in the last week of October [20][23]. Market Performance Tracking - The construction engineering sector saw a 1.4% increase from October 28 to November 1, outperforming the overall A-share index, which fell by 0.91% [5][13]. - Specific sub-sectors such as water conservancy and power showed positive growth, while others like engineering consulting faced declines [13][14]. Industry Data Tracking - The report indicates that the total issuance of special bonds for 2024 has reached 38,964.78 billion yuan, nearly fulfilling the annual target [20][23]. - Infrastructure investment (excluding electricity) amounted to 131,353 billion yuan, reflecting a year-on-year growth of 4.1% [6][20]. - The report provides detailed statistics on the performance of various construction sub-sectors, with PE ratios indicating historical low valuations [16][18].