建筑装饰行业2024年1-10月投资数据点评：10月基建投资边际改善，关注政策落地实效

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector [1]. Core Insights - Fixed asset investment remains stable with a slight increase in manufacturing investment. The cumulative year-on-year growth for fixed asset investment from January to October 2024 is +3.4%, consistent with the growth rate from January to September. Manufacturing investment shows a year-on-year increase of +9.3%, up by 0.1 percentage points from the previous period [6][7]. - Infrastructure investment shows marginal improvement in October, with a year-on-year increase of +9.3% for the first ten months of 2024, which is an increase of 0.1 percentage points compared to the previous period. Notably, investment in the electricity, heat, gas, and water production and supply sector has surged by +24.1%, although this represents a decrease of 0.7 percentage points from the previous period [7][8]. - Real estate investment remains low, with a year-on-year decline of -10.3% for the first ten months of 2024. The construction starts have worsened, showing a decline of -22.6%, while completions have improved slightly [13][14]. Summary by Sections Fixed Asset Investment - The cumulative year-on-year growth for fixed asset investment is +3.4% from January to October 2024, with manufacturing investment increasing by +9.3% [6][7]. Infrastructure Investment - Infrastructure investment (including all categories) has a year-on-year growth of +9.3%, with specific sectors like transportation and public utilities showing varied growth rates [7][8]. Real Estate Investment - Real estate investment has decreased by -10.3% year-on-year, with construction starts down by -22.6% and completions down by -23.9% [13][14]. Investment Recommendations - The report recommends focusing on companies such as China Railway, China State Construction, and others, highlighting their potential due to government investment initiatives and ongoing reforms [17][19].