建筑与工程：当月投资提速明显，实物工作量环比改善

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [5]. Core Insights - In October, narrow infrastructure investment reached 1.9 trillion yuan, a year-on-year increase of 5.7%, while broad infrastructure investment was 2.6 trillion yuan, up 8.9% year-on-year. From January to October, narrow infrastructure investment totaled 15.6 trillion yuan, increasing by 4.3% year-on-year, and broad infrastructure investment reached 20.5 trillion yuan, up 8.5% year-on-year [5]. - Real estate investment continued to decline in October, but infrastructure growth showed significant improvement. Fixed asset investment for the month was 4.4 trillion yuan, a year-on-year increase of 3.4%, with manufacturing fixed asset investment at 2.7 trillion yuan, up 10.0% year-on-year. Real estate development investment was 0.8 trillion yuan, down 11.3% year-on-year [6]. - Infrastructure investment accelerated marginally in October, with physical workload also improving. Cement production in October was 175 million tons, a year-on-year decrease of 7.9%, but the decline was narrower than in September. The average cement price in October was 412 yuan per ton, up 5.9% month-on-month [7]. Summary by Sections Investment Trends - The report highlights that the funding environment remains relatively ample, with expectations for continued recovery in infrastructure investment towards the end of the year. The new special bond limit for this year is 3.9 trillion yuan, with approximately 2 trillion yuan available for use as of the end of October, indicating a substantial amount of unissued special bonds for future project construction [8]. Sector Opportunities - The report expresses optimism for the construction sector under weak realities but strong expectations. It identifies undervalued central and state-owned enterprises in construction, such as China State Construction, China Communications Construction, and others, as potential investment opportunities. Additionally, it notes the positive outlook for cyclical leaders like Zhizhi New Materials and Honglu Steel Structure due to demand recovery [9].