工业/基础材料行业周报（第四十六周）：化债进展快速，专业工程延续高景气

Investment Rating - The report maintains a "Buy" rating for several companies including China State Construction, China Nuclear Engineering, China Chemical, and others [1][5][12]. Core Viewpoints - The industry is entering the second phase of debt resolution, with a focus on professional engineering projects continuing to show high prosperity [1][4]. - Infrastructure investment in October showed a year-on-year increase of 5.8%, marking the highest monthly growth since April [9]. - The report highlights the positive effects of a series of incremental policies on investment and real estate sales, with significant improvements noted in various provinces [4][6]. Summary by Sections Infrastructure and Real Estate Investment - As of October 2024, cumulative year-on-year growth rates for infrastructure (excluding electricity), real estate, and manufacturing investments were +4.3%, -10.3%, and +9.3% respectively [1][6]. - The report indicates that new housing sales improved significantly in October, with a narrowing or reversal of price declines in various cities [12][16]. Cement and Glass Industry - The national average price of cement increased by 0.4% week-on-week, with a cement shipment rate of 52.3% [1][22]. - The average price of float glass was reported at 79 yuan per weight box, with a week-on-week increase of 3.3% [1][23]. Key Companies and Recommendations - The report recommends companies such as China State Construction, China Nuclear Engineering, and others for investment due to their strong performance and market position [1][5][12]. - Specific recommendations include focusing on companies with stable revenue growth or narrowing declines in recent quarters, such as Beixin Building Materials and Rabbit Baby [12][15]. Market Dynamics - The report notes that the construction materials sector is expected to benefit from policies aimed at stabilizing the real estate market, with a focus on glass, pipes, and tiles [15][16]. - The report also highlights the ongoing adjustments in supply and demand dynamics within the cement and glass industries, with expectations for improved profitability due to capacity constraints [16][22].