建材、建筑及基建公募REITs周报：专项债审核权或试点下放至省级，百城二手住宅及新房价格继续改善

Investment Rating - The report maintains a "Buy" rating for non-metallic building materials and "Overweight" for construction and engineering sectors [5]. Core Insights - The trial of granting provincial governments the authority to approve special bonds is expected to enhance the efficiency and flexibility of bond issuance, potentially accelerating the issuance process [1][19]. - In October, rental prices for high machines increased by 0.8% month-on-month, marking the first positive month since March, indicating a potential sustainable price improvement driven by demand recovery [2][20]. - The average price of second-hand residential properties in 100 cities decreased by 0.57% month-on-month in November, while new residential properties saw a structural increase of 0.36% month-on-month, suggesting a stabilization in real estate prices [3][21]. Summary by Sections Industry Research Updates - The trial of special bond approval rights may alleviate project shortages and reduce the central government's review burden, enhancing issuance efficiency [1][19]. - The rental price increase for high machines and improved occupancy rates suggest a positive trend in the leasing market [2][20]. - Real estate prices are showing signs of stabilization due to supportive policies and improved market confidence [3][21]. Company Earnings Forecasts and Valuation - The report includes detailed earnings forecasts and valuations for various companies in the sector, indicating a positive outlook for companies like Huatai and China National Chemical [27]. Market Performance Review - The building materials index rose by 2.68%, with the construction index increasing by 3.98%, reflecting a positive market sentiment [30].