建筑装饰行业2024年1-11月投资数据点评：传统基建投资增速回落，水利投资提升明显

Investment Rating - The report maintains a positive outlook on the industry, rating it as "Overweight" [1][4]. Core Insights - Traditional infrastructure investment growth is slowing down, while water conservancy investment is showing significant improvement. The cumulative year-on-year fixed asset investment from January to November 2024 is +3.3%, with manufacturing investment remaining stable at +9.3% [4][5]. - Infrastructure investment (including all sectors) has a year-on-year growth of +9.4%, with a slight increase from the previous month. Notably, water, environment, and public facilities management investment has increased by +4.0% [5][11]. - The report anticipates a mild recovery in infrastructure investment in 2025, highlighting the investment value in cyclical high-elasticity sectors and undervalued state-owned enterprises [16][20]. Summary by Sections Investment Data Analysis - From January to November 2024, fixed asset investment growth has shown a marginal decline, with traditional infrastructure investment growth decreasing and water conservancy investment continuing to rise [4][5]. - The cumulative infrastructure investment (excluding electricity) has a year-on-year growth of +4.2%, indicating a stable investment environment [5][11]. Regional Investment Trends - Investment growth varies by region, with the eastern region at +1.4%, central region at +4.8%, western region at +1.4%, and northeastern region at +2.9% [5][11]. Real Estate Sector Performance - Real estate investment remains low, with a year-on-year decline of -10.4% from January to November 2024. The report notes a significant drop in construction starts and completions, indicating ongoing challenges in the sector [11][12]. Investment Recommendations - The report suggests focusing on sectors with high investment elasticity and undervalued state-owned enterprises, particularly in coal chemical, steel structure, and Belt and Road initiatives [16][20].