政策落地提振需求，供给端收缩延续

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector and the building materials sector [1]. Core Insights - Infrastructure investment growth has slightly declined, but positive policies are expected to boost domestic demand. The report highlights a focus on cyclical demand and supply constraints in the short term, recommending specific companies [1]. - Real estate sales have shown improvement, with building materials retail growth turning positive in November. However, new construction and completion pressures remain significant [1]. - The report emphasizes the ongoing supply-side reforms and price adjustments in the cement industry, with a notable decrease in cement production and a stable price trend [1]. Summary by Sections Infrastructure and Real Estate Investment - From January to November 2024, infrastructure investment (excluding power, heat, gas, and water supply) grew by 4.2%, while real estate and manufacturing investments declined by 10.4% and increased by 9.3%, respectively [1]. - The report notes a slight decline in infrastructure investment growth in November, with water conservancy and railway investments accelerating due to central government support [1]. Building Materials Market - In November, the retail sales of construction and decoration materials reached 151 billion yuan, a year-on-year decline of 2.3%, but with a month-on-month increase of 2.9% [1]. - Cement production from January to November 2024 was 1.67 billion tons, a year-on-year decrease of 10.1%, with November production at 170 million tons, down 10.7% year-on-year [1]. Recommended Companies - The report recommends several companies for investment, including Tunnel Co., China Chemical, China Nuclear Engineering, Conch Cement, China National Building Material, Rabbit Baby, Weixing New Materials, and China Jushi, all rated as "Buy" [1][1][1]. - Specific target prices and market capitalizations for these companies are provided, indicating strong potential for growth and investment returns [1].