建筑装饰：地产单月销售数据转正，财政有望延续发力

Investment Rating - The industry rating is maintained at "Outperform" [1] Core Viewpoints - Real estate monthly sales data has turned positive, and fiscal policies are expected to continue to strengthen [1] - Infrastructure investment continues to grow significantly, with a focus on undervalued high-dividend central state-owned enterprises [1] - The report indicates that infrastructure investment remains a crucial driver for economic growth, supported by recent central economic work meetings [1] Summary by Relevant Sections Real Estate Investment - From January to November, real estate development investment decreased by 10.4%, while narrow infrastructure and broad infrastructure investments increased by 4.2% and 9.4%, respectively [1] - In November, real estate development investment saw a year-on-year decline of 9.8%, while narrow infrastructure and broad infrastructure investments grew by 3.3% and 9.7% [1] Infrastructure Investment - The report highlights that municipal and water conservancy investments continue to expand, indicating that infrastructure investment is a key economic growth driver [1] - The report anticipates that the implementation of more proactive fiscal policies and the reasonable expansion of local government special bonds will support infrastructure investment [1] Cement and Glass Industry - Cement production from January to November was 1.67 billion tons, down 10.1% year-on-year, with November production at 169 million tons, also down 10.7% [1] - The average national cement price as of December 13 was 428 yuan per ton, reflecting a slight increase from the end of October [1] - The report suggests that the cement industry's performance is expected to improve in 2025, with a focus on leading cement companies in East and South China [1] Key Stock Recommendations - The report recommends several stocks, including China State Construction (601668.SH) with a target price of 5.91 yuan and a "Buy" rating [3] - Other recommended stocks include China Power Construction (601669.SH), Shanghai Construction (600170.SH), and China Railway Construction (601186.SH), all rated as "Buy" [3]