国君建筑|11月广义基建投资增9.7%,推荐低估值建筑央企

Investment Rating - The report indicates a positive outlook for the infrastructure sector, with a recommendation for undervalued construction central enterprises [6]. Core Insights - The overall economic operation is stable with progress, emphasizing the need to expand domestic demand to promote sustained economic recovery [4]. - In November, the total retail sales increased by 3.0% year-on-year, while fixed asset investment grew by 2.9%, marking a shift from decline to growth [1]. - The broad infrastructure investment rose by 9.7% year-on-year, although it saw a slight decrease of 0.3 percentage points compared to the previous month [2]. - Real estate investment showed a narrowing decline, with sales area increasing by 3.2% year-on-year, indicating a potential recovery in the housing market [3]. Summary by Sections Economic Performance - In November, the industrial added value grew by 5.4% year-on-year, with the urban surveyed unemployment rate remaining stable at 5.0% [1]. - The new social financing scale was 23,357 billion yuan, with a year-on-year decrease of 1,197 billion yuan [1]. Infrastructure Investment - Broad infrastructure investment increased by 9.7% year-on-year, while narrow infrastructure investment grew by 3.3%, reflecting a mixed performance [2]. - Water conservancy investment surged by 69.4% year-on-year, although it decreased by 24.8% month-on-month [2]. Real Estate Sector - The new construction area fell by 26.5% year-on-year, but the decline rate narrowed compared to October [3]. - The sales prices of commercial residential properties in major cities showed a narrowing decline for the first time since 2024 [3].