建筑装饰2025年1-2月投资数据点评：基建投资迎来开门红，水利投资提振明显

Investment Rating - The industry investment rating is "Positive" for 2025, indicating an expectation of outperformance compared to the overall market [2][28]. Core Insights - Fixed asset investment shows marginal improvement with a cumulative year-on-year increase of 4.1% for January-February 2025, which is 0.9 percentage points higher than the full year of 2024 [4][5]. - Infrastructure investment has seen a strong start, with a year-on-year increase of 9.9% in January-February 2025, reflecting a 0.8 percentage point increase compared to the full year of 2024 [6][5]. - Real estate investment remains low, with a year-on-year decrease of 9.8% in January-February 2025, indicating a slow recovery in investment pace [12][20]. Summary by Sections Fixed Asset Investment - National fixed asset investment has shown a cumulative year-on-year increase of 4.1% for January-February 2025, with manufacturing investment increasing by 9.0% [4][5]. Infrastructure Investment - Infrastructure investment (including all categories) increased by 9.9% year-on-year, while investment excluding electricity rose by 5.6% [6][5]. - Specific sectors such as water, environment, and public facilities management saw an 8.5% increase, while the electricity, heat, gas, and water production and supply sector surged by 25.4% [6][5]. Real Estate Investment - Real estate investment decreased by 9.8% year-on-year, with construction starts down by 28.9% and completions down by 15.6% [12][20]. - The report anticipates a slow recovery in real estate investment due to challenges in inventory replenishment and excessive supply clearing [12][20]. Investment Recommendations - The report suggests focusing on cyclical high-elasticity sectors, recommending companies such as Honglu Steel Structure and Donghua Technology for investment [20][12]. - It highlights the potential for valuation recovery in undervalued companies, particularly state-owned enterprises like China Railway and China Railway Construction [20][12].