3月基建投资提速，实物工作量有所恢复

Investment Rating - The industry investment rating is "Positive" and maintained [11] Core Insights - In March, narrow infrastructure investment reached 1.9 trillion yuan, a year-on-year increase of 5.9%, with a month-on-month increase of 0.3 percentage points. Broad infrastructure investment was 2.6 trillion yuan, a year-on-year increase of 10.7%, with a month-on-month increase of 1.0 percentage points. For the first three months, narrow infrastructure investment totaled 3.2 trillion yuan, a year-on-year increase of 5.8%, and broad infrastructure investment was 4.3 trillion yuan, a year-on-year increase of 10.3% [2][8] Summary by Sections Investment Performance - In March, narrow infrastructure investment increased, with notable growth in transportation, storage, and postal services, which accounted for 0.8 trillion yuan, a year-on-year increase of 4.7%. Water conservancy, environment, and public facilities management saw an investment of 1.0 trillion yuan, a year-on-year increase of 10.7% [14] Broad Infrastructure Insights - Broad infrastructure investment in March was 2.6 trillion yuan, with a year-on-year increase of 10.7%. The electricity, heat, gas, and water production and supply sector contributed 0.7 trillion yuan, a year-on-year increase of 26.4% [14] Physical Workload Analysis - Cement production in the first three months saw a year-on-year decline of 1.4%, but March showed a recovery with a 2.3% increase. Excavator sales increased by 28.5% year-on-year, indicating strong demand in water conservancy projects [14] Debt Issuance and Future Outlook - Special bond issuance accelerated compared to the previous year, with a total of 1.0183 trillion yuan issued by April 12, 2023. The government plans to issue 4.4 trillion yuan in special bonds for infrastructure investment, which is expected to support steady growth in infrastructure investment throughout the year [14]