5月基建韧性维持，水利增速保持高位

Investment Rating - The investment rating for the industry is "Positive" and is maintained [10]. Core Insights - From January to May, narrow infrastructure investment reached 6.7 trillion yuan, a year-on-year increase of 5.6%, with a quarter-on-quarter decrease of 0.2 percentage points. Broad infrastructure investment totaled 9.0 trillion yuan, reflecting a year-on-year increase of 10.0% and a quarter-on-quarter decrease of 0.1 percentage points [2][8]. Summary by Sections Infrastructure Investment Performance - In May, narrow infrastructure investment was 1.8 trillion yuan, a year-on-year increase of 5.1%, with a quarter-on-quarter decrease of 0.7 percentage points. Transportation, storage, and postal services accounted for 0.7 trillion yuan, showing a year-on-year increase of 4.3% and a quarter-on-quarter increase of 0.2 percentage points [14]. - Cumulatively, from January to May, narrow infrastructure investment was 6.7 trillion yuan, with transportation, storage, and postal services contributing 2.8 trillion yuan, a year-on-year increase of 4.0% [14]. Water and Power Investment Trends - Water investment growth has slightly declined, while power investment remains stable. Broad infrastructure investment in May was 2.4 trillion yuan, a year-on-year increase of 9.7%, with a quarter-on-quarter decrease of 0.1 percentage points. The electricity, heat, gas, and water production and supply sector contributed 0.6 trillion yuan, reflecting a year-on-year increase of 25.1% [14]. Cement Production and Demand - Cement production has seen a year-on-year decline of 4% from January to May, with a significant drop in demand noted in early June. The weekly cement dispatch volume was 2.86 million tons, a month-on-month decrease of 9.3% and a year-on-year decrease of 28.49% [14]. Government Support and Future Outlook - The government is expected to maintain robust infrastructure investment growth, with special bonds issued amounting to 1.6479 trillion yuan by June 13, 2025, which is 460.8 billion yuan more than the previous year. The total issuance for the year is projected to reach 4.4 trillion yuan, an increase of 500 billion yuan from the previous year [14].