25年1-7月建筑行业数据深度解读：基建正增速略收窄，关注财政发力与重大工程建设提速进展

Investment Rating - The report maintains a "Recommended" investment rating for the construction industry [1] Core Insights - The construction industry is experiencing a slight slowdown in growth, but remains resilient, with a focus on fiscal stimulus and the acceleration of major engineering projects [1] - The actual funding for fixed asset investment from January to July 2025 has shown a cumulative growth of +1.0%, with budgetary funds increasing by +9.4% [1][11] - New signed orders in the construction sector have faced pressure, with a year-on-year decline of -1.6% in the first half of 2025, while the investment in ongoing projects has maintained positive year-on-year growth [1][11] Summary by Sections Funding Availability - From January to July 2025, the cumulative growth rate of actual funding for fixed asset investment is +1.0%, compared to -1.8 percentage points in June 2025 and +3.3 percentage points for the entire year of 2024 [11] - The growth rate of national budgetary funds is +9.4%, which is an improvement from -5.4 percentage points in June 2025 [25] - The total fixed asset investment completed from January to July 2025 reached 28.8 trillion yuan, with a year-on-year growth of +1.6% [11][19] New Orders and Project Commencement - The construction industry has seen a year-on-year decline of -1.6% in new signed orders for the first half of 2025, while the investment in ongoing projects has shown a cumulative investment amount of 24.2 trillion yuan with a growth rate of +8.8% [1][11] - The construction PMI for July 2025 is reported at 52.7, indicating a rebound from the previous month [11] Work Volume - The physical work volume in the construction sector has shown a decline in the production of various building materials, with cement, steel, and glass production decreasing by -6.4%, -4.2%, and -2.8% respectively in July 2025 [1][11] - The broad infrastructure investment growth rate is recorded at +7.3% from January to July 2025, although this represents a slight slowdown compared to previous months [11][19] Investment Recommendations - The report suggests focusing on state-owned enterprises with strong fundamentals and low valuations, particularly in the context of more proactive fiscal policies [1] - It highlights three pathways for the industry to overcome bottlenecks as it matures: focusing on competitive advantages, addressing incremental demand, and developing new productive forces [1]