建材、建筑及基建公募REITs周报（10月11日-10月17日）：资金端“加码”发力，扩投资稳增长信号明显-20251020

Investment Rating - Non-metallic building materials: Buy (Maintain) [3] - Construction and engineering: Overweight (Maintain) [3] Core Views - The funding side is intensifying efforts to support infrastructure investment growth, with a significant increase in fiscal spending expected in 2025. Infrastructure investment growth has shown a decline since Q2, with a year-on-year growth rate of 5.4% from January to August, down 2.5 percentage points from the same period last year. To expand effective investment and promote steady economic growth, China has increased funding efforts since the end of September [1][2] - Major projects are intensively starting across multiple regions, entering a construction sprint in Q4. For instance, in Xinjiang, 70 major projects commenced, and 56 were completed, while in Anhui, 587 projects with a total investment of 332.38 billion yuan were mobilized [2] - The report suggests focusing on new materials and infrastructure real estate chains, highlighting companies such as China Jushi, Guoen Co., Puyang Huicheng, and China State Construction [2] Summary by Sections Funding Initiatives - The National Development and Reform Commission is actively promoting new policy financial tools, with a total scale of 500 billion yuan aimed at supplementing project capital. This initiative is expected to drive 2.5 trillion yuan in investment [5] - The Ministry of Finance has allocated 500 billion yuan from local government debt limits to support local financial capacity and project construction [5] - The early issuance of new local government debt limits for 2026 is expected to support key projects and infrastructure investment [5] Market Dynamics - The report indicates that the construction sector is entering a peak period, with various regions ramping up project construction as weather conditions improve [2] - The investment outlook remains positive, with a focus on sectors that are expected to benefit from increased government spending and infrastructure development [2]