建筑装饰行业周报（20251110-20251116）：前10月广义基建增速微正，继续推荐红利组合-20251118

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [3] Core Viewpoints - The report indicates that the broad infrastructure growth rate is slightly positive for the first ten months of 2025, but there was a significant decline in October. The narrow infrastructure (excluding electricity) completed a total of 14.91 trillion yuan, a slight year-on-year decrease of 0.10%. The broad infrastructure reached 20.38 trillion yuan, with a year-on-year growth of 1.51%. In October alone, narrow infrastructure saw a year-on-year decline of 8.91%, while broad infrastructure declined by 12.11%. The report anticipates that major projects under the "14th Five-Year Plan" will help maintain investment resilience [4][9]. Summary by Sections Market Review - The report notes that the Shanghai Composite Index fell by 0.18%, the Shenzhen Component Index by 1.40%, and the ChiNext Index by 3.01%. In contrast, the construction decoration index rose by 0.35%, with significant gains in landscaping engineering, decoration, and steel structures, which increased by 5.21%, 5.18%, and 2.39% respectively. A total of 104 construction stocks rose during the week, with the top five performers being Guosheng Technology (+60.98%), *ST Dongyi (+21.54%), Landscaping Co. (+17.23%), Rishang Group (+17.14%), and *ST Baoying (+16.90%) [6][21]. Infrastructure Data Tracking - For the first ten months of 2025, the cumulative issuance of special bonds reached 71.14 trillion yuan, reflecting a year-on-year increase of 28.33%. The issuance of urban investment bonds for the same period was 388.69 billion yuan, with a net financing amount of -340.66 billion yuan [25]. Company Dynamics - Several companies reported significant project wins, including Shaanxi Construction Group with a total bid amount of 10.16 billion yuan for two projects, and Sichuan Road and Bridge, which signed a major contract for the G5 expressway expansion project with a maximum contract price of 131.3 billion yuan [16][19].