基建降幅进一步扩大，关注年底财政空间

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [9]. Core Insights - In October, narrow infrastructure investment decreased by 8.7%, with a month-on-month decline of 4.1 percentage points, while broad infrastructure investment fell by 8.1%, also with a month-on-month decline of 4.1 percentage points [2][6]. - The marginal weakening of infrastructure investment is evident, with the single-month growth rate for narrow infrastructure investment reaching its lowest since July 2021 [11]. - The report highlights that despite the current downturn, there remains fiscal space for potential growth in infrastructure investment by the end of the year [11]. Summary by Sections Economic Data - In October, narrow infrastructure investment saw a month-on-month decline of 8.7%, while broad infrastructure investment decreased by 8.1% [2][6]. - Year-to-date, narrow infrastructure investment has declined by 0.1%, while broad infrastructure investment has grown by 3.0%, with a month-on-month decrease of 1.6 percentage points [11]. Project Analysis - All project categories experienced year-on-year declines in investment for the month, with notable decreases in power (down 6.3%), transportation (down 10.1%), and water management (down 19.0%) [11]. - The report indicates that the construction industry’s PMI for October was 49.1%, reflecting a contraction for three consecutive months [11]. Fiscal Outlook - As of November 14, 2023, special bonds issued totaled 41,492 billion yuan, with a year-on-year increase of 2,476 billion yuan, indicating room for further issuance [11]. - The report emphasizes the government's focus on high-quality development and the need to optimize investment structures to stimulate private investment [11].