Investment Rating - The industry investment rating is "Positive" and maintained [10] Core Viewpoints - In April, narrow infrastructure investment was 1.7 trillion yuan, a year-on-year increase of 5.8%, with a month-on-month growth rate decrease of 0.1 percentage points. Broad infrastructure investment reached 2.2 trillion yuan, a year-on-year increase of 9.8%, with a month-on-month growth rate decrease of 0.9 percentage points [7][11] - The report indicates that railway investment has accelerated, while water conservancy investment increased by 6.1% year-on-year, and transportation investment increased by 4.1% year-on-year. However, the month-on-month growth rates for these sectors showed a decline [11][12] - Cumulative narrow infrastructure investment from January to April was 4.9 trillion yuan, a year-on-year increase of 5.8%, with stable month-on-month growth rates [11][12] Summary by Relevant Sections - **Narrow Infrastructure Investment**: In April, narrow infrastructure investment was 1.7 trillion yuan, with transportation, storage, and postal services accounting for 0.8 trillion yuan, and water conservancy, environment, and public facilities management also at 0.8 trillion yuan. Year-on-year increases were 4.1% and 6.1% respectively, but month-on-month growth rates decreased [7][11] - **Broad Infrastructure Investment**: Broad infrastructure investment in April was 2.2 trillion yuan, with a year-on-year increase of 9.8%. The electricity, heat, gas, and water production and supply sector saw a significant year-on-year increase of 24.5% [11][12] - **Physical Workload**: From January to April, cement production decreased by 2.8% year-on-year, while excavator sales increased by 17.6% year-on-year, indicating a potential acceleration in water conservancy projects [11][12]