Investment Rating - The industry investment rating is "Positive" and maintained [9] Core Insights - In the first nine months of the year, narrow infrastructure investment grew by 1.1%, with a month-on-month decrease of 0.9 percentage points, while broad infrastructure investment increased by 4.5%, with a month-on-month decrease of 1.4 percentage points. In September, narrow infrastructure investment declined by 4.6%, with the decline narrowing by 1.3 percentage points month-on-month, while broad infrastructure investment fell by 4.0%, with the decline expanding by 0.8 percentage points [2][6][13] Summary by Sections Infrastructure Investment Overview - In September, narrow infrastructure investment amounted to 1.8 trillion yuan, a year-on-year decrease of 4.6%, with a month-on-month increase of 1.3 percentage points. Broad infrastructure investment was 2.5 trillion yuan, a year-on-year decrease of 4.0%, with a month-on-month decrease of 0.8 percentage points. For the first nine months, narrow infrastructure investment totaled 13.8 trillion yuan, a year-on-year increase of 1.1%, with a month-on-month decrease of 0.9 percentage points, while broad infrastructure investment reached 18.8 trillion yuan, a year-on-year increase of 4.5%, with a month-on-month decrease of 1.4 percentage points [13] Investment Breakdown - All three major categories of investment showed negative month-on-month growth in September. Power investment saw a month-on-month decline of 2.4%, marking the first negative growth since 2022. Transportation investment fell by 4.6%, with the decline narrowing by 0.8 percentage points. Railway transport investment grew by 2.3%, while road transport investment increased by 0.9%. Water conservancy investment dropped by 14.6%, with the decline narrowing by 0.1 percentage points. Public facilities management investment fell by 12.4%, with the decline expanding by 0.8 percentage points [13] Cement Usage - Cement production saw a larger decline in September, influenced by weather and funding factors, with no signs of peak construction season. From January to September, cement production decreased by 5.2% year-on-year, with the decline expanding by 0.4 percentage points compared to the previous eight months. In September alone, cement production fell by 8.6%, with the decline expanding by 2.4 percentage points month-on-month [13] Government Debt and Project Progress - The government will advance the issuance of debt quotas for 2026, focusing on the promotion of major projects and the improvement of construction activity in key regions. As of October 17, the cumulative issuance of special bonds reached 36,973 billion yuan, an increase of 730 billion yuan year-on-year, with an issuance progress of 84%, which is 8.9 percentage points slower year-on-year [13]