东吴证券指出，1-8月基建投资结构上来看，水利/航空/铁路等增速较高，是基建投资增长的核心拉动因素，其中水利投资近几月增速持续加快，但公路、市政类投资表现较弱，或继续受地方债务约束的影响，8月政府债券发行有所提速，专项债发行加快较为明显，关注后续政策端力度，基建增速维持仍需项目继续落地以及财政政策进一步发力，建议关注水利、交运等细分领域。Infrastructure stocks continued to fall. As of press release, CRRC (01766) fell 6.84% to HK$5.04; CCCC (01800) fell 6.04% to HK$4.82; China Railway (00390) fell 5.02% to HK$3.97; and China Railway Construction (01186) fell 4.36% to HK$5.48.
The Zhitong Finance App learned that infrastructure stocks continued to decline. As of press release, CRRC (01766) fell 6.84% to HK$5.04; China Construction (01800) fell 6.04% to HK$4.82; China Railway (00390) fell 5.02% to HK$3.97; and China Railway Construction (01186) fell 4.36% to HK$5.48.
Southwest Securities pointed out that the overall fundamentals of the construction industry are weak, and the overall investment growth rate is showing a downward trend. The overall performance growth rate of the construction industry declined, and the growth rate of revenue and net profit declined sharply due to macroeconomic influence, and the growth rate of fixed asset investment showed a downward trend. From January to August 2024, the country's fixed asset investment increased by 3.4% year on year, and fixed asset investment gradually declined from 4.2% at the beginning of the year. Real estate investment grew by -9.8% from January to August 2024, and infrastructure increased by 7.9%. Investment in manufacturing and infrastructure is expected to continue to be the ballast stone for “steady growth”.
Dongwu Securities pointed out that in terms of infrastructure investment structure in January-August, the high growth rate of water conservancy, aviation, railways, etc. is the core driving factor for infrastructure investment growth. Among them, the growth rate of water conservancy investment continued to accelerate in recent months, but the performance of highway and municipal investment was weak, or continued to be affected by local debt restrictions. The issuance of government bonds accelerated in August, and the issuance of special bonds accelerated significantly. Focus on subsequent policy efforts. It is recommended to focus on water conservancy, transportation and other segments.
