At present，Investment in real estate development and land acquisition by real estate enterprises continue to weaken，The new construction area will be greatly restrained in the future.，However, infrastructure construction is being vigorously promoted.。Experts told China Economic Times in an interview.，Looking forward to the second half of the year，Upstream real estate industries such as construction may maintain a growth trend。

Since this year，Many central enterprises——In particular, the orders of central construction enterprises have performed well.。

Fitch Ratings has recently put its investment in China's construction industry.、Outlooks for both the steel and cement sectors have been revised from deteriorating to neutral.，This reflects the main drivers of construction activity——China's Infrastructure Investment Momentum Exceeds Fitch's Expectations。

Zhang Yang, director of Fitch Corporate Ratings, said.，4 months before 2023，Broad infrastructure investment increased by 9% year-on-year.8%，The growth trend is expected to continue in the second half of 2023.，This is due to the continuous promotion of special debt issuance.，And the local government has raised the target of infrastructure investment.。

Lianhe Credit also pointed out.，First quarter of 2022 and 2023，The overall output value of the national construction industry maintained a medium-low growth rate.，The amount of newly signed contracts has maintained growth and the growth rate has rebounded.，Industry concentration has been further enhanced。Although real estate development investment and housing enterprises continue to weaken.，The new construction area will be greatly restrained in the future.，However, infrastructure construction has been vigorously promoted.，As“Steady growth”An important starting point，Infrastructure investment may remain at a high level in the future.。

Gao Zhijie, an analyst at Lianhe Credit Public Rating, said.，Judging from the signing of the contract，First quarter of 2022 and 2023，The newly signed contracts in the national construction industry are 366418..3.5 billion yuan and 69255 yuan.3.9 billion yuan，Year-on-year growth of 6.36%And 9.25%，The growth rate was 0. 5% higher than the same period last year..40 percentage points and 7.14 percentage points，The higher growth rate in the first quarter of 2023 was mainly due to the lower base in 2022.。Looking forward to the second half of the year，The construction industry as a whole maintained a medium-low growth rate.，Infrastructure investment in downstream demand will become the main driving force for industry growth。

Mingyuan Real Estate Research Institute also pointed out that，Take it apart.，Invest here“A carriage”Weakness，Mainly due to the downturn in the real estate industry.。If we only look at infrastructure,，It's good。Enter 2023，Infrastructure investment continues to grow，1- April ，Infrastructure investment increased by 9% year-on-year.8%，Still bearing“Steady growth”An important starting point。

April 26，The Central Financial and Economic Committee stressed the need to comprehensively strengthen infrastructure construction.，Infrastructure construction has been promoted to the height of national development and security.。

Everbright Securities also believes that，This year's infrastructure will still be“Steady growth”An important starting point，The whole year is expected to maintain 5%-10%The growth rate of，Infrastructure chain will maintain a high degree of prosperity。

Statistics show that，First quarter of 2023，China Smelter、Chemistry in China、Chinese architecture、China can build、China Railway、China Electric Power Construction、China Railway Construction Corporation has signed a total of 325.8 billion yuan of new contracts.、104.6 billion yuan、971.8 billion yuan、297.7 billion yuan、667.4 billion yuan、322.4 billion yuan、539.6 billion yuan，Year-on-year growth

2.1%、0.7%、16.4%、22.0%、10.2%、30.2%、15.8%。

In addition to benefiting from domestic counter-cyclical regulation，Infrastructure orders of central enterprises performed well，It is also closely related to the development of overseas markets.。In early March this year，The SASAC held a meeting.，Officially launched the world-class value creation action of state-owned enterprises.。And，Nowadays, the number of pilot state-owned enterprises has been further expanded.。Future，Operating results of state-owned enterprises in overseas markets，It will continue to zoom in.。

Guo Yujia, co-director of Fitch Corporate Ratings, said.，The sustained growth of infrastructure investment will promote the consolidation of new contracts signed by state-owned construction enterprises and the accumulation of signed contracts.，This will give high visibility to its revenues over the next two to three years.。

In Fitch's view，China's steel and cement demand is mainly driven by the construction industry.。Infrastructure investment growth exceeded expectations, and the third quarter of 2023 coincided with the peak season of construction activities.，Will push up demand for steel and cement。