拓空间，有效投资潜力大

Core Insights - The investment in charging and swapping infrastructure increased by nearly 70% year-on-year in the first half of the year, indicating a strong push towards expanding effective investment in key areas [1] - Fixed asset investment (excluding rural households) reached 24,865.4 billion yuan, growing by 2.8% year-on-year, with a notable distinction between nominal and actual growth rates [2] - The actual growth rate of fixed asset investment, after adjusting for price factors, was 5.3%, reflecting a stable investment environment despite a slight decline compared to the previous year [2][3] Investment Trends - The first industry saw an investment of 481.6 billion yuan, growing by 6.5%, while the second industry reached 88,294 billion yuan with a growth of 10.2%. The third industry, however, experienced a decline of 1.1% [2] - Equipment and tool purchases surged by 17.3%, contributing significantly to overall investment growth with a contribution rate of 86% [4] - Infrastructure investment grew by 4.6%, with specific sectors like water transportation and water management seeing increases of 21.8% and 15.4%, respectively [4] Policy and Future Outlook - The government has fully allocated the 800 billion yuan project list for "two heavy" construction, with 735 billion yuan of central budget investment also largely disbursed [6][7] - There is a focus on enhancing the investment multiplier effect and promoting private investment, particularly in transportation, energy, and water conservancy sectors [7] - The potential for fixed asset investment remains significant, especially in new productivity areas and urban renewal projects, which require effective investment to meet high-quality development standards [7]