近期“重大项目密集开工”，2026年基建投资增速有望回升

Group 1 - In the first working week of 2026, a surge of major project initiations is observed, with state-owned enterprises taking the lead in launching significant engineering projects that are crucial for national economy and people's livelihood [1] - The National Development and Reform Commission (NDRC) has announced an early batch of "two heavy" construction projects and a central budget investment plan totaling approximately 295 billion yuan for 2026, indicating a stronger signal for stabilizing investments compared to the previous year [1] - Recent approvals or confirmations by the NDRC for multiple major infrastructure projects have a total investment exceeding 400 billion yuan, which will enhance China's modern infrastructure system and support a stable start for the 14th Five-Year Plan [1] Group 2 - Statistics show that the proportion of fixed asset investment completed in the first quarter has been increasing, with averages of 16.39%, 17.39%, and 20.39% for the years 2017-2019, 2020-2022, and 2023-2024 respectively [2] - Looking ahead, 2026 is expected to see increased support for "two heavy" projects through the issuance of long-term special government bonds, which will create an investment guiding effect in the major infrastructure sector [2] - The construction engineering industry is anticipated to experience a growth in orders due to new urbanization and urban renewal projects, with a focus on state-owned enterprises and local state-owned enterprise leaders, as well as related technology innovation companies [2]