每周推荐 | 设备投资，被忽视的新机遇？（申万宏观·赵伟团队）

Core Viewpoint - The article discusses the strong performance of equipment investment in 2024, attributing it to structural factors such as the growth of broad infrastructure and service sector investments rather than solely relying on the "Juglar cycle" and "two new" policies [2][3]. Group 1: Equipment Investment Insights - The strong growth in equipment investment is driven by the establishment of a modern industrial system, with significant contributions from the energy transition in central and western regions, which boosts public utility equipment investment [2][3]. - The increase in fiscal spending on research and the improvement in travel chain demand have led to a higher growth rate in service-related equipment investments [2][3]. Group 2: Sustainability of Equipment Investment - Equipment investment is expected to continue its high growth into 2026, supported by policies focused on modern industrial system construction, "dual carbon" initiatives, and investments in human capital [3]. - Digital infrastructure, hub-related investments, and carbon reduction equipment are anticipated to rebound, while resilient external demand is expected to sustain equipment investment related to exports [3].