国泰海通｜建筑：新增专项债发行加速，地产政策持续优化

Group 1: Special Bonds and Infrastructure Investment - The issuance of new special bonds reached 824.2 billion yuan before February 2026, representing a year-on-year increase of 38.1% [1] - The net financing amount of urban investment bonds was -17.65 billion yuan, with a year-on-year decrease in net repayment of 1.57 billion yuan [1] - Fixed asset investment in 2025 declined by 3.8%, with significant regional variations: Eastern China down 8.4%, Central down 2.7%, Western down 1.3%, and Northeast down 15.5% [1] Group 2: Construction and Labor Market - As of February 25, 2026, the resumption rate of construction sites nationwide was 8.9%, an increase of 1.5 percentage points year-on-year [1] - The labor employment rate was 15.5%, up by 3.7 percentage points year-on-year, while the funding availability rate was 29%, increasing by 9.4 percentage points year-on-year [1] Group 3: Real Estate Policy Adjustments - On February 25, 2026, Shanghai announced further adjustments to its real estate policies, including a reduction in housing purchase restrictions for non-local residents [3] - The maximum loan amount for first-time homebuyers using housing provident fund was raised from 1.6 million yuan to 2.4 million yuan, with potential increases for families with multiple children and those purchasing green buildings [3] - These policy optimizations are expected to benefit construction companies involved in real estate development and enhance project progress and cash flow [3] Group 4: Energy Sector Developments - The National Energy Administration emphasized the need to advance strategic major engineering projects, including the construction of renewable energy bases and electric vehicle charging networks [2] - By 2035, the total installed capacity of wind and solar power is targeted to reach 3.6 billion kilowatts, with renewable energy accounting for over 50% of total installed capacity during the 14th Five-Year Plan [2] - The goal is to increase the share of renewable energy in total power generation to around 30% by 2030 [2]