一方面，"两重"建设成为稳增长与促创新深度融合的交汇点，展现出精准施策的鲜明特征。通过系统布 局重大项目和精准引导有效投资，有望在优化经济结构、增强发展韧性、推动高质量发展方面发挥关键 作用，为中国式现代化建设筑牢坚实基础。 未来"两重"建设在用好国债资金的基础上，将着力构建更加多元化的投融资体系。通过精准把握项目建 设进度与资金拨付节奏，强化项目与资金的匹配度，有效撬动超长期信贷、政策性金融等配套资金，积 极引导民间资本参与项目建设。这将显著放大"两重"建设的投资乘数效应，为民营企业创造更广阔的市 场空间。这也是深化"放管服"改革、优化营商环境的重要实践，有效激发市场主体活力，形成政府与市 场协同发力、互促共进的良性发展格局。 在"两重"建设实施过程中，需要构建科学系统的推进机制，重点把握两个维度的平衡关系。一是政府与 市场的协同共生。项目融资上实现政府资金与社会资本的优势互补，同时明确政府与市场的权责边界， 既保障社会资本的合理收益，又确保公共利益的实现。二是短期效益与长期价值的统筹兼顾。要注重项 目建设与区域发展规划的衔接，建立全生命周期成本效益评估体系，避免片面追求短期效益而牺牲长期 价值。 近日召开 ...

Core Insights - The "Two Major" construction projects are being prioritized as a key focus for effective investment and new productivity cultivation, aiming to stabilize economic growth [1][4][6] - The government plans to allocate 800 billion yuan to support 1,459 projects under the "Two Major" initiative, covering critical areas such as ecological restoration, transportation infrastructure, and water conservancy [2][3] - The construction of significant projects like the Fangxian to Wufeng Expressway and Shangqiu Airport is expected to enhance transportation efficiency and strengthen regional connectivity [1][2] Group 1: Project Developments - The Fangxian to Wufeng Expressway project spans approximately 31.6 kilometers with a construction period of 4.5 years, designed to significantly improve travel efficiency [1] - The Shangqiu Airport, with a total investment of around 800 million yuan, aims to enhance Shangqiu's position in the national transportation network [2] - The G248 highway project in Gansu and Sichuan is also underway, contributing to the national road network and tourism development [2] Group 2: Policy and Financial Support - The "Two Major" construction projects are seen as a vital part of the government's strategy to boost effective investment and foster new productivity [3][4] - The issuance of long-term special bonds is expected to increase, providing financial support for the "Two Major" projects over the next five years [3][4] - Experts emphasize the need for a precise matching mechanism between funding and projects to optimize resource allocation [5] Group 3: Economic Impact - The ongoing "Two Major" construction efforts are anticipated to accelerate infrastructure investment growth, acting as a stabilizer for the macro economy [6] - The introduction of new policy financial tools and special bond allocations is expected to enhance investment confidence and stabilize fixed asset investment growth by early 2026 [6] - The government aims to improve the investment environment and stimulate private investment to support high-quality economic development [7]

Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [9]. Core Insights - In October, narrow infrastructure investment decreased by 8.7%, with a month-on-month decline of 4.1 percentage points, while broad infrastructure investment fell by 8.1%, also with a month-on-month decline of 4.1 percentage points [2][6]. - The marginal weakening of infrastructure investment is evident, with the single-month growth rate for narrow infrastructure investment reaching its lowest since July 2021 [11]. - The report highlights that despite the current downturn, there remains fiscal space for potential growth in infrastructure investment by the end of the year [11]. Summary by Sections Economic Data - In October, narrow infrastructure investment saw a month-on-month decline of 8.7%, while broad infrastructure investment decreased by 8.1% [2][6]. - Year-to-date, narrow infrastructure investment has declined by 0.1%, while broad infrastructure investment has grown by 3.0%, with a month-on-month decrease of 1.6 percentage points [11]. Project Analysis - All project categories experienced year-on-year declines in investment for the month, with notable decreases in power (down 6.3%), transportation (down 10.1%), and water management (down 19.0%) [11]. - The report indicates that the construction industry’s PMI for October was 49.1%, reflecting a contraction for three consecutive months [11]. Fiscal Outlook - As of November 14, 2023, special bonds issued totaled 41,492 billion yuan, with a year-on-year increase of 2,476 billion yuan, indicating room for further issuance [11]. - The report emphasizes the government's focus on high-quality development and the need to optimize investment structures to stimulate private investment [11].

要把"两重"建设放在"十五五"全局中谋划和推进——11月14日召开的国务院常务会议研究深入实 施"两重"建设有关工作，并作出了一系列部署。专家分析，今年以来，"两重"建设加快推进，重点领域 基础设施投资较快增长。持续高质量推进"两重"建设，实施一批重大标志性工程，将有助于扩大有效投 资，推动经济向上向好。 "我们加快推进高标准农田建设，统筹推进大中型灌区等重大水利建设，强化农田、水利设施衔接 配套，切实提高水旱灾害防御能力。"国家发展改革委政策研究室副主任李超说，2024年以来，累计安 排"两重"等中央资金4000多亿元，支持建设改造高标准农田1.8亿亩。 中国宏观经济研究院投资研究所上述负责人表示，"两重"建设着力破解发展急需、依靠传统的常规 手段解决不了的难点问题，如发展新质生产力、推进高水平科技自立自强等。同时，全力推进多年想干 而未能干、需要由中央层面推动的跨区域、跨流域、跨行业、跨领域，事关国家安全和长远发展基础的 重大工程，如长江流域生态保护修复、三峡水运新通道建设、西部陆海新通道建设等。 "两重"建设的推进在扩大有效投资方面发挥着积极作用。国家统计局投资司首席统计师罗毅飞分 析，今年以来，重点领 ...

要把"两重"建设放在"十五五"全局中谋划和推进——11月14日召开的国务院常务会议研究深入实施"两 重"建设有关工作，并作出了一系列部署。专家分析，今年以来，"两重"建设加快推进，重点领域基础 设施投资较快增长。持续高质量推进"两重"建设，实施一批重大标志性工程，将有助于扩大有效投资， 推动经济向上向好。 有力补短板强弱项 "两重"建设，即国家重大战略实施和重点领域安全能力建设。 据国家发展改革委介绍，"两重"建设重点投向科技自立自强、城乡融合发展、区域协调发展、人口高质 量发展、粮食安全、能源资源安全、生态安全等方面，有力补短板强弱项，推动国家重大战略顺利实 施、重点领域安全能力显著提升。 数据显示，从2024年起，中国发行超长期特别国债支持国家重大战略和重点领域安全能力建设，2024年 当年安排7000亿元超长期特别国债支持1465个重大项目建设，全年完成投资超过1.2万亿元。今年，"两 重"建设共安排8000亿元支持1459个项目，涉及长江流域生态修复、长江沿线重大交通基础设施、西部 陆海新通道、高标准农田、重大水利工程、城市地下管网等重点领域。 11月14日召开的国务院常务会议提出，要把"两重"建设放 ...

Group 1 - The State Council's meeting on November 14 emphasized the importance of the "Two Heavy" construction in the context of the 14th Five-Year Plan, focusing on strategic, forward-looking, and holistic requirements [1] - The meeting highlighted the need for enhanced project review processes, with a focus on innovation and intangible asset investment to promote new productive forces [1] - Experts predict that the issuance scale of long-term special government bonds to support "Two Heavy" construction may gradually expand, making it a key driver for effective investment and new productive force cultivation over the next five years [1] Group 2 - The State Council's recent measures to stimulate private investment include 13 targeted policy initiatives aimed at enhancing the quality of private investment [2] - Key initiatives allow private capital to hold over 10% in major projects and encourage participation in sectors like low-altitude economy and commercial aerospace [2] - The National Development and Reform Commission reported that investment accumulation contributed an average of 30.2% to China's economic growth over the past four years [2] Group 3 - As of October 29, 500 billion yuan of new policy financial tools have been fully allocated, indicating a strong focus on investment [3] - The National Development and Reform Commission is working with the China Securities Regulatory Commission to expand the infrastructure REITs market, aiming to increase the scale of investment [3] - Previous infrastructure REITs projects have raised a total of 207 billion yuan, expected to drive over 1 trillion yuan in new project investments [3]

Core Viewpoint - The article discusses recent policy developments aimed at stabilizing private investment in China, highlighting measures to enhance the business environment and support for private enterprises in various sectors [2][3][10]. Group 1: Policy Developments - On November 10, the State Council issued measures to promote private investment, including easing restrictions for private enterprises in monopolistic sectors such as energy and railways, and encouraging participation in low-altitude economic infrastructure [2][9]. - The "14th Five-Year Plan" for various industries is being developed, with a focus on smart connected vehicles and new battery industries, as mentioned during the World Power Battery Conference held in Sichuan [2][11]. - The government is emphasizing the importance of enhancing the adaptability of supply and demand to stimulate consumption and economic circulation, as discussed in a State Council meeting on November 14 [3][7]. Group 2: Financial and Investment Strategies - The finance minister stated that during the "14th Five-Year Plan" period, fiscal policy will maintain an active orientation, adjusting deficit rates and debt levels based on economic conditions, and utilizing various financial tools to support spending [3][13]. - The government aims to increase the proportion of government procurement reserved for small and medium-sized enterprises to over 40% for projects exceeding 4 million yuan, promoting fair competition [9][10]. - There is a push for private capital to engage in significant investment projects, with the government providing support through new policy financial tools and encouraging the issuance of real estate investment trusts (REITs) for eligible projects [10][12]. Group 3: Industry-Specific Initiatives - The Ministry of Agriculture is implementing a "14th Five-Year" plan for modern seed industry enhancement, focusing on revitalizing the seed industry [2][11]. - The government is promoting the development of a multi-level renewable energy consumption and regulation system by 2030, aiming for a new power system adaptable to high proportions of renewable energy by 2035 [11]. - The Ministry of Industry and Information Technology is working on a development plan for smart connected vehicles and new battery industries, emphasizing strategic leadership and application expansion [11][12].

Core Viewpoint - The article discusses the recent initiatives and policies introduced by the Chinese government to enhance economic resilience, promote private investment, and support high-quality development in various sectors, particularly through the "Two Major" construction strategy and other related measures [5][9][11]. Group 1: Major Meetings and Policies - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of the "Two Major" construction strategy, focusing on enhancing the adaptability of supply and demand in consumer goods and promoting consumption policies [5]. - The State Council issued measures to further promote private investment, encouraging private capital participation in key sectors such as railways and nuclear power, with specific guidelines on shareholding ratios [9][10]. - The Shanghai Stock Exchange outlined its development direction for the next five years, emphasizing risk prevention, strong regulation, and high-quality development [11]. Group 2: Significant Events and Data - The eighth China International Import Expo achieved a record transaction volume of $83.49 billion, marking a 4.4% increase year-on-year, showcasing China's commitment to opening up its market [12]. - As of the end of October, the total social financing scale reached 437.72 trillion yuan, reflecting an 8.5% year-on-year growth, indicating robust financial support for the real economy [14].

Group 1: Overseas Macro Strategy - The end of the US government shutdown and hawkish signals from some Fed officials led to a slight increase in US Treasury yields, while gold initially rose before falling, and the US dollar slightly retreated [2] - The US stock market is expected to transition from a phase driven by both earnings and valuation to one primarily driven by corporate earnings growth, amidst increased market volatility [2] - Over 80% of S&P 500 companies exceeded earnings expectations in the third quarter, providing market support despite high valuations [2] - The narrative surrounding AI's potential to drive a fourth industrial revolution is yet to be validated, suggesting a need for cautious adjustment of annual return expectations to single-digit levels [2] - A diversified investment strategy is recommended, focusing on sectors such as industrials, utilities, energy, and healthcare, in addition to technology stocks [2] Group 2: US Treasury Bonds - Short-term market focus is on upcoming US economic data, although the validity of data during the government shutdown is limited [3] - Medium to long-term outlook suggests a downward shift in the central tendency of Treasury yields, with a continuation of a bull steepening yield curve [3] - Investors are advised to maintain positions in 2-5 year Treasury bonds, with long-term bonds recommended for purchase when the 10-year yield exceeds 4.2% [3] Group 3: Currency and Gold - The US dollar lacks fundamental support to stabilize above the 100 mark, with expectations of downward pressure due to a loose trading environment [3] - The Chinese yuan is expected to appreciate slightly, influenced by the Fed's rate cut cycle and easing US-China trade tensions [3] - Gold is in a short-term adjustment phase but remains bullish in the long term, with expectations of continued Fed rate cuts and ongoing central bank gold purchases [4] Group 4: Domestic Macro Strategy - Domestic economic pressures are increasing, with significant declines in real estate transaction volumes and prices, particularly in first-tier cities [6] - Financial growth has slowed, with a decrease in both public and private financing demand, and a drop in the growth rate of RMB loans to 6.5% [6] - Export dynamics remain stable, with a 6.3% year-on-year increase in average cargo throughput in October, indicating resilience in certain export categories [7] - Recent government meetings have focused on enhancing the adaptability of supply and demand in consumer goods, signaling a shift towards a more balanced policy approach [7] Group 5: Monetary Policy and Bonds - The central bank's monetary policy report indicates a focus on optimizing structural tools and emphasizing price-based regulation over quantity targets [8] - The bond market is expected to maintain a low-volatility, oscillating trend, with the 10-year Treasury yield stabilizing around 1.8% [9] - The outlook for the bond market suggests a steep yield curve, with a central tendency around 1.8% and potential fluctuations between 1.6% and 1.9% [10] Group 6: A-shares and Hong Kong Market - The A-share market experienced a slight decline, with the Shanghai Composite Index closing at 3990 points, influenced by weak economic data and reduced Fed rate cut expectations [10] - The Hong Kong market showed a 1.26% increase in the Hang Seng Index, with expectations of continued upward movement post-adjustment [11] - The overall outlook for both A-shares and Hong Kong stocks remains cautiously optimistic, with anticipated liquidity improvements and positive developments in US-China trade negotiations [11]

11月14日，国务院总理李强主持召开国务院常务会议，研究深入实施"两重"建设有关工作，会议明确将 国家重大战略实施和重点领域安全能力建设置于"十五五"全局中谋划推进，为经济高质量发展筑牢支 撑、守住底线。 在业界看来，这场部署既立足当下需求，也着眼长远发展，凸显了"两重"建设作为经济发展"压舱石"的 核心价值。 超长期国债支持 会议提出，要把"两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性要求， 强化部门协同，注重软硬结合，推动国家重大战略深入实施、重点领域安全能力稳步提升。 一位财税人士对《中国经营报》记者表示，会议对"两重"建设提出战略性、前瞻性、全局性三个要求， 旨在扩大有效需求、提升产业结构和提升国家安全的韧性。其中，战略性聚焦国家长远发展方向，瞄准 经济结构优化升级关键领域；前瞻性要求立足未来趋势提前谋划，确保项目长期有效发挥作用；全局性 则强调统筹区域与领域协调，杜绝重复建设与资源浪费。 2024年《政府工作报告》首次提出发行超长期特别国债专项支持"两重建设"，规模约1万亿元。2025年 中央对"两重"建设继续加码，安排8000亿元专项资金，覆盖国家重大战略和安全能力建设 ...