Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoint of the Report - The report indicates that the recent slight decline in tin prices is mostly due to the rigid - demand purchases of downstream enterprises and some post - point - price orders. The spot premium has slightly rebounded to 400 yuan/ton, and domestic inventories have slightly increased. LME inventories continue to decline. Technically, with the decline in positions and cautiousness from both long and short sides, the lower shadow阳线 shows support, and the tin price is expected to fluctuate within a range. It is recommended to wait and see for now, and pay attention to the 266,000 - 271,000 yuan/ton range [3]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract of Shanghai tin is 268,090 yuan/ton, down 230 yuan; the closing price of the September - October contract of Shanghai tin is 40 yuan higher. The price of LME 3 - month tin is 33,702 dollars/ton. The main contract position of Shanghai tin is 21,004 hands, down 1,092 hands. The net position of the top 20 futures is - 713 hands. The total inventory of LME tin is 1,655 tons, unchanged; the inventory of Shanghai Futures Exchange (weekly) is 7,792 tons, down 13 tons; the LME tin cancelled warrants are 145 tons, down 20 tons; the warehouse receipts of Shanghai Futures Exchange (daily) are 7,513 tons [3]. 现货 Market - The SMM 1 tin spot price is 266,200 yuan/ton, down 600 yuan; the Yangtze River Non - ferrous Market 1 tin spot price is 266,110 yuan/ton, down 950 yuan. The basis of the main Shanghai tin contract is - 1,890 yuan/ton, down 1,670 yuan; the LME tin premium (0 - 3) is 89 dollars/ton, up 26 dollars [3]. Upstream Situation - The import volume of tin ore and concentrates is 1.21 million tons, down 0.29 million tons. The average price of 40% tin concentrates is 254,000 yuan/ton, down 2,000 yuan; the average price of 60% tin concentrates is 258,000 yuan/ton, down 2,000 yuan. The processing fee of 40% tin concentrates by Antaike is 10,500 yuan/ton; the processing fee of 60% tin concentrates by Antaike is 6,500 yuan/ton [3]. Industry Situation - The monthly output of refined tin is 1.4 million tons, down 0.16 million tons. The monthly import volume of refined tin is 3,762.32 tons, up 143.24 tons [3]. Downstream Situation - The price of 60A solder bars in Gejiu is 173,370 yuan/ton. The cumulative monthly output of tin - plated sheets (strips) is 160.14 million tons, up 14.45 million tons. The monthly export volume of tin - plated sheets is 14.07 million tons, down 3.39 million tons [3]. Industry News - Li Qiang emphasized enhancing the effectiveness of macro - policies, evaluating policy implementation, responding to market concerns, and stabilizing market expectations. He also mentioned measures to strengthen the domestic large - scale cycle, stimulate consumption potential, expand effective investment, and promote the construction of a unified national market. There are also measures to consolidate the stabilization of the real estate market. In terms of fundamentals, although Myanmar's Wa State has restarted the approval of mining licenses, actual ore production will not start until the fourth quarter; the Congo's Bisie mine plans to resume production in stages, and currently, tin ore processing fees remain at a historical low [3]. Viewpoint Summary - In July, the increase in production was affected by multiple factors such as the resumption of production by some enterprises and the cleaning of intermediate products. However, the shortage of raw materials in Yunnan's production area is still severe; the waste recycling system in Jiangxi's production area is under pressure, and the operating rate remains at a low level. On the demand side, since it has entered the traditional off - season, most downstream processing enterprises only maintain rigid - demand production and procurement, and the orders are just passable. Recently, the tin price has slightly declined, mainly due to the rigid - demand purchases of downstream enterprises and some post - point - price orders. The spot premium has slightly rebounded, and the domestic inventory has slightly increased. The LME inventory continues to decline. Technically, with the decline in positions and cautiousness from both long and short sides, the lower shadow阳线 shows support, and the tin price is expected to fluctuate within a range [3].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply, and the premium of domestic trade ore remains stable; the supply of nickel ore from the Philippines has recovered, but the domestic nickel ore port inventory has decreased, and the raw materials are in a tight situation [3]. - In July, the production rhythm of leading enterprises remained stable, the output of a few smelters increased, and new production capacity is still planned to be put into operation, driving a slight increase in the overall refined nickel output [3]. - On the demand side, the profits of stainless - steel plants have improved, and the plants have increased production; the production and sales of new - energy vehicles continue to rise, but the demand for ternary batteries is limited. Recently, the nickel price has declined, but the downstream procurement demand is still weak, the spot premium has slightly decreased, and the domestic inventory has increased; the overseas LME inventory has increased [3]. - Technically, the price has fallen with an increase in positions, indicating a divergence between long and short positions. It is expected that the price will fluctuate widely in a range. It is recommended to wait and see for the time being or conduct range - bound operations, with a reference range of 119,500 - 124,000 yuan/ton [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract of Shanghai nickel is 120,330 yuan/ton, a decrease of 10 yuan; the price difference between the September - October contracts of Shanghai nickel is - 120 yuan/ton, unchanged [3]. - The price of LME 3 - month nickel is 15,170 US dollars/ton, a decrease of 25 US dollars; the position of the main contract of Shanghai nickel is 55,967 lots, a decrease of 6,540 lots [3]. - The net long position of the top 20 futures holders of Shanghai nickel is - 30,724 lots, a decrease of 200 lots; the LME nickel inventory is 210,414 tons, a decrease of 1,248 tons [3]. - The inventory of nickel in the Shanghai Futures Exchange is 26,962 tons, an increase of 768 tons; the total cancelled warrants of LME nickel is 11,094 tons, a decrease of 1,248 tons [3]. - The warehouse receipt quantity of Shanghai nickel is 22,841 tons, a decrease of 210 tons [3]. 3.2现货市场 - The spot price of SMM 1 nickel is 121,650 yuan/ton, unchanged; the average spot price of 1 nickel plate in Yangtze River Non - ferrous Metals is 121,750 yuan/ton, an increase of 200 yuan [3]. - The CIF (bill of lading) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged; the bonded warehouse (warehouse receipt) price of Shanghai electrolytic nickel is 85 US dollars/ton, unchanged [3]. - The average price of battery - grade nickel sulfate is 27,900 yuan/ton, unchanged; the basis of the main NI contract is 1,320 yuan/ton, an increase of 10 yuan [3]. - The LME nickel (spot/3 - month) premium is - 194.65 US dollars/ton, an increase of 13.23 US dollars [3]. 3.3 Upstream Situation - The monthly import volume of nickel ore is 434.66 million tons, an increase of 41.94 million tons; the total port inventory of nickel ore is 1,095.16 million tons, an increase of 61.82 million tons [3]. - The average monthly import unit price of nickel ore is 65.84 US dollars/ton, a decrease of 7.57 US dollars; the tax - included price of Indonesian laterite nickel ore with 1.8% Ni is 41.71 US dollars/wet ton, unchanged [3]. 3.4产业情况 - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons; the total monthly output of nickel iron is 22,200 metal tons, a decrease of 400 metal tons [3]. - The monthly import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons; the monthly import volume of nickel iron is 1.0414 billion tons, an increase of 193,200 tons [3]. 3.5下游情况 - The monthly output of 300 - series stainless steel is 1.6981 billion tons, a decrease of 459,000 tons; the total weekly inventory of 300 - series stainless steel is 582,700 tons, a decrease of 10,200 tons [3].

1. Report Industry Investment Ratings - Not provided in the given content 2. Core Views of the Report - Overall, the report presents a comprehensive analysis of various financial and commodity markets, including stock index futures, treasury bond futures, precious metals, container shipping futures, non - ferrous metals, black metals, and agricultural products. Different markets show diverse trends and are influenced by a variety of factors such as policy, supply - demand relationships, and international events. For example, the stock index futures market is boosted by TMT sectors and policy expectations; the treasury bond futures market is under pressure due to multiple negative factors; the precious metals market fluctuates with geopolitical events; and various commodity markets are affected by their own supply - demand fundamentals [2][5][8] 3. Summaries According to Relevant Catalogs Financial Derivatives Financial Futures - **Stock Index Futures**: A - share major indices rose significantly on Monday, with TMT sectors leading the gain. The four major stock index futures contracts also increased, and their basis was further repaired. Policy expectations and market sentiment are positive, but near the interim report performance period, profit improvement needs data verification. It is recommended to sell put options on MO2509 at the strike price of around 6600 with a mild bullish view [2][3][4] - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and bond yields rose significantly. Affected by multiple negative factors such as the central bank's monetary policy report, the rising stock market, and tax - period capital convergence, the bond market sentiment weakened. It is recommended to stay on the sidelines in the short term and focus on market sentiment and key interest rate support levels [5][7] Precious Metals - Gold and silver prices fluctuated. The meeting of leaders from the US, Ukraine, and Europe brought hope for easing the Russia - Ukraine conflict, increasing risk appetite. Gold prices closed slightly down, and silver prices closed slightly up. It is recommended to build a bullish spread strategy through gold call options when the price corrects, and maintain a low - buying strategy for silver or build a bullish spread option strategy [8][9][10] Container Shipping Futures (EC) - The spot prices of major shipping companies vary, and the container shipping index shows a mixed trend. The market is in a weak - shock state. Due to high container growth and weak European demand, it is expected that the price of the October off - season contract will be lower than last year. It is recommended to hold short positions in the 10 - contract [11][12] Commodity Futures Non - Ferrous Metals - **Copper**: The spot price of copper is high, suppressing downstream procurement. The short - term trading focus is on interest - rate cut expectations. The supply of copper concentrate is slightly relaxed, and domestic electrolytic copper production is expected to decline slightly in August. The inventory shows a mixed trend. It is expected that the copper price will fluctuate in the short term, and the main contract is expected to trade between 78000 - 79500 [13][15][16] - **Alumina**: The spot price shows a north - south differentiation. The production capacity is expected to increase slightly in August. The inventory of ports decreases, and the registered warehouse receipts increase. It is expected that the price will fluctuate widely between 3000 - 3300 in the short term, and it is recommended to short at high prices in the medium term [17][18] - **Aluminum**: The spot price of aluminum decreases. The production capacity is stable, and the proportion of molten aluminum decreases, leading to an increase in inventory. Affected by the expansion of US import tariffs, the price is under pressure. It is expected that the price will be under high - level pressure in the short term, and the main contract is expected to trade between 20000 - 21000 [20][21] - **Aluminum Alloy**: In the off - season, terminal consumption is weak, and the social inventory in major consumption areas is close to full. The supply is affected by the shortage of scrap aluminum, and the demand is suppressed by the off - season. It is expected that the price will fluctuate widely, and the main contract is expected to trade between 19600 - 20400 [22][23] - **Zinc**: The spot price of zinc decreases. The supply of zinc ore is in a loose cycle, and the production of refined zinc increases. The demand is in the off - season, and the inventory shows a mixed trend. It is expected that the zinc price will fluctuate, and the main contract is expected to trade between 22000 - 23000 [23][24][26] - **Tin**: The spot price of tin decreases. The supply of tin ore is tight, and the import volume is low. The demand is weak after the end of the photovoltaic installation rush and the entry of the electronics off - season. It is recommended to wait and see, and the price is expected to fluctuate widely. Pay attention to the import situation of Burmese tin ore [27][28][29] - **Nickel**: The spot price of nickel increases slightly. The production of refined nickel is at a high level, and the demand is generally stable. The overseas inventory is high, and the domestic inventory increases slightly. It is expected that the price will fluctuate in the short term, and the main contract is expected to trade between 118000 - 126000 [29][30][31] - **Stainless Steel**: The spot price of stainless steel increases slightly. The cost is supported, but the demand is weak. The production is expected to increase in August, and the inventory is slowly decreasing. It is expected that the price will fluctuate strongly in the short term, and the main contract is expected to trade between 12800 - 13500 [32][33][35] - **Lithium Carbonate**: The spot price of lithium carbonate increases. The supply is affected by disturbances, and the demand is optimistic. The inventory decreases slightly. It is expected that the price will be strong in the short term, and the main contract is expected to trade between 86000 - 92000. It is recommended to wait and see cautiously and try to go long lightly at low prices [36][37][39] Black Metals - **Steel**: The steel futures price fell, and the basis strengthened. The cost increased, and the steel mill's profit improved. The supply increased, and the demand decreased, with inventory accumulating mainly in traders. Considering the expected production restrictions in the middle and late August, it is expected that the price will remain high and fluctuate, and the support levels for hot - rolled coils and rebar are around 3400 and 3150 respectively [40][41][42] - **Iron Ore**: The spot price of iron ore decreased slightly. The global shipment increased, and the port arrival volume decreased. The demand from steel mills was high, and the inventory increased slightly. Considering the production restrictions of Hebei steel mills in the late period, it is recommended to short at high prices [43][44] - **Coking Coal**: The coking coal futures price fell. The supply from domestic mines decreased slightly, and the import of Mongolian coal was stable. The demand from downstream industries was high but slowed down. The inventory was at a medium level. It is recommended to short at high prices for speculation and conduct a 9 - 1 reverse spread for arbitrage [45][47][48] - **Coke**: The sixth round of price increase for coke was implemented, and the seventh round was initiated. The supply increased slightly, and the demand was still resilient. The inventory decreased. It is recommended to short at high prices for the 2601 contract and conduct a 9 - 1 positive spread for arbitrage [49][50] Agricultural Products - **Meal (Soybean Meal and Rapeseed Meal)**: The spot price of soybean meal increased slightly, and the trading volume increased. The开机 rate of oil mills decreased slightly. The fundamental news shows that the US soybean crushing volume increased, and the EU's oilseed import decreased. The USDA report supported the US soybean price, but there was still upward pressure. It is recommended to take long - term long positions at low prices [51][52][53] - **Pigs**: The spot price of pigs fluctuated at a low level. The profit of pig farming varied, and the average weight of pigs increased slightly. With the expected increase in group - farmed pig sales in August and the need for small - scale farmers to sell large - weight pigs, the future pig price is not optimistic. It is not recommended to short blindly for far - month contracts [54][55] - **Corn**: The spot price of corn was mixed. The supply pressure was obvious, and the demand was weak. The inventory in Guangzhou ports decreased. It is expected that the corn price will be weak and fluctuate, and attention should be paid to the growth of new - season corn [56][57][58] - **Sugar**: The international raw sugar price oscillated at the bottom, and the domestic sugar price oscillated at a high level. The Brazilian sugar production increased, and the Indian sugar production was expected to increase. The domestic sugar import in July was expected to be much higher than last year. It is recommended to maintain a short - on - rebound strategy [59] - **Cotton**: After the cotton price stabilized in early August, the industrial downstream improved slightly. The inventory of cotton yarn decreased slightly, and the spinning mill's operation rate remained stable. The cotton price has support at low levels, and it is expected to oscillate, paying attention to the traditional peak - season demand [60]

Report Industry Investment Rating - No information provided Core View of the Report - On August 18, the central bank conducted 2665 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1545 billion yuan. The central bank's monetary policy implementation report continues the loose monetary policy idea, which has some support for short - term Treasury bond futures prices. However, the seesaw effect between bonds and equity and commodity markets will continue. Bond funds and household and corporate deposits may continue to flow to the non - banking sector with higher returns, suppressing bond market sentiment. Treasury bond futures prices may continue to weaken, and the price differentiation between new and old bonds and between short - and long - term bonds will intensify, and the inter - period and inter - variety spreads may also widen [3] Summary According to Relevant Catalogs Futures Market - **Price and Volume**: On the previous trading day, Treasury bond futures prices generally declined. For example, the T2509 contract fell 0.26%. The trading volume and open interest of different contracts changed. For instance, the open interest of the T2509 contract increased, while that of the T2512 contract decreased [2] - **Arbitrage Opportunity**: The IRR of the CTD bonds corresponding to Treasury bond futures contracts was relatively high, indicating certain arbitrage opportunities [2] Spot Market - **Domestic Bond Yields**: On the previous trading day, yields of key - term Chinese Treasury bonds generally increased. The 10Y Treasury bond yield rose 4.75bp to 1.79%, and the long - short (10 - 2) Treasury bond yield spread was 35.06bp [2] - **Overseas Bond Yields**: On the previous trading day, the 10Y Treasury bond yields of the US, Germany, and Japan increased by 1bp, 2bp, and 1bp respectively [2] Macro News - **Central Bank Operations**: On August 18, the central bank carried out 2665 billion yuan of 7 - day reverse repurchase operations at a fixed - rate and quantity - tendered method, with an operating rate of 1.40%. The net investment was 1545 billion yuan after 1120 billion yuan of reverse repurchases matured. The Ministry of Finance and the central bank conducted the bidding for the 2025 central treasury cash management commercial bank time deposits (eighth issue), with a winning total of 1200 billion yuan and a winning rate of 1.78% [3] - **Policy Stance**: Premier Li Qiang emphasized improving the effectiveness of macro - policies, stabilizing market expectations, stimulating consumption potential, expanding effective investment, and consolidating the stabilization of the real estate market [3] - **Market Supervision**: The National Association of Financial Market Institutional Investors launched a self - regulatory investigation into relevant institutions due to the misappropriation of debt financing tool funds by some issuing enterprises and the ineffective performance of supervision duties by relevant funds supervision banks [3] - **International Events**: The global financial market is waiting for the Jackson Hole Global Central Bank Annual Conference. Different institutions have different expectations for Fed Chairman Powell's speech. Trump met with Zelensky, and they discussed possible trilateral talks and US military participation in peace - keeping in Ukraine. India plans to reform the goods and services tax in response to Trump's tariff threat [3] Industry Information - **Interest Rate Movements**: On August 18, most money market interest rates increased. Yields of most US Treasury bonds rose [3] - **Market Situation**: The 10 - year Treasury bond active bond yield increased. The central bank's net investment, the rise of Shibor short - term varieties, the seesaw effect between stocks and bonds, and the inflow of funds into the non - banking sector led to a convergence of the money supply. The US economic data affected the expectations of interest rate cuts, and the domestic real estate market was still in adjustment, but the social financing stock growth rate continued to rise [3]

人民财讯8月15日电，8月15日，国家统计局新闻发言人付凌晖表示，总的来看，我国投资规模继续扩 大，投资结构不断优化，投资增长面临的压力是阶段性的，对此要全面看待。从未来发展看，我国投资 空间潜力依然巨大，我国人均资本存量与发达国家相比仍有较大差距，未来加快发展新质生产力、促进 城乡区域协调发展、补齐民生短板都需要加大投入。下阶段，要坚持高质量发展不动摇，纵深推进全国 统一大市场建设，进一步优化投资环境，调动各方面投资积极性，激发民间投资活力，扩大有效投资， 促进供给结构持续优化，推动经济平稳健康发展。 ...

Group 1 - The city of Jiaozuo plans to implement a "30-item" policy package in the second half of the year to stabilize employment, enterprises, markets, and expectations, aiming for continuous economic growth and the completion of annual targets [1] - The city aims to expand effective investment by accelerating project approvals and targeting a completion of over 55 billion yuan in annual investments for key projects, with more than 80 projects expected to be completed and put into operation [1] - Consumption stimulation actions will include utilizing subsidies for replacing old consumer goods, with targets of 15,000 vehicle scrappages and 350,000 home appliance replacements throughout the year [1] Group 2 - The city is focused on innovation-driven development, with a goal of registering 800 national technology-based small and medium-sized enterprises and establishing over 23 provincial-level innovation platforms [2] - The industrial development strategy includes enhancing the capabilities of various industry categories and aims to add 85 large-scale industrial enterprises and 20 provincial-level specialized and innovative small and medium-sized enterprises in the second half of the year [2] - The city is committed to ensuring social stability by promoting urban renewal, completing 76 old community renovation projects, and achieving a target of 58,600 new urban jobs throughout the year [2]

Core Viewpoint - The investment in fixed assets is showing a stable growth trend, with significant contributions from various sectors, particularly in infrastructure and equipment purchases, despite some fluctuations in growth rates [4][5][7][10]. Investment Growth Analysis - In the first half of the year, the total fixed asset investment (excluding rural households) reached 248,654 billion yuan, reflecting a year-on-year growth of 2.8%. The nominal growth rate has slightly declined compared to the previous months [4]. - The actual growth rate, after adjusting for price factors, is 5.3%, indicating a stable investment environment despite a 0.3 percentage point decrease compared to the same period last year [4][5]. Sector Performance - Investment in the primary industry grew by 6.5%, while the secondary industry saw a 10.2% increase. However, the tertiary industry experienced a decline of 1.1% [4]. - Equipment and tool purchases surged by 17.3%, significantly outpacing overall investment growth, contributing 86.0% to the total investment increase [7]. - Infrastructure investment rose by 4.6%, with notable growth in water transportation (21.8%) and water management (15.4%) sectors [7]. Policy and Future Outlook - The government is focusing on high-quality "two new" and "two heavy" construction projects, with a total project list of 800 billion yuan fully allocated [10]. - There is an emphasis on enhancing the investment environment and encouraging private sector participation, particularly in transportation, energy, and water conservancy sectors [10][11]. - The potential for fixed asset investment remains significant, especially in new production capacities and urban renewal projects [11].

投资增速放缓不意味着投资空间收缩。从上半年多方面投资数据看，有效投资规模仍在持续扩大。 根据国家统计局数据，上半年，设备工器具购置投资同比增长17.3%，增速比全部投资高14.5个百分 点，对全部投资增长的贡献率为86.0%。 上半年充换电基础设施完成投资额同比增长近70%、今年中央预算内投资基本下达完毕、上半年设备工 器具购置投资同比增长17.3%……最近，国家发展改革委等多部门接连公布上半年投资情况。专家分 析，上半年，各地区各部门统筹用好中央预算内投资、超长期特别国债、地方政府专项债等政策工具， 加快推进"两重"建设和"两新"工作，聚焦关键领域和薄弱环节积极扩大有效投资，推动固定资产投资平 稳增长。 投资实际增速基本稳定 上半年，全国固定资产投资(不含农户)248654亿元，同比增长2.8%。怎么看这一增速？ 一看名义增速。上半年，全国固定资产投资(不含农户)同比增长2.8%，这是名义增长速度，较前5个月 有所回落。分产业看，第一产业投资4816亿元，同比增长6.5%；第二产业投资88294亿元，增长 10.2%；第三产业投资155543亿元，下降1.1%。 二看实际增速。扣除价格因素影响，上半年固定资 ...

Group 1 - The Zhangguan Expressway, an important part of the national highway network, has successfully completed the main bridge construction, laying a solid foundation for its full operation by 2026 [2] - In the first half of the year, investment in charging and swapping infrastructure increased by nearly 70%, indicating a strong focus on expanding effective investment in key areas [2] - The total fixed asset investment (excluding rural households) reached 248,654 billion yuan, with a nominal year-on-year growth of 2.8%, reflecting a slight decline compared to the previous months [3] Group 2 - The actual growth rate of fixed asset investment, after adjusting for price factors, was 5.3%, indicating stability despite a 0.3 percentage point decline compared to the same period last year [3][4] - Equipment and tool purchases saw a significant year-on-year increase of 17.3%, contributing 86.0% to the overall investment growth [5] - Infrastructure investment grew by 4.6% year-on-year, with water transportation and water management investments increasing by 21.8% and 15.4%, respectively [6] Group 3 - The government is emphasizing high-quality promotion of "two major" constructions and stimulating private investment to expand effective investment [7] - The National Development and Reform Commission has completed the allocation of 800 billion yuan for "two major" construction projects and 735 billion yuan for central budget investments [7] - There is significant potential for fixed asset investment in new production capacities, urban renewal, and addressing social needs, which aligns with high-quality development goals [8]

Group 1 - The Zhangguan Expressway, an important part of the national highway network, has successfully completed the main bridge of the Dongting Creek Yuanshui Bridge, laying a solid foundation for the entire line to be opened by 2026 [2] - The expressway connects Zhangjiajie City and Huaihua City, enhancing regional connectivity and infrastructure development [2] Group 2 - In the first half of the year, fixed asset investment (excluding rural households) reached 248,654 billion yuan, with a year-on-year growth of 2.8% [5] - The nominal growth rate has declined compared to the first five months, while the actual growth rate, after adjusting for price factors, is 5.3% [5][6] - The investment in the primary industry grew by 6.5%, the secondary industry by 10.2%, while the tertiary industry saw a decline of 1.1% [5] Group 3 - The investment in equipment and tools increased by 17.3%, contributing 86.0% to the overall investment growth [7] - Infrastructure investment grew by 4.6%, with significant increases in water transportation (21.8%) and water management (15.4%) [8] - The investment in hydrogen energy projects doubled, and the charging and swapping infrastructure investment surged by nearly 70% [8] Group 4 - The government is focusing on high-quality promotion of "two major" constructions and stimulating private investment to expand effective investment [9] - A total of 8,000 billion yuan in "two major" construction projects has been allocated, with 7,350 billion yuan in central budget investment nearly fully distributed [9] - The government aims to enhance the investment multiplier effect and promote private capital in sectors like transportation, energy, and water conservancy [9][10]