Group 1: Infrastructure Investment - Major projects are being signed and accelerated in infrastructure and high-end manufacturing, with traditional infrastructure steadily advancing and emerging industries becoming investment focal points [1] - China Railway announced winning bids for 8 railway projects, 3 highway projects, and 1 municipal project, with a total bid amount of approximately 43.292 billion yuan [1] - The National Development and Reform Commission has organized the early batch of "two heavy" construction project lists and central budget investment plans for 2026, totaling approximately 295 billion yuan [1] Group 2: Emerging Industries Investment - Emerging industries are becoming the focus of project investments, with a significant increase in the proportion of emerging industry projects among major projects launched this year [2] - In the integrated circuit sector, Huadian Co. announced a project for high-density optical integrated circuit boards, expected to add an annual production capacity of 1.3 million pieces [2] - In the new materials sector, Baihehua plans to invest up to 100 million yuan in a project for an annual production of 1,000 tons of polyether ether ketone (PEEK) materials [2] Group 3: Investment Growth Outlook - Investment growth is expected to rebound as various regions focus on key areas and weak links to expand effective investment [3] - The support for infrastructure investment has significantly increased, with the early batch of "two heavy" construction projects for 2026 arranged at approximately 220 billion yuan, a notable increase from 100 billion yuan in 2025 [3] - Manufacturing investment is projected to achieve an overall growth of 4% in 2026, driven by policy support, technological innovation, and domestic and international demand [4]

新的一年，无论是有效发挥政府投资带动作用，高质量推进"两重"项目建设，还是大力推进传统产业优 化提升，加速培育壮大新兴产业和未来产业，又或是充分激发民间投资活力，坚持投资于物和投资于人 相结合，更好发挥投资扩内需、优供给、惠民生的关键作用……面对投资领域目标任务，各地各部门坚 定信心、用好优势、应对挑战，付出最大努力、争取最好结果。 （文章来源：人民日报） 中国经济年报发布后，仔细研究数据，切身感受到——面对风险挑战，中国经济顶压前行，取得这样的 成绩实属不易。 固定资产投资出现下滑，但重点领域投资实现较快增长、投资结构得到不断优化。工业投资增长 2.6%、互联网和相关服务业投资增长23.8%、设备工器具购置投资增长11.8%……一个个充满韧性、彰 显活力的数据，离不开各地各部门坚决落实中央决策部署，统筹用好各项政策工具的扎实工作，是聚焦 关键领域和薄弱环节努力扩大有效投资的生动实践。 当前，投资领域的老问题、新挑战不少，推动投资止跌回稳的目标绝不会轻轻松松实现。三位受访者的 对话中，有正视挑战的客观冷静，有迎难而上的底气决心，也有因地制宜的对策方法。这是三座来自不 同地区、处于不同发展阶段城市共同的声音，也 ...

中新网宁夏新闻1月28日电 （记者 李佩珊）记者28日从宁夏银川市永宁县获悉，永宁县于1月至3月全面 启动"准备之冬"专项行动，紧盯稳投资、扩内需、强动能等重点任务，全力保障经济发展要素供给，聚 焦一季度"稳中有进、量质齐升"目标，奋力夺取经济社会发展"开门红"。 此外，当地还健全服务保障机制，严格落实领导包抓重点项目制度，建立专员代办机制，定期开展"政 企面对面"交流，完善超期督办机制，层层压实责任，确保各项工作扎实推进，将行动成效转化为实实 在在的发展成果。（完） 此次专项行动秉持"起步即冲刺、开局即决战"发展基调，明确核心发展指标，力争2026年一季度实现地 区生产总值增长5%，规模以上工业增加值增长6.5%；计划实施项目开工率达100%，固定资产投资增长 6%以上；一般公共预算收入、社会消费品零售总额均增长3%，城乡居民人均可支配收入与经济增长同 步。 为确保各项目标落到实处，专项行动聚焦项目建设"生命线"，实行清单化管理、节点化推进，建立健全 新建、续建、签约、储备项目及资金争取闭环推进机制。同时，永宁县精准施策，为重点产业积蓄发展 动能，扎实开展产业链招商，做好企业复工复产保障，抓实冬春农业生产， ...

Core Viewpoint - The provincial government emphasizes stabilizing investment as a key task for current economic work, urging rapid action to support investment growth and prevent decline [1][2] Group 1: Investment Strategy - Local governments and departments are instructed to implement the spirit of Xi Jinping's important speeches and the requirements from the Central Economic Work Conference and the Provincial Economic Work Conference [1] - There is a focus on accelerating project construction, ensuring resource allocation, and pushing for projects to start as soon as possible while maintaining quality and safety [2] Group 2: Policy Implementation - The meeting highlights the importance of leveraging policy synergies, such as increasing central budget investment, optimizing "two heavy" projects, and enhancing the management of local government special bonds [2] - A mechanism for direct funding to projects is to be established, with expedited review and use of funds for eligible projects [2] Group 3: Project Quality and Support - There is a call to improve the quality of project planning and preparation, aiming to attract high-quality projects that strengthen supply chains [2] - Continuous optimization of services is necessary, including guarantees for land, forestry, marine resources, and environmental capacity [2] Group 4: Accountability and Efficiency - The meeting stresses the need for accountability in work responsibilities, enhancing tracking and evaluation, and striving to improve efficiency and speed in project execution [2]

Core Viewpoint - The Ministry of Finance has released a comprehensive set of five fiscal and financial policies aimed at boosting consumption, supporting investment, and nurturing key entities, with a focus on precise implementation to drive high-quality economic development in the first year of the 14th Five-Year Plan [1][2]. Group 1: Consumption Promotion - The policies include optimized fiscal interest subsidy measures for personal consumption loans, equipment upgrade loans, and support for service industry loans, forming a three-dimensional support system for consumption, investment, and strengthening entities [2][3]. - The personal consumption loan subsidy policy has been expanded to include credit card bill installments, with a maximum annual subsidy of 3,000 yuan per person, allowing for compliant consumption amounts up to 300,000 yuan [3][4]. - The service industry loan subsidy has increased the maximum loan amount from 1 million yuan to 10 million yuan, with new focus areas including digital, green, and retail sectors [3][4]. Group 2: Investment Support - The policies target private investment and equipment upgrades, addressing financing challenges with a special guarantee plan for private investment set at 500 billion yuan over two years, focusing on supporting small and medium-sized enterprises [5][6]. - The new policy for small and medium-sized enterprise loans offers a 1.5% annual subsidy for fixed asset loans up to 50 million yuan, significantly reducing interest expenses for businesses [6][7]. - The equipment upgrade loan subsidy has been expanded to include a wider range of sectors, including artificial intelligence and green development, reflecting a shift towards supporting high-end, intelligent, and sustainable industries [7][8]. Group 3: Fiscal and Financial Coordination - The policies emphasize a 9:1 funding sharing ratio between central and provincial finances for service industry loan subsidies, ensuring efficient use of fiscal resources and accountability at the local level [8]. - The combination of interest subsidies and guarantees is designed to guide social resources towards key areas, enhancing support for domestic demand expansion [8][9]. - The fiscal policy for 2026 will focus on increasing total expenditure while optimizing structure and effectiveness, ensuring robust support for employment, enterprises, and market stability [9].

本文原载于《证券时报》2026年1月23日头版 责编：叶舒筠 2025年，设备工器具购置投资同比增长11.8%，占全部固定资产投资比重近两成，是稳住投资基本盘的 关键一环。当前，我国仍处于第四轮设备投资周期，制造业、医疗、教育等领域普遍存在系统性设备代 际差，产业转型升级催生旺盛的更新需求。据相关机构测算，仅工农业等重点领域，年设备更新需求就 超过5万亿元。 除大力支持企业设备更新外，开年以来，我国重大项目建设力度亦显著加码。约2950亿元的2026年提前 批"两重"建设项目清单及中央预算内投资计划已于年前下达，多地开展新增地方政府专项债券招标发 行，一批支持科技创新、民生保障等领域的重大项目在年初密集开工。 在一揽子政策落地见效、中央预算内投资加快拨付、地方政府专项债券靠前发力、央行开展结构性降息 等多重因素支持下，研究机构普遍预计一季度投资增速将实现止跌回稳。考虑到2026年财政总支出规 模"只增不减"，全年稳投资力度将持续加码，投资有望稳步回升向好。 2026年首批936亿元超长期特别国债支持设备更新资金已于近期下达，额度较2025年同期有所提升，为 新的一年经济良好开局注入确定性的同时，也再度彰显出今 ...

Group 1 - The core viewpoint of the article emphasizes the significant increase in investment support for equipment updates in 2026, with the first batch of 93.6 billion yuan in special long-term government bonds allocated to enhance economic stability and investment policies [1] - In 2025, investment in equipment and tools saw a year-on-year growth of 11.8%, accounting for nearly 20% of total fixed asset investment, highlighting its critical role in stabilizing investment fundamentals [1] - The current investment cycle in China is in its fourth round, with strong demand for equipment updates driven by systemic generational gaps in manufacturing, healthcare, and education sectors, with an estimated annual equipment update demand exceeding 5 trillion yuan in key areas like agriculture [1] Group 2 - The first batch of funds will support approximately 4,500 projects, leading to a total investment exceeding 460 billion yuan, covering key sectors such as industry, energy, education, and healthcare, while also extending policy benefits to areas like residential elevator upgrades [1] - The optimized equipment update policy will work in conjunction with recently introduced fiscal and financial collaborative policies to address various barriers to corporate investment, including alleviating concerns about investment risks and high financing costs [1] - In addition to supporting equipment updates, there has been a notable increase in major project construction efforts, with about 295 billion yuan allocated for early 2026 "two重" construction projects and central budget investments, indicating a robust start to the year [2]

（原标题：时报观察丨首批设备更新资金下达 稳投资力度加码可期） 证券时报记者 贺觉渊 2026年首批936亿元超长期特别国债支持设备更新资金已于近期下达，额度较2025年同期有所提升，为 新的一年经济良好开局注入确定性的同时，也再度彰显出今年稳投资政策力度加码。 除大力支持企业设备更新外，开年以来，我国重大项目建设力度亦显著加码。约2950亿元的2026年提前 批"两重"建设项目清单及中央预算内投资计划已于年前下达，多地开展新增地方政府专项债券招标发 行，一批支持科技创新、民生保障等领域的重大项目在年初密集开工。 在一揽子政策落地见效、中央预算内投资加快拨付、地方政府专项债券靠前发力、央行开展结构性降息 等多重因素支持下，研究机构普遍预计一季度投资增速将实现止跌回稳。考虑到2026年财政总支出规 模"只增不减"，全年稳投资力度将持续加码，投资有望稳步回升向好。 2025年，设备工器具购置投资同比增长11.8%，占全部固定资产投资比重近两成，是稳住投资基本盘的 关键一环。当前，我国仍处于第四轮设备投资周期，制造业、医疗、教育等领域普遍存在系统性设备代 际差，产业转型升级催生旺盛的更新需求。据相关机构测算，仅工农 ...

Group 1 - The first batch of 936 billion yuan in ultra-long-term special government bonds for equipment renewal has been allocated, marking an increase compared to the same period in 2025, which injects certainty into the economic outlook for the new year and highlights the intensified investment stabilization policies for this year [1] - In 2025, investment in the purchase of equipment and tools grew by 11.8% year-on-year, accounting for nearly 20% of total fixed asset investment, making it a key component in stabilizing the investment base [1] - The current investment cycle in China is in its fourth round, with significant demand for equipment updates driven by systemic generational gaps in manufacturing, healthcare, and education sectors, with an estimated annual equipment renewal demand exceeding 5 trillion yuan in key areas such as agriculture and industry [1] Group 2 - In addition to supporting equipment updates, the construction of major projects in China has significantly increased at the beginning of the year, with approximately 295 billion yuan in advance batch "two heavy" construction project lists and central budget investment plans allocated before the new year [2] - With the implementation of a comprehensive policy package, accelerated disbursement of central budget investments, proactive issuance of local government special bonds, and structural interest rate cuts by the central bank, research institutions generally expect investment growth to stabilize in the first quarter [2] - Given that the total fiscal expenditure scale for 2026 will "only increase and not decrease," the efforts to stabilize investment are expected to continue intensifying, leading to a gradual recovery in investment [2]

去年底的中央经济工作会议明确"推动投资止跌回稳"。 作为"十五五"开局之年，2026年年初以来，中国稳投资政策密集加力。 "十四五"时期，政府投资有效发挥了投资引导作用。过去五年，累计安排近3.4万亿元中央预算内投资，重点支持补短板调结构 惠民生的公共领域项目建设。累计发行约16万亿元地方政府专项债券用于投资建设，扩大投向领域和用作资本金范围。其中， 2024～2025年共安排1.5万亿元超长期特别国债，支持国家重大战略实施和重点领域安全能力建设（"两重"建设）。 2022年、2025年分别投放7399亿元政策性开发性金融工具、5000亿元新型政策性金融工具，有力补充重大项目资本金。 国家发改委介绍称，将"十四五"规划102项重大工程作为推动规划实施和扩大有效投资的重要抓手，着力加强项目资金和要素保 障，积极吸引社会资本参与。白鹤滩水电站、中老铁路、"梦想"号大洋钻探船等重大项目建成投运，川藏铁路、雅下水电工 程、三峡水运新通道、黄河古贤水利枢纽等重大项目稳步推进或实现开工，城市更新、城市地下管网建设改造、"双一流"高 校、"三北"工程等项目建设有序推进，102项重大工程如期完成规划目标任务。 在提振民间投资 ...