Group 1 - The Central Political Bureau of the Communist Party emphasized the need to effectively implement macro policies, including the early issuance and utilization of ultra-long-term special government bonds and accelerating the issuance of special bonds [1] - It is expected that various funding sources, including central budget investments, local government special bonds, and the issuance of ultra-long-term special bonds, will be arranged and accelerated to focus on key areas [1] - As of May 6, the newly issued special bonds this year reached 722.448 billion yuan, primarily directed towards municipal and industrial park infrastructure and transportation infrastructure [1] Group 2 - The issuance scale in the first quarter was lower than in previous years due to various factors, including the need for project funding and market conditions, but the overall annual issuance is still expected to meet forecasts [2] - The second quarter is anticipated to see the launch of ultra-long-term special bonds and a significant increase in local government special bond issuance, providing ample funding for infrastructure investment [2] - In the first quarter, fixed asset investment grew by 4.5% year-on-year, with infrastructure investment increasing by 6.5%, supported by the acceleration of national bond project construction [3] Group 3 - The issuance of 1 trillion yuan in national bonds last year played a crucial role in supporting infrastructure investment, with funds required to be utilized by the end of June [3] - The issuance of special bonds is expected to accelerate in the second and third quarters, focusing on key investment areas to quickly generate tangible work output [3]

Core Viewpoint - The Ministry of Finance has allocated a new government debt limit of 182.4 billion yuan for Fujian Province in 2024, signaling the issuance of the second batch of new debt limits, with local governments planning to issue over 2 trillion yuan in local bonds in the third quarter, indicating a peak in local bond issuance and strong support for infrastructure investment growth [1][2]. Group 1: Local Debt Issuance - Fujian Province's new government debt limit of 182.4 billion yuan represents a 3.7% increase from the previous year, indicating the second batch of new government bond quotas has been issued [2]. - A total of 27 provinces, autonomous regions, and municipalities plan to issue local bonds amounting to 2.36 trillion yuan in the third quarter, with ten regions including Sichuan, Guangdong, and Hunan planning to issue over 100 billion yuan each [2]. - As of June 25, local governments have issued a total of 3.3 trillion yuan in local bonds this year, with 1.35 trillion yuan being new special bonds [2]. Group 2: Project Support and Efficiency - Local governments are prioritizing the issuance of bonds for high-maturity projects to ensure quick formation of physical work volume, with Fujian's new debt limit including 14 billion yuan for general debt and 168.4 billion yuan for special debt [4]. - The focus is on supporting public welfare projects that can achieve financing and revenue balance, particularly ongoing and mature projects [4]. - The process from special bond issuance to the formation of physical work volume involves several stages, and delays in any stage can impact timely project execution [4]. Group 3: Infrastructure Investment - Local bonds are expected to significantly support major project construction, with Qingdao issuing 32.02 billion yuan in new special bonds for various key projects [6][7]. - The increase in government bond financing since May is anticipated to accelerate infrastructure investment growth, with the National Development and Reform Commission pushing for all new national bond projects to commence by the end of June [7]. - Overall, infrastructure investment is projected to play a stabilizing role in the macroeconomic landscape this year [7].

（原标题：港股概念追踪 | 新一轮农村公路提升行动方案印发 基建股有望继续发力(附概念股)） 智通财经APP获悉，8月6日，交通运输部、财政部、自然资源部印发《新一轮农村公路提升行动方 案》，到2027年，全国完成新改建农村公路30万公里，便捷高效、普惠公平的农村公路网络基本建成； 实施修复性养护工程30万公里，技术状况优良路率保持在70%以上，实施安全生命防护工程15万公里， 改造危旧桥梁（含生命通道渡改桥、漫水桥）9000座，农村公路安全和服务保障能力进一步提升；建制 村通公交率达到55%以上。相关概念股：中国交通建设(01800)、中国中铁(00390)、中国铁建(01186)。 2025 年上半年，全国范围内基建投资呈现"多点开花"态势，为经济发展持续提供动能，全国工程机械 平均开工率为 44.81%。其中，第二季度开工率为 47.1%，环比一季度上涨 4.62%。 15 个省份平均开工率超过 50%。其中，安徽、福建、河南、江西、浙江和重庆六个省份连续 6 个月综 合开工率超过 50%。表明全国范围内基建投资呈现"多点开花"态势，尤其以华东、华南地区领跑。 根据统计局数据，2025 上半年狭义/广义 ...

国泰基金表示，展望下半年，随专项债逐步落实到项目，《中央城市工作会议》部署方向的相关政策逐 渐落地，预计增量的财政政策支持、融资端的改善对投资端和实物量的效果将逐渐显现；同时扩内需预 期增强，基建投资和重点区域建设有望政策加码。 财通证券（601108）发布研报称，当前国家在韧性城市、城中村改造等方面的投资有望加大力度，同时 战略布局下中西部区域投资较为景气，结合保险资金长周期考核制度加强，基本面稳健的建筑高股息标 的配置价值继续凸显，该行认为一方面应重视低估值高股息央国企;另一方面建议关注受益新疆煤化工 项目落地标的;具备核心竞争力企业也有望从周期底部中脱颖而出。 天风证券（601162）认为，继续强调基建改善+破净价值提升的投资主线，以及此前证监会对破净股松 绑，叠加化债资金对于建筑企业报表改善，持续看好建筑企业中长期的基本面及估值回归。 8月6日，交通运输部、财政部、自然资源部印发《新一轮农村公路提升行动方案》，到2027年，全国完 成新改建农村公路30万公里，便捷高效、普惠公平的农村公路网络基本建成；实施修复性养护工程30万 公里，技术状况优良路率保持在70%以上，实施安全生命防护工程15万公里，改造 ...

Group 1 - In July, the issuance of new special bonds reached 616.936 billion yuan, an increase of 89.842 billion yuan from the previous month, marking a new high for the year [1] - In the first half of the year, the cumulative issuance of new special bonds amounted to 2.16 trillion yuan, a significant year-on-year increase of 45%, with a noticeable acceleration in the pace of issuance [3] - The acceleration of new special bond issuance is crucial for providing sufficient funding for major project construction, with over 1.6 trillion yuan available for use from August to December [4] Group 2 - The new special bond issuance will significantly support infrastructure investment, with funds primarily directed towards municipal and industrial park infrastructure, transportation infrastructure, and public services [5] - The timely availability of special bond funds helps alleviate the funding pressure on infrastructure projects, playing an important role in stabilizing investment and growth [5] - The acceleration of new special bond issuance is expected to provide strong support for the rebound of infrastructure investment growth in the second half of the year, benefiting related industries such as steel, cement, and construction machinery [5]

西藏水泥市场的基本情况和未来展望如何？ 西藏水泥市场在 2025 年受到了较高关注，尤其是雅砻水电站建设对市场的拉 动效应引发了广泛讨论。西藏的固定资产投资结构与全国其他地区显著不同， 全国其他地方基建占比约为 25%~30%，而西藏则超过 50%。西藏经济高度 依赖基建，尤其是水利、环境等领域的投资比例更高，例如川藏铁路建设等重 点工程投入明显较大。 西藏拥有丰富的水利资源，占全国总量的 30%以上， 其中雅江流域占比过半。这些资源为未来水利需求提供了核心支撑。2024 年， 西藏水泥需求量约为 1,300 万吨，同比增长 4%，尽管增幅不大，但在全国范 围内表现优异，并创下历史峰值。然而，由于产量下降 10%左右，整体供需仍 存在缺口。 自 2016 年以来，西藏进行了大规模产能建设，目前拥有 15 条生 产线，其中一半以上是在 2016 年后建设完成。产能翻倍后，价格有所回落， 从早年的七八百元/吨降至目前的 450~500 元/吨左右。然而，与全国其他地 区相比，这一价格仍然较高，因为运输和煤炭成本较高导致盈利空间有限，每 吨盈利约 50~100 元。 墨脱电站建设预计将对整个西藏市场产生显著影响。 ...

Group 1 - The issuance of new local government special bonds has accelerated since April, with July reaching a record high for the year at 616.936 billion yuan, an increase of 89.842 billion yuan from the previous month [1] - The cumulative issuance of new special bonds in the first half of the year reached 2.16 trillion yuan, a significant year-on-year increase of 45%, supporting major project construction in key areas and maintaining resilience in infrastructure investment growth [1] - The market expects the pace of new special bond issuance to accelerate in the third quarter, with over 1.6 trillion yuan of quota available for use from August to December [1] Group 2 - The fiscal policy this year has been more proactive, with expectations for continued improvement in investment funding and project support due to the effects of existing policy combinations [2] - Significant government bond supply is expected to provide clear support for social financing scale, with net financing amounts projected to reach 1.29 trillion yuan and 1.41 trillion yuan in July and August, respectively [2] - The acceleration of new special bond issuance is anticipated to boost infrastructure investment growth to between 8% and 9% in the second half of the year [1][2]

Group 1 - The issuance of new local government special bonds has accelerated since April, with July seeing a record high issuance of 616.936 billion yuan, an increase of 89.842 billion yuan from the previous month [1] - The cumulative issuance of new special bonds in the first half of the year reached 2.16 trillion yuan, a significant year-on-year increase of 45%, supporting major project construction and maintaining resilience in infrastructure investment growth [1] - Market institutions expect the issuance of new special bonds to accelerate in the third quarter, with over 1.6 trillion yuan of quota available for use from August to December [1] Group 2 - The fiscal policy this year has been more proactive, with expectations for continued improvement in investment funding and project support due to the effects of existing policy combinations [2] - The significant supply of government bonds is expected to provide substantial support for social financing scale, with net financing amounts projected to reach 1.29 trillion yuan and 1.41 trillion yuan in July and August, respectively [2]

自今年4月以来，新增地方政府专项债券（下称"新增专项债"）的发行速度逐月加快，发行规模 在7月创下年内新高。 责编：李丹 校对： 王锦程 版权声明 考虑到近年各地的新增专项债发行工作基本在四季度前完成，且7月30日召开的中央政治局会议要求"加快 政府债券发行使用"，市场机构普遍预计新增专项债将在三季度加快发行节奏，7月新增专项债发行提速则 进一步印证市场预期。 新增专项债作为基建投资的重要资金来源，其加速发行将为重大项目提供更多资金支持。根据今年新增专 项债限额测算，8月至12月各地尚有超1.6万亿元额度可用。上海财经大学中国公共财政研究院副教授汪峰 向记者指出，随着新增专项债发行进度的加快，下半年基建投资增速有望提升至8%至9%。 "今年财政政策定调更加积极，随着存量政策组合效应显现，投资资金保障和项目支撑将会继续改善。"浙 商证券宏观联席首席分析师廖博向记者表示，下半年基建增速的持续性还需关注超长期特别国债和中央预 算内投资的支持力度和方向。 较大力度的政府债券供给，还将对社会融资规模形成明显支撑。据中邮证券固收首席分析师梁伟超预计， 7月至8月将是下半年政府债净融资高点，单月净融资金额分别可达1.29万 ...

Group 1 - The issuance of new local government special bonds has accelerated since April, with a record high of 616.936 billion yuan in July, an increase of 89.842 billion yuan from the previous month [1] - The cumulative issuance of new special bonds reached 2.16 trillion yuan in the first half of the year, a significant year-on-year increase of 45%, supporting major project construction and maintaining resilience in infrastructure investment growth [1] - The market expects an accelerated issuance of new special bonds in the third quarter, with over 1.6 trillion yuan of quota available for use from August to December [1] Group 2 - The fiscal policy this year has been more proactive, with the combination of existing policies expected to continue improving investment funding and project support [2] - The significant supply of government bonds is anticipated to provide substantial support to the social financing scale, with net financing amounts projected to reach 1.29 trillion yuan and 1.41 trillion yuan in July and August, respectively [2]