新春佳节，我国南方地区能源建设一线热度不减。南方电网藏粤直流、惠州中洞抽水蓄能、桂林灌阳抽 水蓄能等一批重大能源工程春节期间持续施工，超2000名建设者坚守岗位，以"开年即开跑"姿态全力冲 刺。一季度，南方电网计划投资总额超30亿元，以实际行动扩大有效投资、增强发展后劲。抽水蓄能建 设多点发力，惠州中洞、肇庆浪江、茂名电白、桂林灌阳、钦州灵山等多座抽水蓄能电站同步推进。作 为国家"十四五"规划重点能源工程，桂林灌阳抽水蓄能电站已进入地下工程建设期，项目2376米自流排 水洞节前实现全线贯通，当前正紧盯主厂房开挖、上下水库截流等关键节点稳步推进。世界首个四端特 高压柔性直流工程——藏粤直流工程建设现场一派繁忙。200余名建设者坚守广州小迳、深圳中部换流 站，全力推进"三通一平"及土石方作业，抢抓雨季前建设黄金期，为11月主体工程开工赢得主动。这 条"绿电天路"建成后，每年可将超430亿千瓦时藏东南清洁电能直送粤港澳大湾区。南方电网工程建设 部副总经理董言乐表示，公司紧扣扩大有效投资、重大项目挑大梁的要求，全力推进重大工程建设，为 经济社会高质量发展注入强劲电力动能。（记者戴小河） ...

Group 1 - The central viewpoint is that a series of pro-cyclical policies are being implemented to support high-quality economic development, including interest rate cuts and a potential for further reductions in reserve requirements and interest rates this year [1] - The new signed orders for Pudong Construction are expected to show a significant year-on-year recovery by Q4 2025, indicating a general recovery in construction demand in key regions [1] - The State Grid has announced that its fixed asset investment during the 14th Five-Year Plan period will reach 4 trillion yuan, a 40% increase compared to the previous plan, focusing on technological innovation and the construction of new power systems [1] Group 2 - The Infrastructure ETF (159619) tracks the CSI Infrastructure Index (930608), which selects listed companies from the construction and engineering, and machinery manufacturing sectors to reflect the overall performance of the infrastructure construction field [1] - The index constituents cover multiple sub-sectors within infrastructure construction and professional engineering, demonstrating high industry concentration and representativeness [1]

Group 1: Core Insights - The National Development and Reform Commission and the Ministry of Commerce released the "Encouragement Directory for Foreign Investment Industries (2025 Edition)" which will take effect on February 1, 2026, featuring a total of 1,679 entries, an increase of 205 entries compared to the 2022 version [1] - The new directory aims to optimize the directional guidance for foreign investment, encouraging investments in advanced manufacturing and modern services, thereby enhancing the development level of industrial and supply chains [1][4] - The directory also emphasizes attracting foreign investment to the central and western regions, Northeast China, and Hainan Province, reflecting a proactive attitude towards expanding international cooperation [3][4] Group 2: Industry Implications - The revision of the directory is expected to attract global innovative elements by incorporating new technologies, business models, and new formats, which will help meet the evolving demands in sectors such as healthcare and elder care, thereby improving the quality of life and expanding domestic demand [6] - Foreign enterprises have expressed increased confidence in investing in China due to the new directory, indicating a positive outlook for future investments [8] - The encouragement of foreign investment in advanced manufacturing and modern services aligns with the business directions of many foreign companies, reinforcing their confidence in development [10] Group 3: Energy Sector Developments - Significant progress has been made in China's energy sector, with the discovery of the Qinhuangdao 29-6 oil field, which is a billion-ton oil field with a single well testing a daily output of approximately 370 tons [10] - The National Development and Reform Commission and the National Energy Administration have introduced policies to systematically support the large-scale development of solar thermal power, aiming for a total installed capacity of around 15 million kilowatts by 2030 [12]

Group 1 - The energy construction sector in China has recently achieved significant progress, highlighting the vitality of the country's economy [1]