Investment Rating - The report maintains a "Positive" investment rating for the construction and engineering industry [11] Core Insights - The "Two Major" initiatives refer to the implementation of national strategic projects and the construction of key security capabilities, with increased support highlighted in the 2025 government work report [2][5] - The issuance of long-term special bonds is set to reach 1.3 trillion yuan in 2025, an increase of 300 billion yuan from the previous year, with 800 billion yuan specifically allocated for "Two Major" projects [2][24] - The report emphasizes the need for high-quality implementation of "hard investment" projects and the optimization of funding allocation [24] Summary by Sections Funding and Investment - In 2025, the government plans to issue 1.3 trillion yuan in long-term special bonds, with 800 billion yuan dedicated to "Two Major" projects, enhancing project support ratios and optimizing investment directions [2][5][24] - The report outlines that the total investment required for high-standard farmland construction from 2025 to 2030 is approximately 1.05 trillion yuan, with an annual investment of 175 billion yuan [6][36] Key Areas of Focus - High-standard farmland construction aims to reach 13.5 million acres by 2030, requiring significant investment and infrastructure improvements [6][36] - The modernization of large and medium-sized irrigation districts and the construction of major water conservancy projects are prioritized, with a projected increase in irrigated land to 12 million acres by 2035 [6][42] - Underground pipeline construction is projected to create an investment demand of approximately 4 trillion yuan over the next five years, with an annual investment of around 800 billion yuan [7][45] Project Implementation and Opportunities - The report highlights structural opportunities in key regional projects, particularly in the western development areas and significant water conservancy projects [9] - The "Three North" project, focusing on ecological restoration in northern regions, is included in the "Two Major" initiatives, with substantial funding allocated for its ongoing phases [7][47]