Core Insights - China's water conservancy investment reached over 1 trillion RMB in 2022, marking a historical milestone and is expected to reach 1.3529 trillion RMB in 2024, with total investment during the 14th Five-Year Plan projected to exceed 5.4 trillion RMB, 1.6 times that of the 13th Five-Year Plan [1][2] Group 1: Water Infrastructure Development - Since the beginning of the 14th Five-Year Plan, 172 major water conservancy projects have commenced, optimizing the layout, structure, function, and system integration of water infrastructure [1] - By the end of 2024, China will have built 95,000 reservoirs, 200 large and medium-sized water diversion projects, 6,924 large and medium-sized irrigation areas, and 318,000 kilometers of embankments, forming the world's largest and most comprehensive water conservancy infrastructure system [1] Group 2: Disaster Prevention and Ecological Improvement - Water and drought disaster prevention has improved, with reservoir flood control capacity at 185.6 billion cubic meters, protecting 660 million people through embankments, and a national flood retention area of 109 billion cubic meters [2] - The proportion of flood disaster losses to GDP has decreased from 0.28% during the 13th Five-Year Plan to 0.18% during the 14th Five-Year Plan [2] - The ecological flow compliance rate for key rivers and lakes reached 98.6%, with 140,000 issues of "disorderly occupation, mining, dumping, and construction" addressed, leading to significant changes in river and lake environments [2]

Core Insights - The "14th Five-Year Plan" has led to significant advancements in water conservancy construction in China, with an expected investment exceeding 5.4 trillion yuan, which is 1.6 times that of the "13th Five-Year Plan" [1][2] Group 1: Investment and Projects - A total of 172 major water conservancy projects have commenced since the start of the "14th Five-Year Plan" [2] - The average annual use of non-fiscal funds has reached 395.7 billion yuan, which is 2.3 times that of the "13th Five-Year Plan" [2] Group 2: Disaster Management and Ecological Impact - The proportion of economic losses from flood disasters has decreased from 0.28% during the "13th Five-Year Plan" to 0.18% in the current period [2] - Key rivers such as the Grand Canal and the Xiliao River have been fully restored, achieving an ecological flow compliance rate of 98.6% [2] Group 3: Water Resource Efficiency - By the end of the "14th Five-Year Plan," the national water network coverage is expected to reach 80.3%, with irrigated farmland area at 1.09 billion mu and rural tap water coverage at 96% [2] - Water usage per unit of GDP and industrial added value is projected to decrease by 17.7% and 23.6%, respectively, compared to the end of the "13th Five-Year Plan" [2] - The effective utilization coefficient of irrigation water in farmland has improved from 0.565 to 0.58 [2]

Core Insights - Since the start of the 14th Five-Year Plan, China has significantly advanced its water conservancy infrastructure, with investments exceeding 1 trillion yuan for the first time in 2022 and projected to reach 1.3529 trillion yuan in 2024, totaling over 5.4 trillion yuan during the entire period, which is 1.6 times that of the 13th Five-Year Plan [1][2] Investment and Financing - The central government has prioritized water conservancy as a key area for infrastructure investment, implementing various supportive policies, including the issuance of 1 trillion yuan in government bonds in 2023, with water conservancy as a focus area [1] - Average annual non-fiscal funding for water conservancy during the first four years of the 14th Five-Year Plan reached 395.7 billion yuan, which is 2.3 times that of the 13th Five-Year Plan [2] - Social capital participation has been encouraged, with average annual investment from social capital reaching 104 billion yuan, 1.8 times that of the previous plan [2] Infrastructure Development - By the end of 2024, China is expected to have built 95,000 reservoirs, 200 large and medium-sized water diversion projects, 6,924 large and medium-sized irrigation areas, and 318,000 kilometers of embankments, creating the world's largest and most comprehensive water conservancy infrastructure system [2] Safety and Modernization - The water conservancy department emphasizes dam safety, aiming to construct safe, ecological, and intelligent dams, with 12 intelligent dam pilot projects initiated [3] - A modern reservoir management matrix has been established, with 11,814 reservoirs participating, enhancing safety monitoring capabilities significantly [3] Water Resource Management - Despite economic growth, China's total water consumption has remained stable, attributed to efficient water resource management and strict regulations [4] - Water usage per unit of GDP and industrial output has decreased by 17.7% and 23.6% respectively compared to the end of the 13th Five-Year Plan, while the effective utilization coefficient of irrigation water has improved from 0.565 to 0.58 [4]

Core Insights - Since the "14th Five-Year Plan," China's water conservancy development has achieved new results, contributing to flood safety, water supply security, food security, and ecological safety, with an expected investment exceeding 5.4 trillion yuan, 1.6 times that of the "13th Five-Year Plan" [1] Investment and Infrastructure - By the end of 2024, China will have built 95,000 reservoirs, 200 major water diversion projects, 6,924 large and medium-sized irrigation areas, and 318,000 kilometers of embankments, forming the world's largest and most comprehensive water conservancy infrastructure system [1] Disaster Prevention and Management - The flood and drought disaster prevention system has improved, with flood control reservoir capacity at 185.6 billion cubic meters, protecting 660 million people, and national flood retention capacity at 109 billion cubic meters [2] - The proportion of flood disaster losses to GDP decreased from 0.28% during the "13th Five-Year Plan" to 0.18% during the "14th Five-Year Plan" [2] Water Resource Utilization - Water resource conservation and utilization capabilities have been enhanced, with an expected national water network coverage rate of 80.3% and irrigation area reaching 109 million acres by the end of the "14th Five-Year Plan" [3] - The total water consumption has achieved zero growth, with water usage per unit of GDP and industrial added value decreasing by 17.7% and 23.6%, respectively, compared to the end of the "13th Five-Year Plan" [3] Digital Transformation - The water conservancy sector is advancing digital twin construction, enhancing flood prevention, water resource management, and allocation through a comprehensive monitoring and sensing system [4] - The establishment of a high-fidelity digital flow simulation model system supports decision-making for flood and drought disaster prevention and unified management of water projects [4] Future Planning - The water conservancy department aims to scientifically plan the "15th Five-Year Plan" to promote high-quality water conservancy development and ensure water security in China [5]

Core Insights - The Chinese government has achieved significant investment in water conservancy construction during the "14th Five-Year Plan" period, with total investment expected to reach 5.4 trillion yuan by 2024, marking a historical high [1][2] Investment Achievements - Water conservancy construction investment has exceeded 1 trillion yuan for three consecutive years, with a projected investment of 1.3529 trillion yuan in 2024 [1] - The average annual investment in water conservancy construction from 2021 to 2024 is 704.2 billion yuan, representing a 33.9% increase compared to the "13th Five-Year Plan" [2] Factors Driving Investment - The central government places high importance on water conservancy, implementing supportive policies such as issuing 1 trillion yuan in government bonds in 2023, with water conservancy as a key focus area [2] - Coordination among various departments has expanded financing channels for water conservancy projects, with an average annual use of non-fiscal funds reaching 395.7 billion yuan, 2.3 times that of the "13th Five-Year Plan" [2] - Active participation from social capital has been encouraged, with an average annual investment of 104 billion yuan from social capital, 1.8 times that of the "13th Five-Year Plan" [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The stabilization and recovery of fixed - asset investment growth require the central government to increase fiscal leverage, as real - estate storage and infrastructure funds face challenges [2][8]. - China is undergoing an economic re - balance from investment to consumption. The government's assessment method may shift from GDP to increasing the proportion of consumption in GDP. Future policies may reform the social security system to release consumption potential [2][25]. - A moderate recovery of inflation is a prerequisite for releasing consumption potential. Inflation recovery will drive corporate profit improvement, increase residents' income, and then achieve consumption recovery. Future inflation is expected to stabilize and rebound [2][52]. 3. Summary According to the Table of Contents 3.1 Investment: Central Fiscal Leverage Expected to Increase - **Real - estate**: The downward inertia is large, policy support is gradually increasing, but demand - side stimulus policies have under - performed expectations. The progress of real - estate storage is accelerating, and central fiscal funds are crucial for breaking the "impossible triangle" among storage parties, sellers, and commercial banks [9][10][11]. - **Infrastructure**: The growth rate of infrastructure investment is declining. As of September 14, the proportion of new special bonds invested in land reserves is 14.3%. If the scale of land - reserve special bonds continues to increase this year, the funds for traditional infrastructure may be less than in 2024. The infrastructure investment structure will continue to be divided, with central - government - led projects stronger and local - government - led projects weaker. The estimated overall infrastructure growth rate in 2025 is about 2.6% [14][18][20]. - **Manufacturing**: "Anti - involution" in emerging industries mainly restricts capital expenditure and capacity expansion, leading to a slowdown in manufacturing investment growth [22]. 3.2 Consumption: Structural Reform of Economic Re - balance - **Policy Support**: A series of consumption - related policies have been introduced, including measures to expand service consumption, financial support for consumption, and special action plans to boost consumption. These policies address both the supply and demand sides of consumption [25]. - **Problems in Consumption**: China's consumption rate is relatively low, mainly due to low household consumption rates. Factors include income polarization, large urban - rural income gaps, an imperfect social security system, and a low proportion of service consumption [28][33][37]. - **Solutions**: The "Boosting Consumption Special Action" addresses key consumption issues from multiple aspects such as income increase, consumption capacity support, service supply improvement, and policy support. Future consumption policies may focus more on service consumption [41][42][50]. 3.3 Inflation: An Important Tool to Stabilize Expectations and Promote Consumption - **Relationship with Consumption**: A moderate recovery of inflation is necessary for releasing consumption potential. Inflation recovery drives corporate profit improvement, increases residents' income, and promotes consumption recovery [52]. - **CPI Differentiation**: There are two significant differentiations in CPI. The core CPI and CPI are diverging, and service consumption and commodity consumption within the core CPI are also diverging. Future consumption policies may shift towards service consumption [55]. - **Inflation Outlook**: Considering the central bank's stance and the expected increase in "anti - involution" policies, future inflation will stabilize and rebound. Although inflation is in a state of "weak reality and strong expectation" in the second half of the year, the data recovery may occur in the first half of next year [58].

Core Viewpoint - The press conference highlighted the significant achievements in high-quality water conservancy development during the "14th Five-Year Plan" period, with a record investment expected in 2024 and a total projected investment of 5.4 trillion yuan during the entire period [1] Investment Achievements - Water conservancy construction investment has exceeded 1 trillion yuan for three consecutive years, with an expected investment of 1.3529 trillion yuan in 2024, marking a historical high [1] - The total investment in water conservancy construction during the "14th Five-Year Plan" is projected to reach 5.4 trillion yuan [1] Reasons for Investment Growth - The central government places high importance on water conservancy construction, with an average annual fiscal input of 704.2 billion yuan over the first four years of the "14th Five-Year Plan," representing a 33.9% increase compared to the "13th Five-Year Plan" [1] - Enhanced coordination among departments has expanded financing channels for water conservancy construction, with an average annual use of non-fiscal funds reaching 395.7 billion yuan, which is 2.3 times that of the "13th Five-Year Plan" [1] - Active participation from social capital has been noted, with an average annual investment of 104 billion yuan over the first four years of the "14th Five-Year Plan," which is 1.8 times that of the "13th Five-Year Plan" [1]

Core Insights - The Ministry of Water Resources reported significant advancements in water infrastructure construction since the start of the 14th Five-Year Plan, with investments exceeding 1 trillion yuan for the first time in 2022, marking a historical record for three consecutive years [1] Investment Highlights - The total investment in water infrastructure construction is projected to reach 13,529 billion yuan in 2024, with an expected total investment exceeding 54,000 billion yuan during the 14th Five-Year Plan, which is 1.6 times that of the 13th Five-Year Plan [1] Project Development - A total of 172 major water conservancy projects have commenced since the beginning of the 14th Five-Year Plan, indicating a rapid optimization of the layout, structure, function, and system integration of water infrastructure [1]

重大项目建设进度全面加快。截至8月底，全区重大水利项目完成投资62.7亿元，崇左市黑水河现 代化灌区开工建设，是今年全国首个开工的重大水利工程；南宁市邕北灌区开工建设，是目前我区在建 的最大灌区；全区14个市级和72个县级水网建设规划均获得了批复；一批重大项目前期工作加快推进； 水土保持生态产品价值转换、水利投融资改革等工作成效得到水利部高度肯定。 应急备用水源建设同步推进。8月29日，《广西县级及以上单一水源城市应急备用水源建设行动方 案》经自治区政府批准印发，明确2025—2028年目标：2025年实现10座城市多水源供水，2026年11座， 2027年11座，2028年5座。自全区应急备用水源建设工作启动以来，截至8月31日，全区37个县级以上单 一水源城市中，4个县（环江毛南族自治县、武宣县、恭城瑶族自治县、田林县）已基本具备供水条 件，13个县处于施工阶段，20个城市处于前期阶段；2025年度项目总投资15.75亿元，已落实资金11.23 亿元，资金落实率71.3%。 下一步，自治区水利厅将抢抓汛后施工"黄金期"，攻坚奋战推进项目建设，确保完成年度500亿元 水利建设投资目标，为广西高质量发展筑牢水 ...

导语："个别监管安排、地方输血、企业造假"的结构，相比以往贪腐方式，更柔性、更隐蔽，但危害更大。 金融系统反腐已进入 " 高频时刻 " 。 上市公司方面，则借此虚增收入、制造增长假象，以维持资本市场的存续地位，或顺利过会 IPO ，或避免退市。 一纸批复的时机、一笔债券发行的承销安排、一份 PPP 合同的对接，均可能成为利益交换的方式。 与传统腐败最大的不同在于，它往往具有表面合法性。所有文件、合同和公告看上去都符合法规，却在桌面之下， 完成了权力与资本的绑定。 从监管高层到大型金融机构的高管，从地方国资平台到产业园区，密集出现的落马案例背后，一种隐秘的腐败模 式，逐渐浮出水面。 不同于传统意义上直接收受贿赂， 这类模式往往通过制度性通道实现 " 监管 资源 货币化 " ，呈现出个别监管高 层、地方国资与城投平台、上市公司三方之间的 " 软交易 " 。 所谓 " 监管 资源 货币化 " ，指的是监管权力 带来的资源 ，被转化为可交易的资源。它不是简单的贪污受贿，而 是把监管环节制度化的权力，变成企业可以购买的 " 隐性服务 " 。 这种交易在表面上保持了 " 合规外观 " ，利益交换也不再通过直接转移现金或财 ...