Group 1 - The "Two Major" construction projects have accelerated this year, with a total investment of 800 billion yuan allocated to support 1,459 projects, significantly boosting effective investment [1][2] - Infrastructure investment grew by 4.6% year-on-year in the first half of the year, outpacing overall investment growth by 1.8 percentage points, driven by the "Two Major" projects [1][2] - The completion of the last blast for the Xianlu Mountain Tunnel marks a significant milestone in the "Two Major" water conservancy project, which is the largest water resource allocation project in Southwest China [1] Group 2 - In Yunnan Province, the National Development and Reform Commission has allocated a total investment of 267.1 billion yuan across seven batches of "Two Major" project lists since 2024, including major projects like the Kunming Changshui Airport expansion and urban underground pipeline construction [2] - The "Two Major" projects have led to a stabilization and recovery of fixed asset investment in Yunnan, reversing a trend of negative growth over the past two years [2] Group 3 - The "Two Major" construction initiatives are focusing on water conservancy, farmland, and urban underground pipeline investments, with significant projects like the South-to-North Water Diversion and major irrigation modernization efforts underway [3] - In the first quarter, 14 major water conservancy projects were approved, with a total investment of 43.73 billion yuan, reflecting a year-on-year increase of 27.8% [3] - Social capital participation in water conservancy projects has increased, with 37.28 billion yuan of social capital secured in the first quarter, a 33.3% year-on-year increase [3] Group 4 - The "Two Major" construction is expected to create new growth opportunities in related upstream and downstream industries, particularly in urban underground pipeline systems, which require significant investment for modernization [4] - An estimated 600,000 kilometers of urban gas, water supply, and heating pipelines will need to be renovated over the next five years, with a total investment demand of approximately 4 trillion yuan [4] - The support of special long-term government bonds for "Two Major" construction is seen as essential for expanding domestic demand and sustaining economic growth [4]