Core Viewpoint - The rapid development of technologies such as artificial intelligence, the Internet of Things, and cloud computing is driving a new round of technological revolution, with new infrastructure construction being a key support for the growth of new technologies, industries, and business models during the "14th Five-Year Plan" period [1] Investment and Financing - New infrastructure is recognized as an important part of China's modern infrastructure system, categorized into three main areas: information infrastructure, integrated infrastructure, and innovative infrastructure [2] - The government is increasing funding for new infrastructure, with local government special bonds for new infrastructure reaching a total of 77.604 billion yuan from 2023 to 2024 [2][3] - Since 2021, there have been 1,669 financing events in the fields of IoT, cloud computing, and artificial intelligence, with 227 events exceeding 100 million yuan [3] Information Infrastructure Development - As of April 2025, China is expected to have 4.439 million 5G base stations, an increase of over 3 million from the end of 2021, with 5G mobile phone users reaching 1.081 billion [4] - The economic output directly driven by 5G is estimated to be around 5.6 trillion yuan, with indirect output reaching approximately 14 trillion yuan from 2019 to 2024 [4] Artificial Intelligence and Industrial Internet - By the end of 2024, China is expected to have 302 generative AI services registered, with the core AI industry scale nearing 600 billion yuan [5] - The industrial internet has integrated into 49 categories of the national economy, with a core industry scale expected to exceed 1.5 trillion yuan by 2024 [5] Integrated Infrastructure and Smart Energy - China has built the world's largest UHV network, with 42 UHV projects in operation and a transmission capacity exceeding 300 million kilowatts [6] - New energy storage projects have reached an installed capacity of 73.76 million kilowatts, a 130% increase from the end of 2023 [6] Innovative Infrastructure - By the end of 2023, China has established 77 national major scientific and technological infrastructures, with 57 large scientific devices under construction or in operation [7]