2026年，如何优化实施"两新"政策？如何以更大力度稳投资？如何纵深推进全国统一大市场建设？国家 发展改革委近日召开新闻发布会，针对当前经济工作部分热点问题，国家发展改革委政策研究室副主 任、委新闻发言人李超作了介绍。 "两新"政策将优化资金分配和支持范围等 2026年提前批"两重"建设项目清单已组织下达 近日，按照党中央、国务院决策部署，为进一步扩大有效投资，国家发展改革委组织下达2026年提前 批"两重"建设项目清单和中央预算内投资计划，共计约2950亿元。 "两重"建设方面，强化"两重"性质、坚持自上而下、注重软硬结合，共安排约2200亿元，支持城市地下 管网、高标准农田、"三北"工程、有效降低全社会物流成本等领域的281个项目，进一步突出"两重"建 设的战略性、前瞻性、全局性。 中央预算内投资方面，聚焦需要集中力量、持续投入、补短板调结构惠民生的公共领域，安排超过750 亿元，支持城市更新、水利、生态保护修复、污染治理、节能降碳等方面的673个项目，充分发挥政府 投资引导带动作用。 与此同时，国家发展改革委还加快推出一批"软建设"举措，推动各类资金财尽其用，不断提高投资效 益。比如，推动完善城市地下管 ...

Core Viewpoint - The Chinese government is allocating significant funding through ultra-long-term special bonds to support "hard investment" projects, reflecting a strategic approach to enhance national infrastructure and security capabilities [2][4]. Group 1: Funding and Projects - In 2024 and 2025, China will issue 7,000 billion and 8,000 billion yuan respectively in ultra-long-term special bonds to support 1,465 and 1,459 "hard investment" projects [2][3]. - The "Two Heavy" construction initiative aims to integrate major tasks from the 14th and 15th Five-Year Plans, showcasing the institutional advantages of concentrating efforts on significant projects [2][4]. Group 2: Sector-Specific Developments - In new urbanization, the government is enhancing urban underground pipeline systems, improving safety resilience [3]. - Major transportation infrastructure projects along the Yangtze River, such as the Three Gorges waterway and high-speed rail, are being actively promoted [3]. - For food security, large-scale modernization of irrigation systems is planned to establish concentrated grain production bases [3]. - In social welfare, the construction and renovation of high schools and hospital wards are being supported to improve public services [3]. Group 3: Industry Growth Opportunities - The "Two Heavy" construction will create new growth opportunities for related upstream and downstream industries, particularly in urban underground pipeline systems [4]. - An estimated 600,000 kilometers of urban gas, water supply, and heating pipelines will require renovation over the next five years, with an investment demand of approximately 4 trillion yuan [4]. - The combination of "hard investment" and "soft construction" is essential for sustainable project outcomes, ensuring long-term effectiveness [4][5]. Group 4: Interaction Between Hard and Soft Investments - "Hard investment" refers to traditional infrastructure, while "soft construction" includes new facilities like data centers and industrial internet, addressing the needs of the new development stage [5]. - The interaction between "hard investment" and "soft construction" is crucial for overcoming management challenges in related industries [5]. - Innovative financing models are being explored to attract long-term institutional funds for project investments, promoting market-oriented reforms in utility pricing [5].

Core Viewpoint - The city of Tongchuan has conducted a comprehensive survey of its underground pipeline network and is actively improving urban infrastructure to address issues such as urban flooding, sewage discharge, and pipeline leakage [1] Group 1: Infrastructure Development - Tongchuan has completed a survey of its urban underground pipeline network using radar detection technology [1] - The city has established a total of 1,200 kilometers of gas pipelines, 576 kilometers of drainage pipelines, 476.6 kilometers of water supply pipelines, 85 kilometers of heating pipelines, and 42.3 kilometers of comprehensive utility corridors [1] Group 2: Policy Implementation - Based on the collected data, Tongchuan has introduced a series of policy documents for the renovation and upgrading of aging gas, water, drainage, and heating pipelines [1] - During the 14th Five-Year Plan period, the total scale of the renovation of old gas pipelines in Tongchuan is set to reach 652.8 kilometers, with 430.3 kilometers already completed [1] Group 3: Future Plans - The city plans to focus on monitoring older pipelines that frequently encounter issues based on the initial survey [1] - Tongchuan aims to continue updating and renovating its underground pipeline network in line with national policy support, enhancing urban safety and resilience [1]

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]

Core Insights - The Chinese government has allocated a total of 800 billion yuan for "two major" construction projects and 735 billion yuan for central budget investments, focusing on significant strategic and security projects [1][3]. Group 1: Investment Characteristics - The current investment cycle exhibits three notable characteristics: dual-driven development of hard infrastructure and soft mechanism construction, with a focus on urban underground pipeline upgrades totaling over 140,000 kilometers [1][3]. - There is a regional differentiation in funding, with the western and northeastern regions receiving project subsidies of up to 80%, and Tibet potentially receiving full subsidies [1][3]. - All new pipeline projects are mandated to include IoT monitoring devices, with 100% of cities at the prefecture level and above integrated into the lifeline engineering monitoring system [1][3]. Group 2: Hard and Soft Investment Breakdown - The 800 billion yuan "two major" construction plan supports 1,459 projects across various sectors, including ecological restoration, major transportation infrastructure, and urban underground pipeline construction [3]. - The soft construction initiatives aim to accelerate reforms in key areas, such as optimizing financing models for railways along the Yangtze River and improving urban underground pipeline management mechanisms [3]. Group 3: Central Budget Investment Focus - The 735 billion yuan central budget investment prioritizes projects in modern industrial systems, infrastructure, new urbanization, rural revitalization, and disaster recovery, among others [4]. - Common project types under this investment include urban lifeline safety engineering, drainage capacity enhancement, and smart upgrades of water supply and heating networks [4]. Group 4: Funding Support for Underground Pipeline Projects - Funding support for underground pipeline projects varies by region, with specific caps on funding percentages based on the project's total investment, excluding land acquisition costs [7][8][9]. - For example, the funding support for urban gas and water pipeline upgrades is capped at 30% to 60% depending on the region, with some areas eligible for up to 100% support [8][9]. Group 5: Local Project Examples - Various provinces have initiated underground pipeline projects with corresponding funding policies, such as Yunnan, which has secured 40.221 billion yuan for 577 projects since the start of the 14th Five-Year Plan [11][12]. - In Guangxi, 2.912 billion yuan has been allocated for central budget infrastructure, with 646 million yuan specifically for urban underground pipeline construction [14].

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering sector [6] - The report maintains an "Overweight" rating for the building materials sector [6] Core Insights - The transition from rapid urbanization to stable development in China indicates a shift from large-scale expansion to stock quality improvement, impacting the construction and building materials industry [1][2] - Urban renewal is identified as a key focus area, with significant investment opportunities in infrastructure upgrades, consumer-oriented building materials, and smart urban operations [2][5] - The integration of urban planning and design is emphasized, requiring higher capabilities from architectural firms to enhance urban living experiences [3] - Infrastructure investment is expected to concentrate on modern urban systems and urban renewal, with a focus on key projects that align with national priorities [4] Summary by Sections Urban Renewal and Infrastructure - Urban renewal is highlighted as a critical strategy, with an estimated investment demand of approximately 4 trillion yuan for the renovation of nearly 600,000 kilometers of urban pipelines over the next five years [2] - The demand for consumer-oriented infrastructure and renovation of existing properties is projected to increase the market share of building materials like coatings [2] Architectural Design and Planning - The report notes a shift towards integrated urban planning that enhances the capacity to support population and economic growth, which will elevate the requirements for architectural design firms [3] Infrastructure Investment Focus - The report outlines a strategic focus on infrastructure that supports modern urban systems, including transportation, energy, and water management, which are expected to maintain a favorable investment climate [4] Investment Recommendations - The report recommends focusing on companies that are well-positioned to benefit from urban renewal and infrastructure projects, including leading firms in construction design and smart urban operations [5] - Specific companies highlighted for investment include China State Construction, Tunnel Corporation, and Three Trees, with target prices and buy ratings provided [8][9]

Group 1 - The core focus of the news is on the urban infrastructure development in Shandong Province, particularly the renovation of urban underground pipelines as a key task for urban renewal [1][3] - In 2023, Shandong aims to complete the renovation of over 1,200 kilometers of aging gas pipelines, with a goal of achieving "dynamic clearance" of both "sick" gas pipelines and facilities [1][4] - By 2024, the province plans to renovate over 5,000 kilometers of old gas, heating, water supply, and combined sewage and rainwater pipelines, with 28 counties expected to achieve basic clearance of combined sewage and rainwater systems [3][4] Group 2 - The construction of urban underground pipelines is deemed essential for enhancing urban safety resilience, improving living environments, and promoting high-quality urban development [3][4] - The province has initiated 205 national bond projects for urban drainage and flood prevention, all of which have commenced since 2023 [3] - A total of 17,300 IoT sensing devices have been installed across 9 cities to enhance urban infrastructure management [3][5] Group 3 - The strategy includes systematic inspections of urban underground pipelines and the development of comprehensive renovation plans that align with national policies [4][5] - The focus is on accelerating the construction of urban infrastructure safety projects and improving the operational efficiency and accident monitoring capabilities of municipal facilities [5] - By the end of 2025, the goal is to achieve full coverage of key areas such as gas, drainage, and bridges in designated cities, with data integration into provincial regulatory platforms [5]

Group 1: Economic Development and Investment - The National Development and Reform Commission (NDRC) aims to complete the list of all "two重" construction projects by the end of June, with a focus on both "hard investment" and "soft construction" [2][3] - In 2024, the NDRC has allocated 700 billion yuan for special long-term bonds to support major projects, including infrastructure along the Yangtze River and high-standard farmland construction [2] - The NDRC emphasizes the importance of these projects in stabilizing economic operations, optimizing industrial structure, and enhancing public welfare [2] Group 2: Foreign Investment Policies - The NDRC is revising and expanding the "Encouraged Foreign Investment Industry Catalog" to attract more foreign investment, particularly in high-end manufacturing and digital economy sectors [4] - Policies to encourage reinvestment by foreign enterprises in China are being developed, focusing on enhancing resource support and optimizing financial assistance [4] - The NDRC has established a task force to expedite the implementation of significant foreign investment projects, having already facilitated 66 projects with a total investment of 97 billion USD [5] Group 3: Market Competition and Regulation - The NDRC is addressing "involution" in competition, where some industries face structural issues and engage in unhealthy price competition [7] - Measures include promoting innovation, enhancing local regulations to eliminate protectionism, and optimizing industrial layouts to prevent the disorderly expansion of outdated capacities [8] - The NDRC is committed to strengthening market supervision to maintain fair competition and combat illegal activities such as counterfeit goods and price violations [8] Group 4: Consumer Market and Economic Stimulus - The NDRC has reported that as of May 5, over 3 million applications for the vehicle trade-in subsidy have been submitted, indicating strong consumer demand [9] - Retail sales in various categories, including home appliances and digital products, have shown significant year-on-year growth, contributing to an increase in total retail sales [9] - The NDRC plans to enhance the efficiency of fund allocation for consumer subsidies and streamline the application process to improve consumer experience [10]