During the Mid-Autumn Festival, at the construction site of the Xuxin Expressway Project of the China Construction Seventh Bureau General Contracting Company in Linying County, Luohe City, Henan Province, workers are working in an intense and orderly manner, showing a hot construction scene. "At present, it is the golden period of construction. In order to finish the task of completion and acceptance next year on time, everyone is rushing to work." Template worker Wang Haoran said.

In the "Golden Nine and Silver Ten" construction peak season, the construction of major projects in many places is in full swing, multi-channel funds are accelerated, and many construction central enterprises have full orders. Industry insiders believe that the current infrastructure projects have reserves, financial support is guaranteed, the project landing situation is expected to improve. With the accelerated introduction of stable economic succession policies, the growth rate of infrastructure investment is expected to remain high this year.

　　Major project construction in full swing 

Recently, the construction of major projects in many places is in full swing.

In Ningxia, on September 9, the country's largest desert photovoltaic base-Tengger Desert 3GW new energy base photovoltaic composite project held a groundbreaking ceremony. As a key supporting project of the "Ningdian into Hunan" project, the total installed capacity of the project is 3 million kilowatts and the total investment is 15.25 billion yuan. In Hainan, on September 9, Haikou City held the third batch of major projects in 2022, with 30 projects with a total investment of 17.39 billion yuan, with a planned investment of 3.05 billion yuan this year. In Shandong and Weihai City, the third quarter industrial project concentrated start-up activities were held. On September 9th, 17 projects including Fengrun Machinery and Jinda RV in Lingang District started simultaneously, with a total investment of 2.33 billion yuan, covering high-end equipment manufacturing, new materials, and biomedicine. And other fields. In Anhui, on September 8, Bowang District of Maanshan City held a centralized commencement ceremony for key projects of "Bowang decade". This time, 19 key projects were started, with a total investment of 10.36 billion yuan.

In addition, Hangzhou, Nanchang, Tangshan, Shanghai, Xi'an and other places have recently announced the launch of a number of major projects, seizing the golden period of construction, and going all out to rush to work. According to the statistics of infrastructure communication big data, from August 16 to August 31, 28 major infrastructure projects were started nationwide, with a total investment of 386.2 billion yuan, including roads, subways, water conservancy, urban development, industrial parks, etc., of which 4 The total investment of the project exceeds 40 billion yuan.

Cai Yanfen, a senior analyst at Centennial Construction Network, said that with the gradual fading of the high temperature weather, the previous passive shortening of the project duration returned to normal, and the rush of key livelihood projects around the country to complete the schedule on time, especially the municipal projects have started one after another, boosting the demand for infrastructure. In addition, after the high temperature subsided, the progress of projects under construction was accelerated compared with the previous period.

"The rush of infrastructure projects is expected to drive the industry boom, and the traditional construction season of 'Golden Nine and Silver Ten' is expected to show a more prosperous peak season." Ren Feifei, chief analyst of construction and building materials at Cinda Securities, believes that the stable investment policy continues to be strengthened, and all localities actively promote the construction of large projects such as "two new and one heavy", and the number of new projects and planned total investment have maintained rapid growth.

　　Multi-channel funds to accelerate the delivery 

Multi-channel funds are accelerating the investment, rushing to aid the construction of major projects.

On the one hand, the policy-oriented development financial instruments known as "quasi-finance" have continued to expand, and the capital of major projects has been further guaranteed. The executive meeting of the State Council held on August 24 made it clear that on the basis of 300 billion yuan of policy-based development financial instruments that have fallen into the project, the amount of more than 300 billion yuan will be increased. Liu Guoqiang, vice president of the people's Bank of China, said recently that the first batch of 300 billion yuan operating financial instruments set up by the people's Bank of China to support the China Development Bank and the Agricultural Development Bank to supplement the capital of major projects were put into operation on August 26, supporting more than 900 major projects.

The expansion of the quota has been accompanied by a further expansion of the scope of support for policy-based development financial instruments. The executive meeting of the State Council held on August 31 proposed that the transformation of old residential areas and provincial expressways should be included in the support areas of policy-oriented development financial instruments; new projects started in the first half of the year should be included in the scope of support, and projects that previously met the conditions but were not put in due to quota restrictions will be automatically included in support, so as to form more physical workload in the third quarter.

On the other hand, the direction of special debt fund support is clear. The executive meeting of the State Council held on September 7 pointed out that, in accordance with the law, the local balance of more than 500 billion yuan of special debt limit since 2019, 70% of the local retention, 30% of the central financial co-ordination allocation and to mature projects in the region. All localities should complete the issuance by the end of October, give priority to supporting projects under construction, and form more physical workload during the year.

Regarding the key investment of the more than 500 billion yuan special debt limit, Assistant Minister of Finance Owen Han said recently that the more than 500 billion yuan special debt balance limit will focus on supporting transportation infrastructure, energy, agriculture, forestry and water conservancy, ecological and environmental protection, social undertakings, urban and rural cold chain and other logistics infrastructure., Municipal and industrial park infrastructure, major national strategic projects, affordable housing projects, and the construction of new energy projects and new infrastructure projects.

"Two incremental initiatives, increasing the amount of policy-oriented development financial instruments and making good use of the special debt balance limit in accordance with the law, may bridge the $1 trillion funding gap and push major projects to start construction on the ground." Gao Ruidong, chief macro economist at Everbright Securities, said that under the effect of the above-mentioned incremental measures, it is expected that the momentum of broad fiscal expansion will be maintained until the fourth quarter, supporting the growth rate of infrastructure investment to maintain a high level.

　　Infrastructure investment growth expected to remain high 

In the context of stable investment plus code, the infrastructure class of central enterprises orders full.

According to the latest report released by Guosheng Securities, in the first half of the year, the five major construction central enterprises (China Construction, China Railway, China Railway Construction, China Communications Construction, China Power Construction) signed new infrastructure contracts worth 3.9 trillion billion yuan, an increase of 26.4 percent over the same period last year, with an average growth rate of 23.2 percent in three years, much higher than the overall growth rate of infrastructure investment, indicating that orders are relatively abundant.

Adequate orders help improve industry performance. Yuan Hao, a researcher at Shenvan Hongyuan Securities, said that the steady growth policy continues to be launched, infrastructure projects are expected to accelerate the landing, superimposed on the enterprise itself to strengthen internal control, the quality of operation continues to improve, this year's construction industry revenue, performance will have a better performance. Su Duoyong, an analyst at Anxin Securities, believes that orders from central infrastructure enterprises and leading local infrastructure enterprises are growing rapidly, and the release of full-year results is worth looking forward. The construction industry's full-year revenue and performance are expected to maintain rapid growth.

Xiong Yuan, chief economist of Guosheng Securities, said that at present, infrastructure projects have reserves, financial support is guaranteed, the landing of projects is expected to improve, and the growth rate of infrastructure investment in the second half of the year is expected to remain high or even hit a new high. It is expected that the growth rate of full-caliber infrastructure investment will exceed 10% this year.