According to CITIC Construction Investment, the expansion of new policy financial instruments in 2026 will not only increase the supply of capital, but also open up a follow-up financing chain by supplementing project capital to speed up the implementation of major projects against the backdrop of continued pressure on investment and rising capital constraints for local projects. Historical experience shows that policy financial instruments have strong financing amplification capabilities. This round of 800 billion yuan instruments is expected to correspond to a total project investment of about 9.8 trillion to 11.2 trillion yuan. Considering that the actual investment in this round is more concentrated in the second half of the year, the actual drive for fixed asset investment in 2026 still depends on the speed of capital implementation, the progress of project commencement, and the investment conversion rate for that year. Judging from the secondary market situation after the launch of the three-round instrument, after the key investment of policy financial instruments is gradually clarified, related industries often have phased relative profit opportunities, but the market does not support all directions of mechanical trading, and profits are more likely to be concentrated in areas where policy increases are strong, industrial prosperity is high, and resonates with the current market main line.

According to CITIC Construction Investment, the expansion of new policy financial instruments in 2026 will not only increase the supply of capital, but also open up a follow-up financing chain by supplementing project capital to speed up the implementation of major projects against the backdrop of continued pressure on investment and rising capital constraints for local projects. Historical experience shows that policy financial instruments have strong financing amplification capabilities. This round of 800 billion yuan instruments is expected to correspond to a total project investment of about 9.8 trillion to 11.2 trillion yuan. Considering that the actual investment in this round is more concentrated in the second half of the year, the actual drive for fixed asset investment in 2026 still depends on the speed of capital implementation, the progress of project commencement, and the investment conversion rate for that year. Judging from the secondary market situation after the launch of the three-round instrument, after the key investment of policy financial instruments is gradually clarified, related industries often have phased relative profit opportunities, but the market does not support all directions of mechanical trading, and profits are more likely to be concentrated in areas where policy increases are strong, industrial prosperity is high, and resonates with the current market main line.