According to the CITIC Construction Investment Research Report, as of September 23, the new policy financial instruments had invested 60.85 billion yuan and supported 153 projects, involving a total project investment of 1.4 trillion yuan. The new policy financial instruments had an obvious role in leveraging investment; special bonds had a net financing of 219.3 billion yuan this week, with a cumulative issuance of 3.31 trillion yuan in 2026, and the issuance progress reached 75.1%. The remaining amount of about 1.1 trillion yuan will be released centrally in the fourth quarter. This week, the Jiangsu Provincial Housing and Construction Department issued the “Guidelines for Promoting Construction Enterprises to Participate in the “Six Networks” Investment, Construction and Operation”, which clarifies key areas and participation methods for construction enterprises from a local perspective, encourages integration of investment, construction and operation through franchising and equity cooperation, promotes EPC and consortium models, and supports financial support such as special credit. We believe that the accelerated implementation of policy funding is expected to drive investment growth. The path for construction enterprises to participate in the “Six Zhang Network” is clear. The policy encourages construction enterprises to participate in investment and operation, and it is recommended to focus on benefiting local state-owned enterprises and undervalued state-owned enterprises.

According to the CITIC Construction Investment Research Report, as of September 23, the new policy financial instruments had invested 60.85 billion yuan and supported 153 projects, involving a total project investment of 1.4 trillion yuan. The new policy financial instruments had an obvious role in leveraging investment; special bonds had a net financing of 219.3 billion yuan this week, with a cumulative issuance of 3.31 trillion yuan in 2026, and the issuance progress reached 75.1%. The remaining amount of about 1.1 trillion yuan will be released centrally in the fourth quarter. This week, the Jiangsu Provincial Housing and Construction Department issued the “Guidelines for Promoting Construction Enterprises to Participate in the “Six Networks” Investment, Construction and Operation”, which clarifies key areas and participation methods for construction enterprises from a local perspective, encourages integration of investment, construction and operation through franchising and equity cooperation, promotes EPC and consortium models, and supports financial support such as special credit. We believe that the accelerated implementation of policy funding is expected to drive investment growth. The path for construction enterprises to participate in the “Six Zhang Network” is clear. The policy encourages construction enterprises to participate in investment and operation, and it is recommended to focus on benefiting local state-owned enterprises and undervalued state-owned enterprises.