Recently, the National Development and Reform Commission has allocated over 300 billion yuan to support the third batch of "dual" construction projects by 2025, with a steady increase in investment driven by key projects such as "new" and "dual" initiatives. At this point, the list of 800 billion yuan "dual" construction projects for this year has been fully issued. At the same time, the "progress bar" of major construction projects in many places is accelerating. According to public information statistics, multiple listed companies have won bids for various key projects since 2025, mainly focusing on areas such as power grid upgrading, rail transit, and high-end energy equipment. Regarding this, experts have stated that macroeconomic policies continue to be strengthened, funding support is increasing, and under the guidance of "dual" projects, the construction of major projects is accelerating. Investment growth in the second half of the year will remain stable with an upward trend. The "dual" project continues to refresh the "progress bar". As of the end of June 2025, 95% of the decoration and renovation of the main project of the comprehensive transportation hub of the sub center station have been completed, the pavement construction and landscaping of the above ground Jingfan Square are close to completion, and the main structure of the above ground ancillary buildings is 30% completed. ”He Gang, Deputy General Manager of Beijing Investment Hub Company, said. The reporter learned that as the largest underground comprehensive transportation hub project in Asia, the construction of the Beijing Urban Sub center Station comprehensive transportation hub has entered the sprint stage, and is planned to be basically completed by the end of 2025. The "progress bar" of the "dual" project in Lanzhou, Gansu, thousands of miles away from Beijing, is also continuously being promoted. The reporter learned from the Development and Reform Commission of Lanzhou City that since the implementation of the "dual" policy, Lanzhou City has planned to reserve 493 projects with a total investment of 104.533 billion yuan. As of mid June, it has received 3 billion yuan in national funding support and leveraged 6.6 billion yuan in investment. From January to May 2025, the completed amount of fixed assets investment will increase by more than 6% year on year, showing a strong development trend. Key investments in multiple regions and fields are also accelerating their implementation. Recently, the Ministry of Transport, Ministry of Water Resources and other departments have reported the progress of a number of major engineering projects. Among them, the latest data released by the Ministry of Water Resources shows that from January to May this year, the construction of water conservancy infrastructure in China progressed smoothly, with 31000 water conservancy projects under construction and water conservancy construction investment reaching 408.97 billion yuan, continuing to maintain a high investment level. Experts say that a large number of "dual" projects continue to be promoted, playing a key role in stabilizing economic operation, optimizing industrial structure, safeguarding national security, and enhancing people's well-being. Luo Yifei, chief statistician of the Investment Department of the National Bureau of Statistics, said that as the issuance and use of local government special bonds and ultra long term special treasury bond accelerated, the "dual" construction accelerated, and infrastructure investment grew steadily. From January to May, infrastructure investment increased by 5.6% year-on-year, with a growth rate 1.9 percentage points higher than total investment; The contribution rate to the overall investment growth was 34.5%, an increase of 1.9 percentage points from January to April. Under the impetus of major projects such as the "dual" initiative, various types of private capital from society have been investing in "new" fields in the first half of this year, with active investment in new industries and models. Private capital and related listed companies actively participate in it. State Grid has always prioritized the promotion of ultra-high voltage projects. In 2025, State Grid Corporation of China's investment will exceed 650 billion yuan for the first time. The newly added investment will mainly be used for the construction of ultra-high voltage AC/DC projects, solving the external transmission needs of wind and solar power bases, strengthening the connection between county-level power grids and large power grids, and upgrading the digitalization and intelligence of power grids. In 2025, the company has signed core equipment supply orders for ultra-high voltage transmission projects such as the State Grid Gansu Zhejiang ± 800kV ultra-high voltage direct current transmission project and the State Grid Datong Tianjin South 1000kV ultra-high voltage alternating current transmission project. ”Recently, when answering questions from investors, TBEA stated that the company is firmly seizing the market opportunity of investing in key projects. According to public information statistics, several listed companies have won important projects since 2025, mainly focusing on areas such as power grid upgrading, rail transit, and high-end energy equipment. In recent months, a group of listed companies in A-shares have also increased their investment in emerging industries and made efforts towards "new" industries. Among them, WM Motor announced that the company plans to use some of the over raised funds of 190 million yuan to increase capital to its wholly-owned subsidiary Wuhu WM Motor, for the investment and construction of the "New Energy Vehicle Electric Drive Assembly Product Production Base Project"; Tianshan Electronic Announcement plans to invest 228 million yuan to build two new projects, including the production line for car mounted LCD display modules in Tanwei Park; Jingzhida announced that it plans to invest over raised funds in the construction of advanced packaging equipment research and development projects, with an investment of nearly 300 million yuan... Wang Qing, Chief Macro Analyst of Oriental Jincheng, told reporters that the rapid growth of private investment is in emerging industries, including new energy vehicles, intelligent driving, artificial intelligence, as well as computer communication, general equipment, and specialized equipment manufacturing. It is expected that private investment in related fields will further rebound in the later months of this year. From a local perspective, various regions are continuously optimizing their investment structure and improving investment efficiency, focusing on enhancing the "gold content, green content, scientific content, intelligence content, and novelty content" of investment projects, and striving to achieve "dual growth" in investment scale and efficiency. Taking Guangdong as an example, by 2025, we will deepen the promotion of projects such as "Guangdong Strong Chip" and core software research and development, and create the third pole of China's integrated circuits. Thanks to the coordinated efforts of the central and local governments, manufacturing investment increased by 8.5% year-on-year from January to May 2025, with a growth rate 4.8 percentage points higher than total investment; The contribution rate to the overall investment growth is 56.5%. Among them, investment in high-tech manufacturing industry increased by 24.2% in aviation, spacecraft and equipment manufacturing industry, and 21.7% in computer and office equipment manufacturing industry. The combination of investment policies has continued to exert force, and macro policies have effectively boosted expected confidence. Xu Hongcai, Deputy Director of the Economic Policy Committee of the China Policy Science Research Association, and other experts told reporters that the list of 800 billion yuan "dual" construction projects has been fully issued, which will further drive investment in the second half of the year. Guan Xifan, head of the Department of Rural Economy of the National Development and Reform Commission, said recently that the National Development and Reform Commission has revised the central investment support policy in the field of water conservancy, and defined the respective support areas for ultra long term special treasury bond and investment within the central budget. The average proportion of central investment support has increased by about 20 percentage points, and the support scope has been expanded to new medium-sized irrigation areas, medium-sized water diversion projects, and other types of projects. The proportion of central investment support for medium-sized projects has also been increased to the same level as that for large-scale projects. As of the end of June, the National Development and Reform Commission has issued all annual central investments in the field of water conservancy. "On the whole, the investment growth in the first half of the year showed a steady upward trend, of which the growth rate of fixed assets investment from January to May was 3.7%, 0.5 percentage points faster than that of the whole year last year. It can be expected that the investment growth rate will slightly accelerate in the first half of this year, mainly driven by the countercyclical adjustment and the upward trend in infrastructure investment growth. ”Wang Qing said. He told reporters that investment, as the strongest policy tool for government control, played a good role as a macroeconomic "stabilizer" in hedging against external fluctuations in the first half of the year based on changes in the economic situation. It is also a concrete manifestation of the more proactive fiscal policy this year. Looking ahead to the second half of the year, it is expected that the investment growth rate will continue to show a steady upward trend. The unconventional countercyclical adjustment is expected to be further strengthened in the second half of the year, and the investment expansion will also be correspondingly increased. ”Wang Qing said that in the second half of the year, it is expected that the issuance scale of ultra long term special treasury bond supporting "dual" investment will be increased, and the issuance quota of new special bonds of local governments and special bonds of national enterprises for stable growth and investment expansion for project construction will also be increased, which will provide sufficient financial guarantee for the acceleration of infrastructure investment. Yuan Haixia, President of the China Chengxin International Research Institute, also stated that the second half of the year will be a critical period for the economy throughout the year. We should seize the policy window period, take expanding domestic demand, stabilizing prices, and promoting technology as the starting points, and increase unconventional countercyclical adjustment efforts in the short term. (New Society)