CMSC: Approval of Six Networks projects accelerates, water network special bonds rank first in investment scale.

CMSC released a research report stating that, based on current data, the pace of advancing the six networks has clearly accelerated after the July Politburo meeting, with the project side generally showing a phased high for the year in July or August. Looking at each network separately, the water network remains the direction with the largest scale of special bond support, and it has further increased compared with the same period last year; the year-on-year growth in special bond investment for the power grid and computing network is more pronounced, indicating that funding support is accelerating its shift toward new infrastructure. Special bond investment for the logistics network and underground pipeline network is broadly flat compared with the same period last year, but project approvals have already rebounded; although comparable special bond statistics are lacking for the communications network, the number of approved projects increased significantly in July. From the funding side, as of January-August, special bond support for most areas of the six networks was higher than in the same period last year. The amount invested in the water network rose from about 180 billion yuan in the same period of 2025 to more than 200 billion yuan, making it the area with the largest scale of special bond investment among the six networks. From the project side, after the July Politburo meeting, the pace of project approvals related to the six networks accelerated to varying degrees, with the underground pipeline network, computing network, logistics network, water network, power grid, and communications network all showing a phased high for the year in either project number or total project investment in July or August. This indicates that the policy push for the six networks has gradually moved from earlier deployment into a stage of project reservation and accelerated approval, and follow-up tracking can continue on whether project approvals can further special bond issuance, construction starts, and physical work volume. In terms of the underground pipeline network, the pace of project approvals rebounded significantly in August, while the scale of special bond investment was broadly flat compared with the same period last year. Approvals for logistics network-related projects accelerated again in July, with both the number of projects and investment amount at relatively high levels for the year, while the scale of special bond investment was broadly flat compared with the same period last year. The water network remains the area with the strongest fiscal funding support among the six networks, and the amount has increased compared with last year. Project approvals for the water network accelerated in both July and August. In July, the total investment of approved projects increased compared with the previous few months, and in August the number of approved projects also rebounded. The year-on-year increase in special bond investment for the power grid was significant. In August, the pace of approvals for power grid-related projects accelerated, with both the number of projects and investment scale rising markedly. In terms of the communications network, the number of approvals for communications network-related projects increased significantly in July, reaching a phased high for the year, indicating that the project pipeline for communications infrastructure is being released at a faster pace.