Huatai Securities: "Fifteenth Five-Year Plan" launched, "safety" and "development" drive investment structure repair in dual axes.

Huatai Securities research report states that, standing at the intersection of the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan", Huatai Securities believes that the top-level logic of infrastructure investment has undergone a transformation. During the "15th Five-Year Plan" period, infrastructure investment will deeply integrate the synergistic effects of the "six major networks", and safety and development will officially replace simple scale expansion, becoming the focus of the new planning cycle. "Algorithm-electric synergy" may become the core engine supporting industrial development. Against the backdrop of bottoming out of total growth rate in 2025, in 2026, with the normalization of "dual-focus" construction and the strategic emergence of new industries to make up for deficiencies, the total amount is expected to stabilize and rebound. Energy infrastructure is expected to play a leading role in green transformation and grid resilience enhancement; water conservancy and urban pipeline engineering will focus on the construction of the "national water network" and "resilient cities", to strengthen the safety bottom line for disaster prevention and mitigation. Regionally, the first year effects of the "15th Five-Year Plan" will drive strategic highlands and economically strong provinces to work simultaneously.