Huatai Securities: "15th Five-Year Plan" Opens, "Security" and "Development" Dual-Axis Drive Structural Repair of Investment

Question AI · How has the logic of infrastructure investment shifted, and why are safety and development becoming the new focus?

Huatai Securities research report states that at the intersection of the conclusion of the 14th Five-Year Plan and the start of the 15th Five-Year Plan, Huatai Securities believes that the top-level logic of infrastructure investment has changed. During the 15th Five-Year Plan, infrastructure investment will deeply integrate the synergistic effects of the “Six Networks” (water network, pipeline network, power grid, computing network, transportation network, industrial network). Safety (energy/water conservancy/disaster prevention) and development (new productive forces/industrial support) will officially replace simple scale expansion, becoming the focus of a new planning cycle. “Computing and electricity coordination” may become the core engine supporting industry development. Against the backdrop of stabilizing total growth by 2025, total investment is expected to stabilize and rebound in 2026 with the normalization of “dual” construction and the strategic emerging industries filling shortfalls. Energy infrastructure is expected to play a leading role in green transformation and enhancing grid resilience; water conservancy and urban pipeline projects will focus on building the “National Water Network” and “Resilient Cities,” strengthening the safety baseline for disaster prevention and mitigation. Regionally, the first year effects of the 15th Five-Year Plan will drive strategic highlands (Tibet, Xinjiang, etc.) and major economic provinces to advance simultaneously.