According to the Zhitong Finance APP, Western Securities released a research report stating that since 2024, the growth rate of fixed asset investment in the West has been high, and in the first four months of 2025, Inner Mongolia, Xinjiang, Tibet, and other regions still maintain double-digit growth. From the funding perspective, the issuance of new special bonds in the central and western regions has significantly accelerated in 2025, with Sichuan up 162% year-on-year, Chongqing up 35% year-on-year, and Shaanxi up 1162% year-on-year. Among the provinces that are reducing debt, Guizhou, Yunnan, and Tibet have all seen growth. With the continuous increase in central government finance and the implementation of national strategic planning, the infrastructure prosperity in the western region may still have strong support in the future. In addition, some western provinces are expected to quickly exit the key debt reduction areas, and the willingness of local governments to invest is gradually recovering, further enhancing the enthusiasm for infrastructure investment in the West.
<h2>The main viewpoints of Western Securities are as follows:</h2>
High prosperity of fixed asset investment in the West, accelerated issuance of special bonds + stronger support for subsequent infrastructure from strategic planning
Since 2024, the growth rate of fixed asset investment in the West has been high, and in the first four months of 2025, Inner Mongolia, Xinjiang, and Tibet still maintain double-digit growth. From the funding perspective, the issuance of new special bonds in the central and western regions has significantly accelerated in 2025, with Sichuan up 162% year-on-year, Chongqing up 35% year-on-year, and Shaanxi up 1162% year-on-year. Among the provinces that are reducing debt, Guizhou, Yunnan, and Tibet have all seen growth. This year's 2 trillion yuan refinancing special replacement bonds have already exceeded 80% in implementation, and the subsequent slowdown in the issuance pace of replacement bonds will free up space for the issuance of special bonds, which have a greater supporting role for infrastructure. The subsequent bond issuance will have a stronger supporting role for infrastructure.
The western region has good resource endowments and strategically undertakes industrial transfers. Since the deployment of a new pattern for promoting the western development in the new era in 2019, the compound GDP growth rate in the western region from 2019 to 2024 has reached 7%. In the planned GDP growth rates for 2025, only Qinghai's target is below the national level, while Tibet's GDP plan for 2025 exceeds 7%, striving for 8%, leading the country. The continuous and healthy economic development in the western region provides a good foundation for the growth of infrastructure investment. With the continuous increase in central government finance and the implementation of national strategic planning, the infrastructure prosperity in the western region may still have strong support in the future. In addition, some western provinces are expected to quickly exit the key debt reduction areas, and the willingness of local governments to invest is gradually recovering, further enhancing the enthusiasm for infrastructure investment in the West.
Focus on key regions and major project investment opportunities
1) Sichuan-Chongqing: National strategic hinterland construction welcomes new development opportunities for the region. The transportation planning investment in Sichuan during the &#34;14th Five-Year Plan&#34; is up 16.5% year-on-year compared to the &#34;13th Five-Year Plan,&#34; leading the country in growth rate. The construction of the Chengdu-Chongqing economic circle also brings stable demand for transportation infrastructure in the Sichuan-Chongqing region. It is expected that related construction will significantly drive the demand for supporting infrastructure, benefiting infrastructure companies in the Sichuan-Chongqing region. It is recommended to pay attention to Sichuan Road and Bridge (600039.SH), Chengdu Road and Bridge (002628.SZ), and Chongqing Construction Engineering (600939.SH), among others.
2) Tibet: Active mining, robust railway and water conservancy infrastructure, high regional infrastructure prosperity. Currently, China has formed four copper resource bases with a capacity of tens of millions of tons on the Qinghai-Tibet Plateau: Yulong, Duolong, Julong-Jiama, and Xiongcun-Zhuno. The mining of large mines such as Julong is accelerating. In terms of railways, the Xinjiang-Tibet and Yunnan-Tibet railway sections are about to start construction, with plans to increase the total scale of Tibet's railway network by 282% compared to 2021 by 2035
In 25 years, it will be the 60th anniversary of the establishment of the autonomous region, and more supportive policies and key projects are expected to continue to advance.
In addition, the planning investment of over 1 trillion yuan for the Southwest hydropower project is about to start, which may significantly boost infrastructure demand in the Tibet region, with a core focus on China Power Construction (601669.SH), Zhongyan Dadi (003001.SZ), GZMB (002827.SZ), Yipuli (002799.SZ), and Tibet Tianlu (600326.SH), among others.
3) Xinjiang: The coal chemical industry chain is thriving, and the &#34;Belt and Road&#34; is being built with high quality. In the past five years, Xinjiang's coal chemical investment may have reached nearly 500 billion yuan, close to half of the national total investment in coal chemicals. Since the beginning of the year, coal chemical projects have continued to land. In 25 years, it will be the 70th anniversary of the establishment of the autonomous region, and infrastructure support policies and key projects are expected to continue to be implemented. The comprehensive three-dimensional transportation network in the core area of the &#34;Belt and Road&#34; is accelerating its formation, and under the expectation of the Central Asia Summit, the China-Kyrgyzstan-Uzbekistan railway is expected to welcome important catalysts.
In the coal chemical field, it is recommended to pay attention to Sanwei Chemical (002469.SZ), China National Chemical (601618.SH), and Donghua Technology (002140.SZ); in terms of infrastructure, key attention should be given to Xinjiang Communications Construction (002941.SZ), Beixin Road and Bridge (002307.SZ), and QSCC (600425.SH), among others.
4) Others: Major infrastructure projects boost regional infrastructure prosperity. The Pinglu Canal, with an expected investment of 72.7 billion yuan, is currently under construction, driving high growth in Guangxi's water transport infrastructure. In 25 years, Guangxi's water transport plans a total investment of about 26.4 billion yuan, with the Pinglu Canal completing an annual investment of 17 billion yuan. The new western land-sea corridor utilizes various methods such as railways, highways, and water transport to connect Chongqing, Sichuan, Guizhou, Guangxi, and other places, constructing an open corridor that runs through the west and connects to ASEAN, further driving infrastructure growth in the western region, with the corridor expected to be fully completed by 35 years. In terms of new infrastructure and supporting projects, the resource advantages of the western region still provide high development potential in the new infrastructure and supporting fields.
Risk Warning
Infrastructure investment may fall short of expectations; the progress of planning implementation may not meet expectations; calculations are subjective

002827

600425

Western Securities released a research report indicating that with the increase in central government financial support and the implementation of national strategic planning, the infrastructure prosperity in the western region will continue to rise. In 2024, the fixed investment growth rate in the west will be significant, with Inner Mongolia, Xinjiang, and Tibet maintaining double-digit growth. The issuance of special bonds is accelerating, with notable increases in provinces such as Sichuan, Chongqing, and Shaanxi. The willingness of local governments to invest is gradually recovering, and the enthusiasm for infrastructure investment will further increase in the future

Zhitong

GZMB

QSCC

SUNWAY

ECEC

BEIXIN

ZHONGYAN TECHNOLOGY

XINJIANG COMMUNICATIONS CONSTRUCTION GROUP

SRBG

CNI Resource

CNCEC

CCEGC

CDLQ

XZTL

Western Securities

POWERCHINA Ltd

Western Securities: High prosperity in Western fixed investment, pay attention to regional investment opportunities brought by major infrastructure projects