金吾财讯 | 国泰海通研究表示，预计下半年“六张网”投资提速，带动基建投资回升。2026年全年“六张网”相关重点领域投资总规模超7万亿元，十五五中长期配套投资体量庞大，是稳增长核心抓手。上半年基建投资呈现前高后低特征，实物工作量转化存在滞后；各地依托区位差异化布局六网项目，特高压、算力枢纽、重大水利工程等项目集中落地。当前，资金端1.3万亿超长期特别国债、新增专项债超2万亿元于年中集中投放，专项债发行提速，新增项目较为充足，预计下半年工程开工节奏将显著提速。六张网建设将带动电力新能源、算力通信、工程机械、现代物流四大产业链扩容。高频数据呈现结构分化特征。消费端服务消费随暑期回暖，商品、汽车、农产品价格走弱；基建配套资金投放提速，但地产施工、建材开工承压。外贸港口景气偏弱、运价上行；传统工业开工普遍低迷，光伏、汽车产业链需求走弱。物价小幅回升，能源、金属价格走高；市场流动性宽松，国债收益率下行，人民币汇率保持平稳，整体经济修复力度不均衡。风险提示：地缘局势不确定性，国内需求修复不及预期。
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