CITIC Securities | Reflation and New Growth Drivers: Insights from the 2026 Government Work Report

CITIC Securities' analysis of China's 2026 Government Work Report highlights a central budget investment allocation of 755 billion yuan (approximately $96.9 billion USD), an increase of 20 billion yuan from the previous year. The report also outlines plans to issue 800 billion yuan (approximately $102.8 billion USD) in new policy-oriented financial instruments to support major national strategies and infrastructure development, referred to as the 'Two Key Areas'. The analysis notes a particular emphasis on investment in new growth drivers such as nuclear energy, providing clear macro-policy support and funding signals for related industries. This indicates nuclear power, as a strategic energy source, will receive prioritized support within the national investment plan, offering positive guidance for industry development and investor expectations.