By the fourth quarter, sprinting towards the annual economic goals has entered a critical period. Recently, major projects in Liaoning, Jiangsu, Anhui and other regions have been intensively under construction, becoming an important lever for stable investment and growth in the fourth quarter. More than 1100 new projects have started in Liaoning recently, with a total investment of more than 160 billion yuan, adding new momentum to the year's fixed assets investment. The relevant person in charge of the Liaoning Provincial Development and Reform Commission stated that the province will focus on 15 major projects, continue to promote deep cooperation between the central government and the local government, strengthen major project reserves, promote high-quality development of project investment in solving difficulties, highlight project planning reserves, preliminary argumentation, and land conversion, spare no effort to provide excellent services and strong guarantees, and accelerate the formation of a batch of planning reserves, preliminary preparation, and construction commencement The virtuous cycle development situation of completing and reaching production provides solid support for the successful first battle of the three-year comprehensive revitalization action. Previously, the fourth batch of major projects in Anhui Province began construction in 2023, with a total of 1089 projects and a total investment of 707.46 billion yuan. The annual planned investment was 76.28 billion yuan, involving multiple industries such as manufacturing, infrastructure, and people's livelihood. Since the fourth quarter, multiple major projects have been concentrated in Henan, Fujian, Guangdong and other places, with a total investment scale of nearly 100 billion yuan, and even hundreds of billions of yuan in some regions. A reporter from Shanghai Securities News found that industrial projects such as advanced manufacturing and strategic emerging industries have become key areas for investment in various regions. For example, in the fourth batch of major projects under centralized construction in Anhui, the number of strategic emerging industry projects accounted for over 30%. Since the beginning of this year, China has solidly promoted the construction of major engineering projects, basically completed the allocation of investment within the central budget, promoted the issuance and use of local government special bonds, and continuously strengthened the guarantee of factors such as land use, sea use, energy use, and environmental impact assessment. Data shows that as of the end of September, the scale of new special bond issuance for project construction this year has reached 3.3 trillion yuan, completing 90% of the allocated quota. Most of the planned special bond issuance has been completed. The upcoming sixth meeting of the Standing Committee of the 14th National People's Congress will review the proposal of the State Council to authorize the early issuance of some new local government debt quotas. Experts say that this means that the newly added debt limit in 2024 is expected to be issued to various regions in advance this year, which is conducive to planning projects in advance, arranging the pace of bond issuance reasonably, fully leveraging the driving effect of local government bond projects on investment, and achieving local economic and social development goals. Wang Jun, Chief Economist of Huatai Asset Management and Director of the China Chief Economist Forum, stated that to ensure stable investment in the fourth quarter, on the one hand, we need to quickly issue and utilize special bonds, and on the other hand, we need to accelerate the promotion of debt transformation in various regions, and do our best to support infrastructure investment through urban village renovation and investment in people's livelihoods. Sun Binbin, Chief Analyst of Fixed Income at Tianfeng Securities, analyzed that the special bond market may continue to increase in October, combined with refinancing bonds and commercial bank credit support, and infrastructure investment may rise again in October; Both demand and profits have improved, and the combined policy support will not decrease. It is expected that manufacturing investment will slightly increase from September to October; Under the low base effect, it is expected that fixed asset investments will be made in October and November