With the disclosure of the 2023 semi annual report, the long-term investment situation of listed companies is gradually becoming clear. Overall, the expenditure on purchasing and constructing long-term assets (cash paid for purchasing and constructing fixed assets, intangible assets, and other long-term assets) of listed companies increased by 13.87% year-on-year in the first half of the year, playing a stabilizing role in investment. Among them, the long-term investment growth rate in emerging industries such as new energy vehicles, photovoltaic equipment, and electricity is relatively high, and the performance has achieved high growth. The long-term investment growth of listed companies means that they have more confidence in the future and play an important role in stabilizing economic growth. Tian Xuan, Vice Dean of the Wudaokou School of Finance at Tsinghua University, stated that under a series of policies such as stabilizing investment and expectations, listed companies continue to increase investment in key areas, continue to drive infrastructure investment and private investment, and effectively assist in stable economic growth. According to iFinD data from Tonghuashun, A-share companies achieved a total operating revenue of 35.36 trillion yuan in the first half of the year, a year-on-year increase of 1.49%, and a net profit attributable to the parent company of 2.95 trillion yuan, a year-on-year decrease of 3.29%. Among them, the performance growth of the social services, public utilities, and automotive industries was relatively high, with year-on-year growth of 196.47%, 36.01%, and 29.14%, respectively. Behind the high performance growth of the three industries mentioned above, there is a common point that their long-term asset expenditure has increased significantly. In the first half of the year, the long-term asset investment in the social services, public utilities, and automotive industries increased by 60.12%, 49.03%, and 38.81% year-on-year, respectively. From the overall situation of A-shares, benefiting from stable investment policies, the long-term investment of listed companies has achieved stable growth. In the first half of the year, A-share companies paid a total of 2.34 trillion yuan in cash for the purchase and construction of long-term assets (fixed assets, intangible assets, and other long-term assets), an increase of 13.87% year-on-year. The long-term investment growth of listed companies in the first half of the year has sent a positive signal, "said Cheng Fengchao, a member of the Academic Advisory Committee of the China Association of Listed Companies. Listed companies have strong capital investment and financing capabilities, which play an important role in promoting economic growth. The increase in long-term asset expenditure means that the company has more confidence in the future, which will have a long-term impact on research and development, production capacity, market expansion, and other aspects. At the same time, it indirectly reflects that the current policy environment is relatively favorable, including tax incentives, low interest rates, and other investment convenience measures, which have stimulated the investment enthusiasm of listed companies. Chen Li, Chief Economist and Research Director of Chuancai Securities, believes that the larger the scale of long-term assets purchased and constructed by a company, the stronger the demand for expansion and relatively high growth potential. If the company's main business volume increases with the investment expansion, it shows that the company's fixed assets investment has played a positive role, and its profitability will be further improved in the future. With the advancement of major projects, the disclosure of major project winning announcements by listed companies increased in the first half of the year. From an industry perspective, it is mainly concentrated in the construction and decoration industry, followed by the environmental protection industry and the real estate industry. According to data from the Shanghai Stock Exchange, leading infrastructure companies such as China State Construction Corporation, China Railway Construction Corporation, and China Railway Corporation signed a total of approximately 8 trillion yuan in new orders in the first half of the year, a year-on-year increase of nearly 9%. The Shanghai Stock Exchange stated that taking into account the construction cycle of infrastructure investment, it is expected that infrastructure investment will drive in a relatively long period of time