Second Batch of 91.5 Billion Yuan in Ultra-Long-Term Special Government Bond Funds Released for Equipment Renewal

Second Batch of Funds Lands, Over 90% of Annual Target Achieved

According to CCTV News, the National Development and Reform Commission (NDRC) has officially released the second batch of 91.5 billion yuan in "Two-New" equipment renewal project lists and funding arrangements for 2026. Combined with the previously released 93.6 billion yuan, the cumulative equipment renewal funding arranged this year has reached 185.1 billion yuan, accounting for 92% of the full-year total of 200 billion yuan.

This round of equipment renewal action, backed by ultra-long-term special government bonds, is driving accelerated intelligent and digital transformation across industries with unprecedented force.

"Two-New" Policy Intensifies, Major Boost for AI Industry Chain

The "Two-New" policy refers to large-scale equipment renewal and consumer goods trade-in programs. In the equipment renewal domain, the upgrade of high-end equipment such as AI computing infrastructure, intelligent manufacturing equipment, and data center servers is among the key areas supported by this round of policy.

In terms of funding pace, this year's disbursement speed is notably faster than in previous years. The combined 185.1 billion yuan from the two batches was fully released before mid-year, signaling the government's strong emphasis on and urgency around equipment renewal. The remaining 14.9 billion yuan is expected to be allocated in the second half of the year.

For the AI technology industry, this policy sends multiple positive signals:

• Accelerated Expansion of Computing Infrastructure: Data centers and intelligent computing centers nationwide can leverage the special funds to upgrade core equipment such as GPU servers, providing stronger computing power for large model training and inference.
• Faster Upgrades in Intelligent Manufacturing Equipment: Industrial robots, smart inspection devices, automated production lines, and related sectors are set to experience a new wave of procurement.
• Renewal of Scientific Research Instruments: AI experimental platforms and high-performance computing clusters at universities and research institutes are expected to receive funding support, advancing cutting-edge research capabilities.

Ultra-Long-Term Bond Mechanism Ensures Stability of Long-Term Investment

Notably, the funding for this round of equipment renewal comes from ultra-long-term special government bonds. Compared with regular government bonds, ultra-long-term special bonds feature longer maturities and more clearly defined purposes, specifically designated for implementing major national strategies and building security capabilities in key sectors. The use of this financing mechanism indicates that equipment renewal is not a short-term stimulus measure but rather a sustained, long-term strategic initiative.

Industry analysts point out that amid increasingly fierce global AI competition, leveraging national-level funding to drive iterative upgrades of infrastructure and key equipment is of significant importance for consolidating China's competitive edge in artificial intelligence.

Second-Half Outlook: Policy Impact to Continue Unfolding

As the full-year 200 billion yuan equipment renewal budget nears complete allocation, projects across the country will enter a phase of concentrated implementation in the second half. AI servers, intelligent terminals, industrial internet equipment, and other subsectors are expected to continue benefiting.

Meanwhile, provincial and municipal governments are actively rolling out complementary policies, creating a stacking effect of central and local funding. For AI hardware suppliers, system integrators, and related industry chain companies, this represents an unmissable window of growth opportunity.