New Infrastructure Advances in H1 2026: Core Industry Hits RMB2.98 Trillion, Intelligent Computing Up 177%

The 15th Five-Year Plan calls for moderately advanced construction of new infrastructure, shifting focus toward expansion, quality improvement, integrated coordination, and deep digital-intelligent application. New infrastructure spans major science and technology facilities, information and communication networks, and computing power networks, serving strategic and application-support roles.

Credit resources continued to flow toward the technology sector. As of the end of the second quarter of 2026, outstanding loans to technology-based small and medium-sized enterprises stood at RMB4.15 trillion, up 20.1% year on year, while loans to high-tech enterprises reached RMB21.53 trillion, up 14.6%. In the first five months of 2026, new local government special bonds allocated to new infrastructure exceeded RMB17.6 billion, up more than 35% year on year, and those for forward-looking strategic emerging industries approached RMB11.2 billion, up over 80%. During the first half of 2026, A-share financing by new infrastructure-related companies totaled over RMB48 billion, a year-on-year increase of more than 8.5 times, accounting for nearly 11% of all A-share financing in the period.

By the end of June 2026, China's intelligent computing power reached 2,185 EFLOPS, up 177% year on year and over 35% from the end of 2025. The overall utilization rate of computing infrastructure stood at 71.4%. Over the past two years, more than 70 major computing corridors were built, with network performance between hubs improving by 10%. In the first five months of 2026, national digital industry revenue reached RMB16.7 trillion, up 13% year on year, and software business revenue exceeded RMB6.2 trillion, up 10.3%. The quantum computing prototype Jiuzhang-4 set a world record in photonic quantum information technology.

In the first half of 2026, domestic low-orbit broadband constellations conducted routine networked launches, with in-orbit satellites expanding and ground support facilities accelerating. Integrated space-ground network verification progressed steadily. The implementation opinions on strengthening information and communication industry capacity to support low-altitude infrastructure, issued in February 2026, set a target of no less than 90% coverage of ground mobile communication networks for low-altitude public routes by 2027. In May 2026, a new national map of drone-flyable airspace was officially launched, with pilot programs for convenient drone reporting via QR codes in Sichuan and other regions, while Shenzhen and Dongguan accelerated the deployment of drone takeoff and landing sites and test bases.

As of the end of May 2026, the total number of 5G base stations reached 5.053 million, a net increase of 214,000 from the end of 2025. 5G mobile phone users totaled 1.275 billion, a net increase of 70.77 million. By the end of June, 5G base stations reached 5.102 million, with more than 26,000 ongoing "5G + industrial internet" projects nationwide. 5G-A networks covered 330 cities, with users exceeding 30 million, and continued to penetrate manufacturing, power, port, and other real-economy sectors.

In May 2026, the Ministry of Industry and Information Technology approved 6GHz band trial frequency licenses for 6G, supporting technical trials in selected regions and advancing research, development, and testing.

According to Wind data, more than 420 A-share listed companies are engaged in core new infrastructure sectors such as computing power, information and communication networks, satellite internet, data infrastructure, and low-altitude infrastructure. Of these, 169 companies disclosed first-half 2026 earnings forecasts, with combined net profit of nearly RMB96.2 billion, up more than 59% year on year. Computing power and data infrastructure sectors each saw net profit growth exceeding 100% in the first half, while information and communication networks grew over 50%.