May 22, "new infrastructure construction" written in the 2020 government work report. The government's work report said that it will focus on supporting the "two-new-one-heavy" construction that will not only promote consumption and improve people's livelihood, but also boost structural growth. It is mainly to strengthen the construction of new-type infrastructure, develop a new-generation information network, expand 5G applications and build charging piles, promote new energy vehicles, stimulate new consumer demand, and promote industrial upgrading. Since the beginning of this year, the central government has made strategic deployment on many occasions to accelerate the construction of new infrastructure such as 5G network and data center. On April 20th the National Development and Reform Commission for the first time laid out the scope for new infrastructure. According to the National Development and Reform Commission, the new infrastructure will consist of three main components: information infrastructure. Mainly refers to the new generation of information technology based on the evolution of infrastructure, such as 5G, Internet of things, industrial Internet, satellite Internet as representative of the communications network infrastructure, the new technology infrastructure represented by artificial intelligence, cloud computing, blockchain, etc. , and the computing infrastructure represented by data center and intelligent computing center etc. . Second, the integration of infrastructure. It mainly refers to the deep application of technologies such as Internet, big data and artificial intelligence to support the transformation and upgrading of traditional infrastructure, thus forming integrated infrastructure, such as intelligent transportation infrastructure, intelligent energy infrastructure and so on. Third, innovative infrastructure. Mainly refers to supporting scientific research, technology development, product research and development of infrastructure with public welfare attributes, such as major science and technology infrastructure, science and education infrastructure, industrial technology innovation infrastructure. Haitong Securities Strategy Team released a research report, said the general direction, the new infrastructure focus on technology, and China's industrial structure to the direction of information-based adjustment. New Infrastructure will play an important role in expanding domestic demand and stabilizing investment. From the overall investment scale, the new infrastructure is smaller than the old infrastructure, but the growth rate is very high. For 5g networks alone, based on data from the three major operators, it is estimated that China's 5g capital expenditure will be 180.3 billion yuan in 2020, a 338% increase over the same period last year, by 2025 China's 5G network construction investment will reach a cumulative 1.2 trillion yuan. The new infrastructure will bring more network effects, platform effects and energy-enabling effects, which will lead to the emergence of a large number of new technologies, new products, new models and new business forms, the academy said, the construction of 5G network will also drive up and down the industrial chain as well as application investment in various industries, which is expected to cumulatively drive more than 3.5 trillion yuan investment by 2025.