Core Viewpoint - The A-share market experienced a significant rally on October 24, with major indices reaching new highs, driven by strong performances in technology stocks, particularly in sectors like chips, commercial aerospace, and quantum technology [1][2]. Market Performance - On October 24, the Shanghai Composite Index rose by 0.71% to 3950 points, marking a ten-year high. The Shenzhen Component Index increased by 2.02%, the ChiNext Index by 3.57%, and the STAR 50 Index by 4.35%. Over 3000 stocks in the market saw gains [2]. - Chip stocks saw substantial increases, with companies like Xiangnong Chip and Purun Co. hitting the 20% limit up, while others like Huahong Semiconductor and Jiangbolong rose over 15% [2]. - The commercial aerospace sector also experienced a surge, with multiple stocks hitting the limit up or rising over 10% [2]. Policy and Strategic Directions - The Central Committee of the Communist Party of China held a press conference on October 24, discussing the spirit of the Fourth Plenary Session of the 20th Central Committee. The meeting emphasized the development of emerging pillar industries, including new energy, new materials, and aerospace, which are expected to create trillion-yuan markets [3]. - The National Development and Reform Commission highlighted the importance of forward-looking layouts in future industries, aiming to make quantum technology, biomanufacturing, and nuclear fusion new economic growth points [3]. Investment Focus Areas - Short-term market expectations are bolstered by the Fourth Plenary Session, which is likely to enhance investor confidence and focus on specific sectors [5]. - Mid to long-term perspectives suggest that the meeting's strategic directions will provide solid support for the A-share market, reinforcing confidence in China's economic resilience [5]. - Key sectors to watch during the 14th Five-Year Plan include digital technology, space economy, high-end manufacturing, and biotechnology [6][7]. Industry Trends - The focus on modern industrial systems and high-end manufacturing highlights the importance of sectors like artificial intelligence, low-altitude economy, and semiconductors [7]. - The green transition is also emphasized, with sectors such as photovoltaics and wind power gaining attention [7].

用 券中社 12 外交部发言人10月24日宣布：应大韩民国总统李在明邀请，国家主席习近平将于10月30日至11月1日赴 韩国庆州出席亚太经合组织第三十二次领导人非正式会议并对韩国进行国事访问。 券商中国 × 券 中 社 来源：新华社 扫码关注券商中国公众号 扫码下载 券 中 社 A P P quanshangcn 舞#t 券中社APP qzs.stcn.com 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 责编： 王璐璐 校 对：祝甜婷 百万用户都在看 中央重磅部署！刚刚，权威解读来了！ 突遭"断供"！美联储，大消息！ 暴涨40%！一份财报，意外引爆！ 刚刚，利好来了！深圳，重磅发布！ 深夜，暴跌！黄金急速跳水，发生了什么？ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 看券商中国 知天下财经 ...

Core Viewpoint - The article highlights the strong performance of newly listed stocks, particularly N Chao Ying, which saw a significant price increase on its debut, indicating a positive trend in the new stock market and investor sentiment [1][2][5]. Company Overview - N Chao Ying specializes in the research, production, and sales of printed circuit boards (PCBs) and has issued a total of 52.5 million shares at a price of 17.08 yuan per share, with an issuance price-to-earnings ratio of 28.64 times, compared to the industry average of 60.52 times [3]. - The company raised approximately 897 million yuan, which will be used to enhance liquidity, repay bank loans, and fund the second phase of its high-layer and HDI projects, adding 360,000 square meters of production capacity to meet growing market demands [3]. Market Position - According to the China Electronic Circuit Industry Association, N Chao Ying ranks 23rd among PCB companies in China and is among the top ten global suppliers of automotive electronic PCBs, as well as one of the top five in China [3]. Client Relationships - N Chao Ying has established stable partnerships with renowned clients in various sectors, including automotive electronics (e.g., Continental, Valeo, Bosch, and Tesla), display technology (e.g., BOE, LG Group), and storage (e.g., Seagate, Western Digital, SK Hynix) [4]. - The company collaborates with clients for new technology development and has gained recognition for its diverse production processes and one-stop procurement services [4]. New Stock Market Trends - The recent performance of new stocks has been robust, with several companies, including Yunhan Xincheng and Aomeisen, experiencing significant first-day gains, reflecting a recovery in the new stock issuance pace and investor enthusiasm [5][6]. - Statistics show that the average profit from new stock subscriptions for A-class accounts has increased significantly, indicating a favorable environment for new stock investments [6].

Group 1 - The article reports that Zeng Huixin, the former deputy director of the Science and Law Department of the National Railway Administration, is under investigation for serious violations of discipline and law [1][2] - It is noted that Fei Dongbin, a member of the Party Leadership Group of the Ministry of Transport and the Party Secretary and Director of the National Railway Administration, is also under investigation for similar violations [2] - A meeting was held by the National Railway Administration to discuss the disciplinary review and investigation decisions made by the Central Commission for Discipline Inspection and the National Supervisory Commission regarding Fei Dongbin, with unanimous support expressed by the attendees [2]

Core Viewpoint - The article highlights the increasing involvement of insurance capital in the investment of early-stage technology companies, particularly in the context of the "Six Little Dragons" in Hangzhou, which contrasts with the common perception that insurance funds primarily invest in mature enterprises [1][5]. Group 1: Investment Landscape - A total of 38 insurance institutions have been identified as investors behind the "Six Little Dragons," with significant participation in companies like Yushutech and Yundeshuchu Technology [3][4]. - Notable insurance companies involved include China Life, Ping An, and AIA, among others, showcasing a diverse mix of state-owned, private, and foreign insurance entities [4][5]. Group 2: Investment Mechanism - Insurance capital is primarily investing in the "Six Little Dragons" through private equity funds as limited partners (LPs), often in collaboration with government-led funds [7][8]. - The National SME Development Fund and other similar funds have been instrumental in channeling insurance capital into these technology firms [7]. Group 3: Challenges and Opportunities - Despite the growing trend, insurance capital faces challenges in terms of investment capabilities and mechanisms, particularly in identifying and evaluating early-stage technology projects [11][12]. - The unique characteristics of insurance capital, such as long-term investment horizons and stable returns, align well with the needs of high-investment, long-cycle technology innovation [10]. Group 4: Future Directions - Experts suggest that insurance asset management should enhance their research capabilities and adopt a more open approach to collaborate with top-tier investment teams in the market [12][13]. - The adoption of a PSD strategy (primary, secondary, direct) is recommended to better match the characteristics of technology investments, allowing for diversified risk and improved returns [13].

责编： 王璐璐 看券商中国 知天下财经 用 券中社 12 何立峰在金融系统学习贯彻党的二十届四中全会精神会议上强调 深入学习贯彻党的二十届四中全会精神 推动金融高质量发展 加快建设金融强国 金融系统学习贯彻党的二十届四中全会精神会议10月24日在京召开。中共中央政治局委员、中央金融委员会 办公室主任何立峰出席会议并讲话。他强调，金融系统要把学习宣传贯彻全会精神作为当前和今后一个时期的 重大政治任务，迅速兴起学习热潮，分层分级、分期分批组织开展全覆盖培训，推动全会精神在全系统入脑入 心。要抓紧研究谋划"十五五"时期金融重点工作，准确把握"十五五"时期金融工作的主要目标和面临的形势任 务，持续深入贯彻落实好中央金融工作会议精神特别是习近平总书记关于做好金融工作的系列重要讲话精神， 时刻谨记金融工作的政治性、人民性，始终牢牢把握防风险、强监管、促高质量发展工作主线，坚定不移走中 国特色金融发展之路，加快构建中国特色现代金融体系，推动金融强国建设取得新的重大进展。 何立峰强调，要扎实做好四季度金融工作，紧盯风险、严防"爆雷"，巩固严监管氛围，加力支持经济发展，全 力推动实现全年经济社会发展主要目标任务，助力"十四五" ...

10月24日上午10时，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 中央政策研究室主任江金权；中央财办分管日常工作的副主任、中央农办主任韩文秀；国家发展改革委党 组书记、主任郑栅洁；科技部党组书记、部长阴和俊；商务部党组书记、部长王文涛；国家卫生健康委党 组书记、主任雷海潮等出席新闻发布会。 江金权在会上介绍，全会最重要的成果，是审议通过了《中共中央关于制定国民经济和社会发展第十五个 五年规划的建议》（以下简称 《建议》 ）。 江金权表示，我国经济增速继续领跑全球主要经济体， 预计今年国内生产总值达到140万亿元左右 ，连续跨过 了110万亿、120万亿、130万亿几个台阶，人均国内生产总值超过世界平均水平。我国仍然是世界经济增长的 主要动力源和重要引擎。 《建议》对"十五五"经济社会发展作出了全面部署。 郑栅洁介绍， 创新育新，就是要培育壮大新兴产业和未 来产业。《建议》提出打造新兴支柱产业，加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群 发展， 这将催生出数个万亿级甚至更大规模的市场 ；《建议》还提出前瞻布局未来产业，推动量子科技、生 物制造、氢能和核聚变能、脑机接口、具身智能 ...

据新华社报道，党的二十届四中全会，审议通过了《中共中央关于制定国民经济和社会发展第十五个五年 规划的建议》。 这是新时代以来党中央制定的第三个五年规划建议，也是全面建设社会主义现代化国家新征程上的第一个 五年规划建议。 （一）历史方位：走过"极不寻常、极不平凡"的五年，迎来"夯实基础、全面发力"的关键时期 2026年至2030年，这五年对于中国式现代化意味着什么？ 全会公报鲜明指出："十五五"时期是基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实 现社会主义现代化进程中具有承前启后的重要地位。 把握一个时期的定位，要将其置于历史的长周期里观察。 党的十九大对实现第二个百年奋斗目标作出分两个阶段推进的战略安排：从2020年到2035年基本实现社 会主义现代化，从2035年到本世纪中叶把我国建成富强民主文明和谐美丽的社会主义现代化强国。 即将收官的"十四五"，是我国全面建成小康社会之后，乘势而上为实现第二个百年奋斗目标而奋斗的第一 个五年。全会高度评价"十四五"时期我国发展取得的重大成就，用"极不寻常、极不平凡"形容这段历程。 这五年，中国经受住世纪疫情严重冲击，有效应对一系列重大风险挑战，经济实力、 ...

征求对中共中央关于制定国民经济和社会发展第十五个五年规划的建议的意见 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强王沪宁蔡奇丁薛祥出席 习近平指出，中国式现代化是全体人民共同富裕的社会主义现代化。要把造福人民作为根本价值取向，坚持在 发展中保障和改善民生。要进一步优化区域经济布局、促进区域协调发展，巩固拓展脱贫攻坚成果、推进乡村 全面振兴。要采取更多可感可及的具体举措，着力满足人民群众在就业、教育、社保、住房、医疗、养老、托 幼等方面的需求。 习近平希望各民主党派、工商联和无党派人士发挥密切联系社会各界的优势，继续就"十五五"时期经济社会发 展相关问题进行深入思考和研究，及时向中共中央提出有针对性的意见建议，为推动经济社会高质量发展、基 本实现社会主义现代化贡献智慧和力量。 王毅、刘国中、李干杰、李书磊、李鸿忠、何立峰、张又侠、张国清、陈文清、吴政隆、谌贻琴、穆虹、姜信 治，中共中央、国务院有关部门负责人出席座谈会。 出席座谈会的党外人士还有邵鸿、何报翔、王光谦、秦博勇、朱永新、杨震和张恩迪、安立佳、张卫红等。 中共中央8月27日在中南海召开党外人士座谈会，就中共中央关于制定国民经济和社会发展第 ...

Core Points - The article discusses recent military actions by the U.S. near Venezuela, including the deployment of a B-1B bomber and potential ground military operations as stated by President Trump [1][2] - It highlights the ongoing U.S. government shutdown, which has led to significant disruptions in air travel and an increase in national debt, surpassing $38 trillion for the first time [4][6][7] Military Actions - On October 23, at least one U.S. B-1B bomber was reported near the Venezuelan coast, marking the second such military display within a week [2] - President Trump indicated that the U.S. would soon see ground military actions in Venezuela, citing dissatisfaction with the country [2] - The U.S. has been conducting operations against alleged drug trafficking vessels, with recent reports of military strikes resulting in multiple casualties [2] Venezuela's Response - Venezuela initiated "Independence Coast 200" defense exercises in response to perceived foreign military threats, focusing on strategic locations along its coast [3] - Venezuelan Defense Minister Padrino Lopez stated that any destabilizing actions from the U.S. would fail, emphasizing the readiness of the Venezuelan military [3] U.S. Government Shutdown - The U.S. government shutdown has entered its 23rd day, causing significant delays in air travel due to a shortage of air traffic controllers [4] - The Federal Aviation Administration (FAA) reported that 53% of flight delays were due to controller absenteeism, compared to a normal rate of 5% [4] - Approximately 13,000 air traffic controllers and 50,000 Transportation Security Administration officials are working without pay during the shutdown [4] National Debt - The U.S. national debt has reached over $38 trillion, with concerns that the shutdown will exacerbate the situation by delaying economic activities and increasing costs [6][7] - The Peter G. Peterson Foundation warned that interest payments on the national debt could surge to $14 trillion over the next decade, significantly impacting public and private spending [7]