东兴证券郄永忠：四中全会指引政策重点发力方向 看好大科技板块后市配置价值

Group 1 - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, where the proposal for the 15th Five-Year Plan was approved [1] - The focus of the session is on qualitative improvements, particularly high-quality development and technological self-reliance, which guides policy direction and stabilizes medium to long-term market expectations [1] - The session emphasizes the need to enhance independent innovation capabilities and seize opportunities from the new round of technological revolution and industrial transformation [1] Group 2 - The session aims to stabilize employment, enterprises, markets, and expectations, thereby consolidating the economic recovery momentum [2] - Macro policies will continue to be proactive and appropriately relaxed, maintaining a stable and forward-looking approach without signs of tightening [2] - The session provides strong policy support for the revaluation of Chinese assets, enhancing global confidence in capital allocation towards Chinese assets [2] Group 3 - The recommendation to focus on the large technology sector for investment, as performance-driven tech stocks are expected to strengthen with the upcoming disclosure of quarterly reports [2] - There is an anticipated turnaround in the consumer sector in the next one to two quarters, suggesting opportunities for low-cost investments [2]