解读：二十届四中全会释放哪些新信号？

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of "new quality productivity" in the economic planning framework, highlighting the urgency of achieving high-level technological self-reliance and independence [1][2][3] - The session positioned the "15th Five-Year Plan" as a critical period for solidifying the foundation for socialist modernization, indicating a strong commitment to long-term development goals [2][3] - The focus on "high-quality development" and "technological self-reliance" as primary objectives reflects an increased emphasis on the quality and technological content of economic development [2][3] Economic Outlook - The "15th Five-Year Plan" aims to maintain economic construction as the central focus, with significant goals for high-quality development and improved levels of technological self-reliance [3][4] - The meeting reiterated the necessity of achieving annual economic and social development targets, with macroeconomic policies expected to continue to support growth [5][6] - The actual GDP growth of 5.2% in the first three quarters sets a solid foundation for achieving the annual target of 5%, despite signs of slowing investment and consumption [6] Market Implications - The policy guidance from the "15th Five-Year Plan" is expected to reinforce a slow bull trend in the A-share market, with long-term and stable growth anticipated [7][8] - The capital market is seen as crucial for supporting the real economy, with the plan's strategic focus likely to create new investment demands and asset allocation opportunities [7][8] - Investment opportunities are identified in sectors aligned with "new quality productivity," particularly in emerging technology industries such as AI and robotics, which are at a critical commercialization stage [9]