二十届四中全会释放了哪些信号？十大券商解读

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China outlined the "15th Five-Year Plan," emphasizing the importance of achieving socialist modernization by 2035 [1][3] - The plan focuses on economic growth, technological self-reliance, and enhancing domestic demand, with a clear commitment to improving people's livelihoods and promoting common prosperity [1][5] Group 1: Economic and Social Development Goals - The "15th Five-Year Plan" aims to achieve a reasonable growth rate while building a modern industrial system centered on advanced manufacturing [1][7] - The emphasis on enhancing domestic circulation and breaking down barriers to a unified national market indicates a strategic shift towards internal economic resilience [6][8] Group 2: Technological Innovation and Self-Reliance - The inclusion of "new quality productivity" in the planning framework highlights the importance of technological innovation and self-reliance as key drivers for future growth [3][5] - The plan aims to significantly increase investment in basic research and support for original innovation and key core technology breakthroughs [5][6] Group 3: Manufacturing Sector Focus - The plan stresses maintaining a reasonable proportion of manufacturing in the economy, with a focus on advanced manufacturing as a backbone of the modern industrial system [7][8] - The development of strategic emerging industries and future industries is seen as crucial for enhancing competitiveness in the manufacturing sector [7][12] Group 4: Capital Market Outlook - The capital market is expected to show a "long-term" and "steady" trend, supported by government emphasis on its development and the overall economic environment [9][12] - The current valuation of A-shares is considered reasonable, providing a favorable condition for recovery and growth in the capital market [9][12]