“十五五”的关键词有哪些？关注中证A500ETF（159338）

Core Viewpoint - The recent easing signals in the China-US rivalry have led to a recovery in market sentiment, with A-shares reaching a 10-year high, driven by significant gains in the ChiNext and STAR Market indices [1] Economic Data Summary - The third-quarter GDP growth was reported at 4.8% year-on-year, down from 5.2% previously, while industrial output increased by 6.5% year-on-year, up from 5.2% [1] - Retail sales growth slowed to 3.0% year-on-year in September, down from 3.4% [1] - Fixed asset investment decreased by 0.5% year-on-year for the first nine months, compared to a previous increase of 0.5% [2] - Real estate investment fell by 13.9% year-on-year, worsening from a decline of 12.9% [2] - Infrastructure investment grew by 3.3% year-on-year, down from 5.4% [2] - Manufacturing investment rose by 4.0% year-on-year, down from 5.1% [2] Policy Developments - The 20th Central Committee's Fourth Plenary Session approved the "15th Five-Year Plan" focusing on key areas such as semiconductors, AI, and quantum technology [1][3] - The plan aims for significant advancements in economic, technological, and national defense capabilities by 2035, with a target of achieving a per capita GDP at the level of moderately developed countries [3] Key Focus Areas in the 15th Five-Year Plan - Technology: Emphasis on self-reliance in technology to lead new productive forces [4] - Real Economy: Focus on developing the real economy with an emphasis on smart, green, and integrated growth [4] - Upgrading: Optimizing traditional industries while fostering emerging and future industries [4] - Domestic Demand: A strategic focus on expanding domestic demand and enhancing consumption [4] International Context - Recent U.S. inflation data showed a year-on-year increase of 3% in September, slightly below market expectations, with energy costs being a significant driver [5] - The U.S. government shutdown has extended into its 24th day, marking the second-longest shutdown in U.S. history, with ongoing negotiations in Congress [6] - Developments in the Russia-Ukraine conflict suggest potential for substantive negotiations, with European leaders advocating for an immediate ceasefire [6] Market Outlook - The upcoming Federal Reserve meeting and the release of October PMI data are critical for market sentiment [7] - The "15th Five-Year Plan" emphasizes high-quality economic development with a stronger focus on technology, which may shift market dynamics towards growth-oriented investments [7]