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二十届四中全会公报精神学习:保持战略定力,增强必胜信心
Donghai Securities·2025-10-24 05:10

Economic Outlook - The "15th Five-Year Plan" is positioned as a critical phase for achieving basic socialist modernization, with an implicit growth target of approximately 4.7%[2] - The meeting emphasized the importance of maintaining strategic determination and confidence in overcoming external risks while leveraging internal advantages[2] - The projected average GDP growth rate from 2026 to 2035 should not be lower than 4.4%, considering the goal of doubling GDP by 2035 compared to 2020 levels[2] Key Focus Areas - The significance of technology and national security has been elevated, with "self-reliance in technology" and "national security" being newly highlighted as major goals[2] - The construction of a modern industrial system is prioritized, with a focus on manufacturing, quality, aerospace, and transportation industries[2] - Emphasis on original innovation and tackling key core technologies to avoid being "choked" in strategic areas[3] Domestic Demand and Supply - The plan advocates for a dual interaction between supply and demand, promoting consumption and investment to stimulate economic growth[3] - The importance of expanding domestic demand is underscored, with a strategic focus on enhancing the domestic market's reliability and dynamism[3] Short-term Economic Goals - The meeting aims to achieve the annual economic and social development goals, with a GDP growth of 5% for the year being feasible given the 5.2% growth in the first three quarters[3] - There is potential for further policy support in the fourth quarter, with expectations of fiscal tools amounting to 1 trillion yuan being implemented[3] Risks and Challenges - Risks include misinterpretation of the meeting's spirit, potential delays in domestic policy implementation, and unexpected pressures in the real estate sector[3]