解析二十届四中全会发布会：点亮科技树

Core Insights - The 20th Central Committee's Fourth Plenary Session concluded successfully, approving the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" [1][4] - The impact of new productive forces on economic growth is gradually increasing, with ongoing industrial upgrades and a rise in technological advancements [1][4] Summary by Sections Modern Industrial System Construction - Traditional industries are expected to generate approximately 10 trillion yuan in market space over the next five years [4][11] - Key initiatives include optimizing traditional industries such as chemicals, machinery, and shipbuilding to enhance global competitiveness and developing advanced manufacturing clusters [4][11] - New and future industries will create significant market opportunities, with strategic clusters in new energy, new materials, aerospace, and low-altitude economy expected to emerge [4][11] High-Level Technological Self-Reliance - A new national system will be established to drive breakthroughs in key technologies like integrated circuits and high-end equipment [5][11] - Support for high-tech enterprises and SMEs will be strengthened, including increased R&D expense deductions [5][11] - A unified national data market will be developed to promote the integration of the real economy and digital economy [5][11] Strong Domestic Market Development - A robust domestic market is seen as a strategic foundation for modernization, with actions to boost consumption and optimize government investment structures [5][11] - Measures will be taken to unify market regulations and eliminate local protectionism [5][11] Outlook on Market Trends - A "slow bull" market is anticipated, with increased market activity driven by new productive forces and technological advancements [6][13] - Emerging tech industries are expected to create new demand through quality supply, particularly in AI and robotics [6][13] - Scarcity in supply will lead to valuation premiums, particularly in resource sectors influenced by energy transitions and geopolitical factors [6][13] - Overcapacity in certain industries is expected to clear, leading to valuation recovery in sectors like photovoltaics and chemicals [6][13]