“十五五”规划建议的三大投资指引：科技产业革命、全国统一大市场、国家安全保障

Core Insights - The report emphasizes three major investment directions based on the "14th Five-Year Plan" suggestions: technological industry revolution, nationwide unified market, and national security assurance [2][5][6]. Investment Directions - Technological Industry Revolution: The "14th Five-Year Plan" suggests seizing the historical opportunity of a new round of technological revolution and industrial transformation, focusing on quantum technology, biological manufacturing, hydrogen and nuclear fusion energy, brain-machine interfaces, embodied intelligence, and 6G mobile communication as new economic growth points [7][30]. - Nationwide Unified Market: The plan aims to eliminate barriers to the construction of a nationwide unified market, addressing "involution" competition, and promoting the healthy development of key industries such as mining, metallurgy, chemicals, light industry, textiles, machinery, shipbuilding, and construction during the "14th Five-Year Plan" period [7][30]. - National Security Assurance: This encompasses both national defense and technological security. The report highlights the need to improve the new type of national system and implement extraordinary measures to achieve breakthroughs in key core technologies in areas such as integrated circuits, industrial mother machines, high-end instruments, basic software, advanced materials, and biological manufacturing [7][30]. Future Outlook - The report anticipates a "slow bull" market, with the potential for revaluation of Chinese assets. It notes that traditional real estate-driven economic demand is declining, while new productive forces are gradually gaining influence. Emerging technology industries are expected to create new demand through technological advancements, particularly in AI and robotics [8][36]. - The report also indicates that scarce supplies should enjoy valuation premiums, as resource pricing shifts from traditional economic cycles to energy transitions and geopolitical factors. Additionally, the gradual clearing of excess capacity in industries like photovoltaics and chemicals may lead to further valuation recovery [8][36].