兴业证券王涵 | 从资本市场视角看四中全会公报——提振信心，后市可期

Group 1 - The core viewpoint of the article emphasizes the significant enhancement of China's economic strength during the 14th Five-Year Plan, which serves as a fundamental support for the capital market's strong performance. However, there are two main concerns regarding the medium to long-term economic outlook: how to address the negative impacts of the external environment on China and how to better promote globalization to open up growth space for the Chinese economy [1] - The 20th Central Committee's Fourth Plenary Session report provides positive and clear responses to the aforementioned concerns, which will help further consolidate and enhance market confidence [1][2] - The meeting highlights the need for "strategic determination and historical initiative" to actively respond to complex environments, indicating a more proactive attitude from the central government in facing external challenges [1][2] Group 2 - The article outlines a dual approach to policy implementation, focusing on enhancing internal capabilities to address external uncertainties, particularly in technology self-reliance and national security [2] - The emphasis on expanding high-level openness is a key strategy to break external constraints, with a notable improvement in the priority of this goal compared to previous sessions [2] - The meeting is expected to further boost market confidence, reinforcing the foundation for a positive capital market outlook, as it addresses concerns about medium to long-term development [3]