国泰海通｜策略：四中全会解读与“转型牛”纵深

Core Viewpoint - The article emphasizes that the "14th Five-Year Plan" period is crucial for achieving socialist modernization in China, with a focus on technology and consumption driving economic growth, and the potential for the Chinese stock market to experience a "transformation bull" trend leading to new highs in A/H stock indices [1][2]. Group 1: Importance of Domestic Demand - The importance of domestic demand is highlighted, with a shift towards building a strong domestic market, indicating a significant increase in the focus on consumption during the "14th Five-Year Plan" [2]. - The relationship between consumption and investment is discussed, with expectations that more policy resources will be directed towards consumption and livelihood sectors, such as elderly care, education, and healthcare [2]. Group 2: Modern Industrial System - The report stresses the need to maintain a reasonable proportion of manufacturing and to build a modern industrial system centered on advanced manufacturing [2]. - There is an emphasis on enhancing independent innovation capabilities and accelerating breakthroughs in key technologies, particularly in the context of de-globalization [2]. Group 3: Unified National Market - The establishment of a unified national market is crucial for breaking local protectionism and market segmentation, which can lead to resource misallocation and efficiency losses [3]. - The report mentions the importance of expanding institutional openness and maintaining a multilateral trade system to address global economic challenges [3]. Group 4: Investment Opportunities - The article identifies potential investment opportunities in sectors aligned with the goals of the "14th Five-Year Plan," including advanced manufacturing, renewable energy, machinery, and consumer goods [3]. - Specific sectors to watch include internet, semiconductors, military, media, and retail, as they are expected to benefit from the economic transformation [3].