中金研究 | 本周精选：宏观、策略

Macroeconomy - The "14th Five-Year Plan" emphasizes responding to uncertainties with high-quality development, aiming for GDP growth within a reasonable range while focusing on structural optimization and quality improvement [4] - The plan highlights the importance of people's well-being, with social indicators taking precedence in the development goals [4] - The ongoing Middle East conflict is identified as a significant uncertainty affecting the global economy, with energy import dependence being a crucial variable [6] - The Chinese yuan has appreciated significantly against the US dollar, with a cumulative increase of 5.4% since July 2025, driven by strong external demand and a narrative of "de-dollarization" [8] Strategy - The "15th Five-Year Plan" outlines major strategic tasks and projects, building on the achievements of the "14th Five-Year Plan" and addressing complex changes in the development environment [4] - The plan consists of over 70,000 words, structured into 18 sections, 62 chapters, and 192 articles, indicating a comprehensive approach to future economic and social development [4] - The government work report emphasizes "future industries," marking the second time this focus has been included in the five-year plan, suggesting a long-term investment opportunity as the industry matures [11]