Summary of Tungsten Market Conference Call Industry Overview - The conference call focuses on the tungsten market, discussing price trends, supply-demand dynamics, and regulatory impacts for the years 2025 and 2026 [1][2][3]. Key Points and Arguments Price Trends and Influencing Factors - In 2025, the tungsten market experienced significant price fluctuations due to various factors: - Q1: Export control policies led to inventory sell-offs, causing price declines [2]. - Q2: Continued enforcement of export controls and anti-smuggling measures supported domestic prices [2]. - Q3: The introduction of anti-involution policies resulted in increased profits for large enterprises, driving up prices for downstream products like tungsten powder [2][5]. - Q4: Supply tightness in APT (Ammonium Paratungstate) due to tax policies and maintenance at smelting plants pushed prices higher [2][5]. Supply and Demand Dynamics - For 2026, domestic tungsten demand is projected at approximately 75,000 tons, while supply is expected to be around 65,000 tons, resulting in a supply gap of about 10,000 tons [3][24]. - Global demand is anticipated to grow at a rate of 4.5% to 5% [3][24]. - The tungsten concentrate production is expected to continue declining in 2026, even with imports, due to environmental and operational issues affecting supply [1][6]. Regulatory and Policy Impacts - The anti-involution policy aims to prevent unreasonable price increases and is crucial for stabilizing the market [11]. - The 15th Five-Year Plan emphasizes prohibiting the expansion of low-end production capacity and promoting high-end transformation in the tungsten industry [12]. - Export controls from Japan on tungsten are expected to remain in place, potentially becoming a normalized measure in the context of geopolitical tensions [29]. Future Price Predictions - Market participants predict that tungsten prices could reach 800,000 to 1,000,000 CNY per ton, but this is contingent on policy adjustments [13]. - The valuation of strategic metals like tungsten is expected to be reassessed, reflecting their strategic importance rather than just production costs [13][14]. Inventory and Market Conditions - Current inventory levels among traders and manufacturers are low, with many firms operating with minimal stock due to unexpected price increases [20][22]. - Major traders maintain operational inventories around 200 tons, while social inventory levels are expected to be low overall [21]. Application and Demand Structure - The demand for tungsten in various applications is evolving, with hard alloys remaining the largest segment, followed by materials for photovoltaic and nuclear fusion applications [26][27]. - Emerging industries are expected to have a stronger acceptance of high-priced tungsten products, while traditional sectors may see a reduction in demand [24]. Other Important Insights - The market is closely monitoring the impact of supply-side reforms and environmental regulations on production capabilities [10][14]. - The potential for recycled tungsten to increase in supply is recognized, with current recycling rates expected to rise to meet tightening raw material availability [16]. This summary encapsulates the key discussions and insights from the tungsten market conference call, highlighting the complex interplay of supply, demand, regulatory impacts, and future market expectations.

Summary of Tungsten Market Conference Call Industry Overview - The conference call focuses on the tungsten industry, particularly the developments and trends affecting tungsten prices and market dynamics in 2025 and beyond [1][4]. Key Points and Arguments Macroeconomic Policies - Domestic macroeconomic policies, especially the implementation of the "15th Five-Year Plan," provide clear guidance for the development of hard alloys in the tungsten industry, emphasizing a shift from scale expansion to quality prioritization [1][4]. Price Trends - In the first three quarters of 2025, tungsten market prices exhibited different growth characteristics, with significant increases in the first and second quarters, and tungsten powder and tungsten carbide powder growth rates surpassing front-end products in the third quarter [1][5]. - October saw raw material prices rise significantly more than back-end products, with November showing a notable increase in tungsten powder and carbide powder growth rates, a trend expected to continue into December [1][5]. Supply and Production Issues - Tungsten ore production has been declining over the past two years, with a significant reduction compared to 2024. State-owned mines have halted production to meet targets, and small mines have ceased operations due to environmental and production factors, leading to unsatisfactory production levels in October [1][6]. - APT (Ammonium Paratungstate) production saw a notable decline in the third quarter, with limited recovery in the following months, resulting in a supply gap expected to persist into December [1][6][14]. Import and Export Dynamics - In 2025, China's tungsten exports are expected to perform poorly due to regulatory impacts, while imports have significantly increased. This import-export situation may continue in the short term, potentially affecting market supply-demand balance [1][7]. - Changes in import levels or export regulations in the coming year will directly influence market dynamics, necessitating close monitoring of policy changes [1][7]. Psychological Indicators and Market Sentiment - The Psychological Line Indicator (PSY) showed a rebound signal since mid-October, currently at a level indicating an overall upward trend. However, it is crucial to focus on narrative changes rather than relying solely on this indicator for future market predictions [2][3][8]. Future Price Predictions - Future tungsten prices may experience a prolonged consolidation phase after recent increases, with expectations that prices will not drop significantly below previous lows but will stabilize at higher levels [3][10][13]. - The upcoming year is anticipated to see continued reductions in mining quotas and increased foreign ore imports, contributing to ongoing supply tightness [11]. Market Demand and Sectoral Changes - Demand in 2025 is not robust, with emerging industries like military, battery, and nuclear fusion showing some incremental demand, while traditional sectors like automotive tools are experiencing reduced demand [3][12]. - The market is currently adjusting to supply-demand balance, influenced by capital speculation rather than significant growth in actual demand [12]. Long-term Market Outlook - The tungsten market's price trajectory may resemble the coal market's past trends, with potential for a multi-year bottoming process following price increases, influenced by capacity expansions and changes in import and domestic mining quotas [13]. Communication Among Market Participants - Effective communication among market participants is crucial for price transparency and reflecting real market conditions. Daily transaction reports from companies contribute to forming an average price level, highlighting the importance of maintaining good communication across platforms [19]. Additional Important Insights - The supply gap for APT is expected to remain unaddressed in the short term, indicating ongoing supply constraints that could drive market developments [14]. - The upcoming long-term price announcements are anticipated to be stable, with a preference for gradual increases to support market stability [17]. - Monitoring the shipping situation of mining companies and the inventory replenishment of smelting plants will be critical in January, as these factors could further influence market trends [18].

Investment Rating - The report maintains a GDP growth forecast of 5% for the year and 4.5% for Q4 2025, indicating a stable outlook for the industry [5][8]. Core Insights - China's fiscal spending growth is below expectations, primarily due to strong export growth, which allows for a 5% annual growth target to be achievable. This has led to a tightening of fiscal policy in October, but some policy space is reserved for 2026 to ensure a strong start [5][8]. - The focus of China's economic policy for the coming year will be on stabilizing domestic demand, supporting high-tech manufacturing, and stabilizing the real estate market, with key discussions expected in upcoming political meetings [8][12]. - The labor market shows slight improvement but remains at historical lows, limiting consumer recovery. Consumer confidence has improved slightly, influenced by the stock market, but overall consumer spending remains weak [9][10]. Summary by Sections Fiscal Policy - In October, fiscal spending growth was lower than market expectations, leading to an unexpected tightening of broad fiscal indicators. However, the report maintains a GDP growth forecast of 5% for the year [5][6]. Consumer Market - October retail sales data showed accelerated growth in categories like cosmetics and jewelry due to the Double Eleven shopping festival, but this is expected to decline in November. Sales of home appliances and automobiles, supported by trade-in subsidies, have lagged behind other categories, indicating that price promotions and temporary subsidies cannot sustain durable goods consumption [6][7]. Labor Market and Consumer Confidence - The labor market remains weak, with historical low employment levels limiting consumer recovery. Consumer confidence showed slight improvement, potentially due to stock market performance, but overall consumer spending is still weak [9][10]. Fixed Asset Investment (FAI) - FAI growth has significantly slowed, dropping to approximately -11% in October. The decline in real estate investment, along with reductions in infrastructure and manufacturing investments, has contributed to this downturn. The report suggests that only 40% of the decline can be attributed to known factors, with the remaining 60% possibly due to statistical adjustments [13][14]. Policy Recommendations - To stimulate household consumption, the report suggests measures such as creating job opportunities, increasing minimum wage standards, and enhancing service consumption supply. Specific policies include subsidies for the service industry and labor-intensive sectors, as well as relaxing restrictions on high-end consumption [12][16]. Investment Opportunities - The report identifies 35 policy-supported industries that account for approximately 60% of the total market capitalization of listed companies. These industries are expected to provide better investment returns based on the analysis of the Fifteenth Five-Year Plan [15][16].

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **Chinese economy** and its future outlook, particularly in the context of the **15th Five-Year Plan**. Core Insights and Arguments 1. **High-Quality Development Focus**: The 15th Five-Year Plan emphasizes high-quality development, balancing effective qualitative improvements with reasonable quantitative growth, highlighting new productive forces, livelihood, and safety as key drivers for the next five years of economic development [1][3][4] 2. **Shift in Economic Strategy**: The future direction of China's economy is shifting from a single supply-side focus to a balanced approach addressing both supply and demand, with traditional industry upgrades and emerging industry growth occurring simultaneously [1][7] 3. **Investment Opportunities**: The concept of "investors" is highlighted, focusing on investments across the entire lifecycle of industries, with increased government spending in social employment, healthcare, and education to stimulate consumption potential [1][11] 4. **Economic Growth Expectations for 2026**: Five key highlights for 2026 include a potential easing of US-China tensions, strong export resilience, rising shares in emerging markets, increased innovation, and a focus on boosting domestic demand, with a GDP growth target of 5% [2][13][22] 5. **Emerging Industries**: The plan identifies several emerging industries such as low-altitude economy, embodied intelligence, hydrogen energy, and nuclear fusion, indicating a significant expansion of the strategic emerging industry framework [5] 6. **Risk Prevention Focus**: The focus of risk prevention has shifted from real estate and local government debt to external risks and domestic price pressures, with positive implications for anti-involution sectors and new infrastructure [8] 7. **Asset Allocation Recommendations**: Four main investment themes are identified: inflow of funds, technological innovation, institutional reform, and consumption upgrades, suggesting a positive outlook for the stock market [15][16] 8. **Bond Market Outlook**: A downward trend in government bond yields is anticipated due to a declining growth center and a sluggish real estate market, making government bonds a potentially attractive investment [18] 9. **Gold Market Dynamics**: Recent volatility in the gold market is attributed to supply-demand changes and geopolitical factors, with expectations of continued price support due to increased gold reserves by countries concerned about US debt risks [19] 10. **Commodity Market Outlook**: A bullish outlook is maintained for commodities, particularly gold and silver, with strategic and rare metals expected to enter an upward cycle, driven by high-quality and secure development needs [20] Other Important but Possibly Overlooked Content - The emphasis on "reasonable quantitative growth" aims to maintain GDP growth between 4.6% and 5% to achieve medium-developed country status by 2030 and 2035 [6] - The importance of safety in ensuring stable development is highlighted, alongside the need for high-level openness and the construction of a unified domestic market [4][9] - The ongoing governance of involution-style competition is crucial for improving market conditions and ensuring sustainable economic growth [12]

Summary of Key Points from Conference Call Industry and Company Overview - The conference call primarily discusses China's economic development goals and macroeconomic policies as outlined in the 14th and 15th Five-Year Plans, focusing on high-quality development and technological self-reliance [1][4][5]. Core Insights and Arguments - **Economic Growth Targets**: By 2035, China's per capita GDP is targeted to exceed $20,000, implying a nominal growth rate of approximately 3.5% and a real growth rate of about 4.17% over the next decade [1][2]. - **High-Quality Development**: The 15th Five-Year Plan emphasizes high-quality development and technological advancement, marking a shift from previous plans that prioritized economic growth alone [4][5]. - **Supply-Side Policies**: Future demand-side policies will focus on supply-side stimulation, such as providing financial support to enterprises and encouraging innovation, rather than direct fiscal stimulus [9][10]. - **Consumer Spending**: There is an increasing market focus on the consumer sector, with expectations for policies aimed at boosting consumer spending, although the effectiveness of these measures may be gradual [6][7]. - **Export Performance**: China's strong export performance in 2025 is attributed to the expansion into non-U.S. markets and increased overseas investment, rather than a strategy of "grabbing exports" [3][14][15]. - **Fiscal Policy Outlook**: Despite a projected fiscal deficit rate of 4.0% in 2025, the overall fiscal policy will remain prudent, focusing on enhancing fiscal efficiency and supporting national strategic tasks [12][13]. Additional Important Insights - **Technological Self-Reliance**: The emphasis on technological self-reliance indicates a significant shift in policy priorities, reflecting the need to enhance domestic capabilities in the face of global competition [4][5]. - **Impact of Global Economic Environment**: The anticipated shift towards expansive fiscal and monetary policies in developed countries by 2026 is expected to improve the global demand environment, benefiting China's exports [16]. - **Consumer Services Expansion**: Efforts to expand high-quality service consumption include large-scale events and reforms to reduce barriers to consumer spending, such as easing restrictions on car purchases [8][11]. - **AI and Economic Outlook**: The discussion on AI suggests that current valuations in the tech sector do not indicate a bubble similar to the 2000 internet bubble, as AI's impact on economic growth is still developing [17][18]. This summary encapsulates the key points discussed in the conference call, providing insights into China's economic strategies and the implications for various sectors.

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the Chinese market, focusing on various sectors including technology, manufacturing, aviation, oil shipping, chemicals, and consumer goods [1][4][5][6]. Core Insights and Arguments 1. **Market Outlook**: The index is expected to rise to 4,200-4,300 points from December to February, driven by product structure adjustments and increased capital inflow, alongside supportive policies from the upcoming "15th Five-Year Plan" [1][3]. 2. **Valuation Expansion**: The Chinese market is currently in a valuation expansion phase, with reduced fears of sanctions due to changing perceptions of US-China relations and rationalized economic policies [4][6]. 3. **Sector Recommendations**: - **Technology Sector**: Focus on AI, internet, new energy vehicles, electronic semiconductors, and media communications [5]. - **Manufacturing**: Global expansion in power equipment, machinery, and auto parts [5]. - **Aviation**: Strong fundamentals with record high passenger load factors and low ticket prices, indicating a potential super cycle [10]. - **Oil Shipping**: Record high freight rates expected to lead to the highest profits in a decade due to OPEC production increases and geopolitical factors [11]. - **Chemicals**: Optimism for leading companies benefiting from supply-side optimization and cost advantages [3][16]. - **Consumer Goods**: Opportunities in food, beverages, and retail sectors, particularly for companies with low stock and strong fundamentals [7][30]. Additional Important Insights 1. **Economic Recovery**: The upcoming year is expected to show a high probability of economic recovery, particularly in traditional sectors like cyclical and consumer goods [6]. 2. **Investment Strategies**: Investors are advised to focus on companies with low stock prices and strong fundamentals, especially in the consumer goods sector [7][9]. 3. **Brokerage Role**: Brokerages are anticipated to play a crucial role in market advancement, especially as capital market reforms progress [8]. 4. **Metal Industry Outlook**: Positive expectations for the metal sector, with industrial metals likely to benefit from global liquidity and emerging demands from AI infrastructure and new energy vehicles [18][19]. 5. **Chemical Industry Trends**: The chemical sector has seen significant supply-side optimization, with leading companies expected to benefit from a recovery in demand and pricing [13][14][16]. 6. **Oil Market Dynamics**: Current oil market conditions show a supply surplus, but OPEC's cautious production increases are expected to support prices in the medium term [24]. Conclusion The conference call highlights a generally optimistic outlook for the Chinese market across various sectors, with specific recommendations for investment opportunities in technology, aviation, oil shipping, chemicals, and consumer goods. The anticipated economic recovery and supportive policies are expected to drive market performance in the coming months.

Summary of Guangdong Hongda Conference Call Company and Industry Overview - **Company**: Guangdong Hongda - **Industry**: Defense and Military Equipment Manufacturing Key Points and Arguments 1. **Acquisition Strategy**: Guangdong Hongda enhanced its black powder production capacity through the acquisition of Jiangsu Hongguang, solidifying its position in the ammunition assembly industry. The company also partnered with Beijing Junhongrui to develop satellite internet and integrated aerospace electrical systems, while acquiring a stake in Changzhilin at a low valuation to synergize with its smart ammunition supply chain [2][5][17]. 2. **Order Backlog**: The company has approximately 40 billion in orders in the civil explosives and mining service sectors, supporting its first growth curve. The second growth curve is being developed through both organic growth and acquisitions, aligning with national defense strategic development trends [2][5]. 3. **Market Sentiment**: As of Q3 2025, the proportion of active funds holding positions in the defense and military sector has decreased compared to Q2, but there is an increasing recognition of the importance of safety in explosives and ammunition production [2][6]. 4. **Performance of Military Sector**: The overall performance of the military sector declined in Q3 2025, with a notable drop in stock prices during significant events like the September 3 military parade. However, companies like Feili Hua and Xinle Neng showed strong performance in AI computing for military applications [2][7][8]. 5. **Strategic Importance of "Fifteen" Plan**: The "Fifteen" plan emphasizes strategic pre-positioning, particularly in the safety production of explosives and ammunition, necessitating advancements in automation and safety measures across the entire production chain [2][11][12]. 6. **Emerging Opportunities**: Companies like Baiao Intelligent are leading in the field of safety production for explosives, with significant contracts and expanding market presence. Local state-owned military enterprises are also showing strong performance, indicating a demand-driven growth opportunity [2][14][15]. 7. **Future Trends**: The military industry is expected to focus on three main lines: military trade, internal installations, and military-to-civilian transitions. Guangdong Hongda is recommended as a key stock, particularly for its potential in high-precision missile exports [2][16][17]. 8. **Investment Recommendations**: Investors are advised to look for undervalued stocks with potential catalysts, particularly in the internal installation sector, where improvements in order data are anticipated [2][18][19]. Additional Important Insights - **Defense Market Dynamics**: Despite a lower market share in global military trade, Guangdong Hongda is positioned to capitalize on opportunities in the smart ammunition sector [2][4]. - **Sector Adjustments**: The military sector is undergoing significant adjustments, with a notable decrease in active fund holdings, indicating a cautious market sentiment [2][6][7]. - **Focus on Safety**: The emphasis on safety in explosives production is critical, with a need for innovation to mitigate risks associated with automation in manufacturing processes [2][12][13].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **Chinese consumer market** and various sectors including **home appliances**, **textiles and apparel**, **food and beverage**, and **high-end consumption** [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39]. Core Insights and Arguments Government Initiatives - The **15th Five-Year Plan** emphasizes enhancing consumer spending through measures such as promoting employment, increasing wage income, stabilizing expectations, and improving the social security system [1][4][6]. - Short-term measures include a **central subsidy** of **300 billion** in 2025, with expectations for continued large-scale subsidies in 2026, albeit with a broader scope to avoid over-reliance on subsidies [1][5][6]. Consumer Market Trends - The consumer market has shifted from a bull market post-2020 to a prolonged bear market starting in 2021, primarily due to weakened purchasing power and consumption downgrade [2]. - The **A-share** consumer sector has lagged, while the **Hong Kong stock market** saw a rise in new consumption sectors in late 2024 and early 2025 [2]. Sector-Specific Insights - **Home Appliances**: Companies like **Midea** and **Haier** are expected to grow due to international competitiveness and channel reforms, despite concerns over subsidy reductions [1][13]. - **Television Industry**: **Hisense** and **TCL** are positioned to benefit from increased Mini LED penetration, enhancing brand positioning and average pricing [1][14]. - **Textiles and Apparel**: The sector is undergoing structural upgrades with rising demand for health-oriented and fashionable clothing. Despite fluctuations in overseas demand, international expansion is expected to improve order situations by 2026 [1][22][24][25]. - **Food and Beverage**: Investment opportunities lie in new consumption channels and health-oriented products, with policy support expected to stimulate demand [3][37][38]. Long-term Market Outlook - The overall market outlook for 2026 is cautious, with expectations of improved overseas business due to China's efficiency in the supply chain and technological advancements [12]. - The **high-end consumption market** is anticipated to benefit from wealth improvements and policy optimizations, particularly in sectors like luxury goods and entertainment [32]. Additional Important Insights - The **service consumption sector** is highlighted as a crucial employment channel, with increased supply in events like concerts and sports benefiting from policy optimizations [3][31]. - The **internationalization of Chinese consumer industries** is progressing, with significant competitiveness in technology and manufacturing sectors, although challenges remain in textiles and apparel [11][24][27]. - The **outdoor apparel market** is emerging as a growth area, with traditional brands expanding their product lines [26]. - The **packaging industry** is experiencing consolidation, with major players like **Aoruijin** and **Baosteel** capturing significant market share [18]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the Chinese consumer market and related industries.

Core Insights - The article emphasizes the transition of China's economy from stability to rapid growth, highlighting the "15th Five-Year Plan" as a blueprint for modernization and high-quality development [3][5]. Group 1: High-Quality Development - The focus is on "high-quality development," shifting from quantity to quality, indicating that efficiency and effectiveness will be the new benchmarks for growth [3][5]. - Quality is described as the "hard currency" for the next phase of economic development, moving away from mere production to producing better goods and services [3]. Group 2: Technological Independence - The plan marks a "leading period" for technological self-reliance, with an emphasis on original innovation in fields such as AI, chips, and quantum computing [3]. - The narrative suggests that China is no longer catching up but is now aiming to lead in technological advancements [3]. Group 3: Expanding Domestic Demand - The strategy shifts from "supply-driven" to "demand-driven," with consumption, social security, and education identified as key growth drivers [3]. - This approach aims to encourage citizens to spend and invest, thereby stimulating economic growth [3]. Group 4: High-Level Openness - The article discusses a transition from "passive openness" to "institutional confidence," promoting active sharing of opportunities and collaborative rule-making in a complex international environment [3]. - This new posture reflects a proactive approach to global engagement [3]. Group 5: Green Transformation and Security - The plan incorporates green transformation as a fundamental aspect, emphasizing the importance of environmental sustainability alongside energy security and national defense modernization [3]. - This dual focus aims to ensure both ecological balance and national safety [3].

Summary of Key Points from Conference Call Records Industry or Company Involved - The records primarily discuss the Chinese economy and its future development plans, particularly focusing on the "14th Five-Year Plan" and the "15th Five-Year Plan" [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21]. Core Points and Arguments 1. **Economic Challenges**: The Chinese economy faces three major challenges: a decline in the real estate market, local government debt risks, and an aging population [4][5]. 2. **Growth Targets**: The expected economic growth target for the next five years is an average of 4.5% to 5% annually, with a goal of maintaining a growth rate of around 5% in 2026 [5][19]. 3. **Modern Industrial System**: The plan emphasizes the construction of a modern industrial system, focusing on the importance of the real economy and manufacturing, as well as the development of new productive forces [1][7][8]. 4. **New Productive Forces**: Key tasks include technological innovation, upgrading traditional industries, nurturing future industries, and integrating technology with the real economy [8][12]. 5. **Regional Development**: The marine economy is highlighted as a potential growth area, with marine GDP currently at approximately 10 trillion yuan, accounting for about 8% of national GDP [9]. 6. **Green Development**: Emphasis on energy conservation, carbon reduction, and recycling, with increased investment in new and clean energy sources [12]. 7. **Social Welfare**: Focus on reducing income disparity and enhancing the quality of life for lower-income groups, which is a key aspect of achieving common prosperity [6][10]. 8. **Major Tasks**: The plan outlines 13 major tasks, including the construction of a modern industrial system and enhancing service sector competitiveness [7][16]. 9. **Investment Trends**: Recent declines in fixed asset investment are concerning, attributed mainly to the real estate sector's downturn, necessitating measures to stimulate investment [19][20]. 10. **Infrastructure Projects**: The "8+1 Super Projects" include significant infrastructure initiatives like the Sichuan-Tibet Railway and the Yangtze River Waterway, which are crucial for economic development [18]. Other Important but Possibly Overlooked Content 1. **Policy Adjustments**: The order of policy priorities has shifted, with industrial policy and foreign openness gaining more emphasis, reflecting the central government's focus on these areas [2][3]. 2. **Investment in Human Capital**: The importance of investing in social welfare sectors such as education, healthcare, and cultural industries is noted as a means to drive consumption growth [10][11]. 3. **Reform and Opening Up**: Recommendations for reform include expanding the consumption tax base and cautiously advancing property tax to alleviate local fiscal pressures [13][14]. 4. **Capital Outflow**: The significance of capital outflow and foreign investment is highlighted as a means to balance the economy and promote global economic cooperation [14][15]. 5. **Future Planning**: The planning for major projects in the 15th Five-Year Plan involves a focus on technology innovation, key industries, and social welfare, ensuring a comprehensive approach to development [17][21].