Core Points - The China Development Bank (CDB) has successfully completed the task of deploying 250 billion RMB in new policy financial instruments within a month since the establishment of the new policy financial instrument company on September 29 [1][2] - A total of 1,054 projects have been supported, with an expected total investment of 3.85 trillion RMB [1] - The deployment has primarily focused on 12 major economic provinces, with 690 projects receiving 194.95 billion RMB, accounting for 78% of the total [1] - The financial tools have also supported 128 projects involving private investment, amounting to 68.59 billion RMB, which is 27.4% of the total [1] - In terms of sectors, 317 projects in digital economy, artificial intelligence, and consumer sectors received 98.02 billion RMB, representing 39.2% of the total [1] Investment Focus - The new policy financial instruments have supported 190 projects in the integrated circuit and new display sectors within the digital economy [1] - Additionally, 43 projects in artificial intelligence applications and 84 projects in consumer sectors such as elderly care and cultural heritage protection have been funded [1] Future Plans - The CDB plans to enhance the operation and post-investment management of the new policy financial instruments, strengthen the linkage between investment and loans, and accelerate project construction and fund utilization to ensure effective management and recovery of investments [2]

Core Viewpoint - The stock market has crossed the 4000 mark, but there is still uncertainty about its future direction and stability [2][3] Market Performance - The stock market is expected to fluctuate around the 4000 level, with no strict control anticipated moving forward [3] - The market has shown signs of distrust, with some investors pulling back despite the recent milestone [2][3] Economic Context - The current economic situation remains challenging, particularly with consumer spending not meeting expectations, necessitating liquidity to stimulate activity [6] - The real estate market has seen a significant decline, with national housing prices dropping 36% over the past four years [5] Policy and Planning - Recent government proposals focus on addressing unreasonable restrictions in the housing market and promoting a new model for real estate development [4] - The upcoming five-year plan emphasizes economic construction as a priority, which will influence market narratives [8] Investor Sentiment - The market's core narrative is driven more by sentiment than by economic fundamentals, indicating a need for confidence to attract investment [8] - The expectation is that the market will stabilize around 4000, with potential for gradual increases, but volatility is a concern [7][8]

Group 1: Consumption and Economic Growth - Improving the resident consumption rate is a key goal of the "15th Five-Year Plan" with a target to increase it significantly from the current 39.9% to align more closely with the global average of 56.3%[2][4] - The plan emphasizes a shift towards an economy driven by domestic demand and consumption, moving away from reliance on external demand and investment[4][5] - The proposal aims to enhance the income of low- and middle-income groups, with the middle-income group projected to grow from over 400 million in 2017 to over 800 million in the coming years[4][5] Group 2: Policy and Structural Changes - The "15th Five-Year Plan" introduces a more proactive macroeconomic policy, focusing on "stabilizing growth, employment, and expectations" as a guiding principle[4][5] - It highlights the need for direct consumer-oriented policies, such as subsidies and tax deductions, to stimulate consumption[4][5] - The plan includes measures to improve income distribution through enhanced taxation and social security systems, aiming to reduce income inequality[5][6] Group 3: Technological and Industrial Development - New strategic emerging industries include low-altitude economy, quantum technology, hydrogen energy, and brain-computer interfaces, reflecting a shift in focus for the upcoming five years[4][6] - Infrastructure development will prioritize safety, resilience, and digital transformation, with an emphasis on integrating traditional infrastructure with smart technologies[6][7] - The plan stresses the urgency of technological innovation, particularly in critical areas like integrated circuits and high-end instruments, proposing "extraordinary measures" to achieve breakthroughs[6][7] Group 4: Financial and Fiscal Strategies - The plan calls for the construction of a financial powerhouse, emphasizing the importance of capital markets in supporting the real economy and innovation[7][8] - It proposes reforms in fiscal policy, including zero-based budgeting to ensure efficient allocation of resources and enhance fiscal sustainability[7][8] - The focus on enhancing the direct tax system aims to balance the tax burden between labor and capital, improving overall income distribution[7][8]

Core Viewpoint - The stock market is experiencing a strong upward trend, with major indices reaching new highs, driven by various sectors such as semiconductors, automotive, pharmaceuticals, and real estate [1] Market Performance - As of the report, the Shanghai Composite Index has surpassed the 4000-point mark, achieving its highest level in over a decade [1] - The ChiNext Index and the STAR 50 Index are also showing positive movements [1] Sector Analysis - Key sectors contributing to the market rally include: - Semiconductors - Automotive - Pharmaceuticals - Real Estate - Military trade concepts - Storage chips - Controlled nuclear fusion concepts [1] Economic Outlook - Short-term market performance is expected to remain strong due to: - The goals outlined in the 20th National Congress of the Communist Party of China, which aim to boost market confidence through new policy deployments - Ongoing US-China trade negotiations and the anticipated interest rate cuts by the Federal Reserve in October [1] - Mid-term outlook suggests potential improvement in corporate earnings, which could provide new momentum for the market [1] Earnings and Recovery - Current corporate earnings are still stabilizing, with the economic recovery process being relatively slow, although some areas show improvement [1] - Domestic exports are expected to remain resilient, and the sustainability of domestic demand improvements may exceed expectations [1] - Overall, policy support is anticipated to lead to a slight recovery in A-share earnings in the fourth quarter, adding new momentum to the market [1] Investment Strategy - Mid-term focus on TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors - In case of market fluctuations, attention should be directed towards sectors with stagnant growth, such as high-dividend and consumer sectors [1]

Core Points - The 20th Central Committee's Fourth Plenary Session emphasizes the importance of unifying thoughts and actions to ensure the successful completion of the "14th Five-Year Plan" and the scientific planning of the "15th Five-Year Plan" for economic and social development [1][2] Group 1: Economic Development - The session highlights the need to consolidate and strengthen the foundation of the real economy, promoting the renewal of traditional industries and the development of emerging and future industries [2][4] - The focus is on enhancing green development momentum and creating a new quality of productive forces [2][4] - The session calls for a comprehensive deepening of reforms and expansion of opening-up to better leverage the role of economic system reforms [2][4][5] Group 2: Technological Innovation - The session identifies accelerating high-level technological self-reliance and strength as a strategic task, reflecting the central government's emphasis on technological innovation [3] - The goal is to build a high-level technology province by 2035, focusing on original innovation and key core technology breakthroughs [3] Group 3: Industrial System - The session stresses the construction of a modern industrial system and the importance of maintaining a reasonable proportion of manufacturing [4] - It aims to create a modern industrial system with Jiangsu characteristics, integrating various technological and industrial innovations [4] Group 4: Financial and Market Regulation - The financial system is directed to serve the real economy and promote the integration of technological and industrial innovations [6][10] - The market regulation authority aims to enhance service for the construction of a modern industrial system and ensure safety in food, drugs, and industrial products [9] Group 5: Social Governance and Development - The session emphasizes the importance of social governance and the need for a comprehensive approach to enhance the effectiveness of social governance [11] - It highlights the role of various departments in promoting high-quality economic and social development through targeted actions and community engagement [11]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report analyzes the economic situation from October 19 to October 25, 2025, covering aspects such as industrial production, people and goods flow, consumption, investment, exports, and major asset performance. It shows that industrial production is performing well, people flow continues to rise, freight prices increase slightly, car sales growth slows down, prices are differentiated, construction shows good performance while the real - estate market declines, port throughput rises, and shipping indices are differentiated. Major assets present a mixed performance with bonds showing both gains and losses, stocks generally rising, most commodities rising, and foreign currencies generally falling [3]. 3. Summary According to the Catalog 3.1. Major Assets - This week, bond indices showed mixed performance, stock indices generally rose, most commodities increased, and foreign currencies generally declined. Among bond indices, the AAA and AA+ indices of China Bond corporate bonds rose the most, with a weekly increase of 0.14%, while the 10 - year China Bond treasury bond index fell the most, with a weekly decline of 0.13%. The ChiNext Index rose the most among stock indices, with a weekly increase of 8.05%. Among commodities, the Nanhua Energy and Chemical Index rose the most, with a gain of 3.66%, and the Nanhua Precious Metals Index fell the most, with a decline of 6.69%. Foreign currencies depreciated against the RMB, with the Japanese yen having the largest decline of 2.06% and the US dollar depreciating by 0.05% [3]. 3.2. Industrial Production - Production performed well. From the upstream perspective, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the operating rate of petroleum asphalt plants increased by 1.30 pcts to 35.80%, and the blast furnace operating rate increased by 0.48 pcts to 84.73%, while the crude steel output decreased by 0.89% week - on - week. In the real - estate chain, the operating rate of rebar increased by 1.64 pcts to 42.97%, the operating rate of float glass remained flat at 76.65%, and the mill operating rate increased by 0.38 pcts to 38.27%. In the consumer goods chain, the operating rate of polyester filament remained flat at 91.04%, the PTA operating rate increased by 0.42 pcts to 75.98%, and the methanol operating rate decreased by 1.67 pcts to 82.71%. In the automotive chain, the operating rate of automobile semi - steel tires increased by 0.95 pcts to 73.67%, and the operating rate of automobile all - steel tires increased by 1.06 pcts to 65.58% [3]. 3.3. People and Goods Flow - People flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations increased by 1.53%, while the 7DMA of international flight operations decreased by 0.79%. The subway passenger volumes in Beijing, Shenzhen, and Guangzhou increased, while that in Shanghai decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01% week - on - week, and the total volume was higher than the same period in previous years [3]. 3.4. Consumption - Car sales growth slowed down, and price performance continued to be differentiated. The previous period's automobile wholesale increased by 1.00% year - on - year, while retail sales decreased by 3.00% year - on - year. Both the 4WMA of wholesale and retail year - on - year growth rates declined. The weekly box office of movies decreased by 39%, and the 7DMA of the number of movie - goers decreased by 41%. Agricultural product prices were differentiated, with pork prices decreasing by 1.66% week - on - week and vegetable prices increasing by 5.65% week - on - week [3]. 3.5. Investment - Construction showed good performance, and the real - estate market declined. The cement inventory ratio increased by 0.2 pcts week - on - week, the cement price index increased by 0.23% week - on - week, and the cement shipping rate increased by 0.6 pcts week - on - week. The rebar inventory decreased by 4.1% week - on - week, the proportion of profitable steel mills nationwide decreased by 7.8 pcts week - on - week, and the apparent demand for rebar increased by 2.8% week - on - week. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large and medium - sized cities decreased by 7.3% week - on - week. By city - tier, the transaction area of first - tier cities increased, while those of second - and third - tier cities decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 4.7% week - on - week, and the national second - hand housing listing price index decreased by 0.2% week - on - week. The land transaction area in 100 large and medium - sized cities increased, and the land transaction premium rate increased week - on - week [3]. 3.6. Exports - Port throughput increased, and shipping indices were differentiated. The weekly port cargo throughput increased by 2.5%, and the container throughput increased by 3.6%. The BDI index decreased by 3.77% week - on - week, while the domestic SCFI and CCFI indices increased by 7.11% and 2.02% week - on - week respectively [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides a weekly economic analysis from October 19 - October 25, 2025, covering various aspects including industrial production, personnel and freight flow, consumption, investment, exports, and performance of major asset classes, along with important policies and events [1]. 3. Summary by Directory 3.1. Major Asset Classes - This week, bond indices showed mixed performance, stock indices generally rose, most commodities increased, and foreign currencies generally fell. Among bond indices, the ChinaBond Corporate Bond AAA and AA+ indices had the highest weekly gains of 0.14%, while the ChinaBond 10 - year Treasury Bond index had the largest weekly decline of 0.13%. The ChiNext index led the stock market with a weekly gain of 8.05%. The Nanhua Energy and Chemicals Index in commodities rose the most, by 3.66%, and the Nanhua Precious Metals Index fell the most, by 6.69%. Foreign currencies depreciated against the RMB, with the Japanese yen having the largest weekly decline of 2.06%, and the US dollar depreciated by 0.05% [1]. 3.2. Industrial Production - Production performed well. In the upstream sector, the weekly coal consumption in the national power plant sample area decreased by 1.27% week - on - week, the petroleum asphalt plant operating rate increased by 1.30 pcts to 35.80%, the blast furnace operating rate increased by 0.48 pcts to 84.73%, and the crude steel output decreased by 0.89%. In the real - estate chain, the rebar operating rate increased by 1.64 pcts to 42.97%, the float glass operating rate remained flat at 76.65%, and the mill operating rate increased by 0.38 pcts to 38.27%. In the consumer goods chain, the polyester filament operating rate remained flat at 91.04%, the PTA operating rate increased by 0.42 pcts to 75.98%, and the methanol operating rate decreased by 1.67 pcts to 82.71%. In the automotive chain, the semi - steel tire operating rate increased by 0.95 pcts to 73.67%, and the full - steel tire operating rate increased by 1.06 pcts to 65.58% [1]. 3.3. Personnel and Freight Flow - Personnel flow continued to rise, and freight prices increased slightly. The 7 - day moving average (7DMA) of the national migration scale index increased by 6.68% week - on - week. The 7DMA of domestic flight operations increased by 1.53%, while that of international flights decreased by 0.79%. The subway passenger volumes in Beijing, Shenzhen, and Guangzhou increased, while that in Shanghai decreased. The 4 - week moving average (4WMA) of the road logistics freight rate index increased by 0.01% week - on - week, and the total volume was higher than the same period in previous years [1]. 3.4. Consumption - The growth rate of automobile sales declined, and price performance continued to diverge. The previous period's automobile wholesale increased by 1.00% year - on - year, while retail sales decreased by 3.00%. Both the 4WMA of the wholesale and retail year - on - year growth rates declined. This period's movie box office decreased by 39% week - on - week, and the 7DMA of the number of moviegoers decreased by 41%. Agricultural product prices showed divergence, with pork prices decreasing by 1.66% week - on - week and vegetable prices increasing by 5.65% [1]. 3.5. Investment - Construction showed good performance, while the commercial housing market declined. The cement inventory - to - capacity ratio increased by 0.2 pcts week - on - week, the cement price index increased by 0.23%, and the cement shipping rate increased by 0.6 pcts. Rebar inventory decreased by 4.1% week - on - week, the proportion of profitable steel mills nationwide decreased by 7.8 pcts, and the apparent demand for rebar increased by 2.8%. Overall, the terminal demand for construction was good. The 7DMA of the commercial housing transaction area in 30 large - and medium - sized cities decreased by 7.3% week - on - week. By city tier, the transaction area in first - tier cities increased, while those in second - and third - tier cities decreased. The 7DMA of the second - hand housing transaction area in 16 cities decreased by 4.7%, and the national second - hand housing listing price index decreased by 0.2%. The land transaction area in 100 large - and medium - sized cities increased, and the land transaction premium rate increased week - on - week [1]. 3.6. Exports - Port throughput increased, and shipping indices showed divergence. Port cargo throughput increased by 2.5% week - on - week, and container throughput increased by 3.6%. The BDI index decreased by 3.77% week - on - week, while the domestic SCFI and CCFI indices increased by 7.11% and 2.02% respectively [1]. 3.7. Important Policies/Events - In the third quarter of 2025, the economic growth rate declined; the October LPR quote remained unchanged; a new round of China - US trade consultations started on the 24th in Malaysia; the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China successfully concluded; the central bank announced a 900 - billion - yuan MLF operation on October 27 [1].

Policy & Strategy - China's Ministry of Commerce emphasizes that future opening-up and investment attraction will not involve zero-sum games or benefiting oneself at the expense of others [1] - The Ministry aims to vigorously boost consumption and promote the development of Chinese brands to stimulate both goods and services consumption [1]

#观察 四中全会公报的部分表述边际变化任务分析：“十四五”时期——全面建设社会主义现代化国家开局起步的关键时期。“十五五”时期——基本实现社会主义现代化夯实基础、全面发力的关键时期，在基本实现社会主义现代化进程中具有承前启后的重要地位。思想：“斗争精神”到“历史主动精神”；安全：新增“国家安全屏障”；提高公共安全治理水平；科技：新增“加强原始创新”（强调基础研究，针对卡脖子问题）；消费：“全面促进消费”转为“大力提振消费”；“惠民生和促消费”作为战略基点，强调消费与民生、投资的平衡协同；新增“投资于物和投资于人紧密结合”；民生：“房地产高质量发展”；“人口高质量发展”（针对老龄化、低生育）。外汇交易员 (@myfxtrader):#四中全会 #全文 中国共产党第二十届中央委员会第四次全体会议公报： https://t.co/wHXYw6xxvl ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Steel prices are expected to fluctuate weakly and stably. Near - term, pay attention to the impact of domestic macro - meetings, and avoid directional speculative trading for now [2]. - The valuation of ferrosilicon and silicomanganese is low, and the cost is supported. It is recommended to go long on dips [3][5]. - Coke and coking coal markets are in a state of oscillation. Unilateral speculative trading should be short - term, and mid - to long - term opportunities need to be awaited [6]. - There is no obvious driving force for iron ore. It is recommended to mainly adopt a wait - and - see approach [7]. Summary by Related Catalogs Futures Market - On October 22, for far - month contracts, RB2605 closed at 3120 yuan/ton (up 14 yuan, 0.45%), HC2605 at 3259 yuan/ton (up 20 yuan, 0.62%), etc. For near - month contracts, RB2601 closed at 3068 yuan/ton (up 18 yuan, 0.59%), HC2601 at 3247 yuan/ton (up 26 yuan, 0.81%) [1]. - The cross - month spreads, spreads/ratios/profits, and basis values of various varieties also had corresponding changes on October 22 [1]. Steel - Steel prices show narrow - range fluctuations, and the spot trading volume remains stable. The basis shrinks slightly, with mainly rigid - demand transactions. The market is waiting for the release of the "Silver October" peak - season demand, but the demand is not explosive [2]. - It is recommended to take a wait - and - see approach or use an oscillation strategy for unilateral trading, and observe the opportunity to go long on the coil - rebar spread of the 01 contract when it is below 150 for arbitrage. For spot - futures arbitrage, take rolling profit - taking for reverse arbitrage and wait for positive arbitrage opportunities [2][8]. Ferrosilicon and Silicomanganese - Short - term production profits are poor, and supply is difficult to increase. With the arrival of the heating season, coal prices are strong, and costs are supported. It is recommended to go long on dips [3][5]. Coke and Coking Coal - The spot market of coke and coking coal is in a state of oscillation. The second price increase of coke has not been responded to by steel mills. The supply - demand relationship is tight, but the downstream profit is weak, and price increases are difficult to pass on [6]. - It is recommended to take a temporary wait - and - see approach for unilateral trading [6][8]. Iron Ore - There is no significant impact on the short - term supply. High iron - water production may lead to over - supply of steel in the second half of the year. The expected increase in supply limits the price ceiling. It is recommended to mainly adopt a wait - and - see approach [7][8].