Group 1: Economic Development and Modernization - The 20th Central Committee's Fourth Plenary Session approved the proposal for the 15th Five-Year Plan, emphasizing the need for top-level design and strategic planning for the next five years, aiming to advance Chinese-style modernization [1] - The session highlighted the construction of a modern industrial system and the strengthening of the real economy, with specific focus on industrial growth, project acceleration, and innovation integration in the Jiangbei New Materials Science and Technology Park [2] - The Binjiang Development Zone plans to focus on high-quality industrial development, particularly in new-generation information communication, green intelligent vehicles, and high-end equipment manufacturing [3] Group 2: Agricultural Modernization - The session underscored the importance of accelerating agricultural and rural modernization, aiming for comprehensive rural revitalization, which is crucial for the city's agricultural strategy [4] - The Pukou District has been recognized for its achievements in rural revitalization, with plans to enhance grain production capacity and develop specialized agriculture [5] Group 3: Social Welfare and Employment - The session called for increased efforts in improving people's livelihoods and promoting common prosperity, guiding local health authorities to innovate service delivery and enhance community health services [6] - Employment was identified as a fundamental aspect of people's livelihoods, with local employment services focusing on creating community-based job opportunities and supporting vulnerable groups [7]

Core Insights - The report highlights the continuous growth of state-owned enterprises (SOEs) in China, with total assets reaching 401.7 trillion yuan by the end of 2024, and an average annual increase of 8.6% in R&D expenditure over the past five years [1][2] Group 1: Financial Performance - SOEs have achieved an average annual revenue growth of 6.0% over the past five years, indicating effective enhancement in operational efficiency and reasonable growth in scale [1] Group 2: Technological Innovation - SOEs have made significant advancements in high-end technologies, contributing to national security and achieving breakthroughs in major projects such as the manned space station and lunar exploration [2] - The report emphasizes the importance of fostering a modern industrial system and accelerating the transformation of traditional industries while promoting strategic emerging industries [2] Group 3: Structural Optimization - The government is focused on optimizing the layout and structure of the state-owned economy, including strategic restructuring of central enterprises and integration of local SOEs based on business segments [1][2] - There is a commitment to enhancing the management and operational mechanisms of technology, improving talent evaluation systems, and empowering scientific achievements [2]

Market Overview - The A-share market saw all three major indices rise last Friday, with the Shanghai Composite Index up by 0.71%, the Shenzhen Component Index up by 2.02%, and the ChiNext Index up by 3.57%. The total trading volume in the Shanghai and Shenzhen markets reached 19,740.21 billion [1][7] - In terms of industry performance, the telecommunications, electronics, and defense sectors led the gains, while the oil, coal, and food and beverage sectors lagged behind. Concept sectors such as storage chips and state-owned enterprise reforms saw significant increases, while coal and rental rights concepts experienced declines [1][7] - The Hong Kong market also saw the Hang Seng Index rise by 0.74%, while the Hang Seng Technology Index remained unchanged. In overseas markets, all three major US indices rose, with the Dow Jones up by 1.01%, the S&P 500 up by 0.79%, and the Nasdaq up by 1.15% [1][7] Important News - Recent US-China trade talks took place in Kuala Lumpur, focusing on key economic issues such as maritime logistics, tariff extensions, and agricultural trade. Both sides reached a basic consensus on addressing mutual concerns and agreed to further define specific details [2][8] - The Ministry of Science and Technology emphasized the importance of strengthening strategic planning and innovation to seize opportunities in the new technological revolution and industrial transformation [2][8] Industry Insights - The recent Fourth Plenary Session of the 20th Central Committee outlined a blueprint for future economic development, emphasizing high-quality growth and structural reforms during the 14th Five-Year Plan period. The focus will be on developing new productive forces to drive economic transformation [9][10] - The session highlighted the need to build a modern industrial system, with advanced manufacturing as a backbone, and to accelerate the transition of traditional industries towards high-end, intelligent, and green development [10][11] - There is a strong emphasis on enhancing domestic demand and consumption to strengthen the domestic economic cycle, with plans to cultivate a complete domestic demand system [12] - The session also called for market-oriented reforms to improve resource allocation efficiency and expand high-level openness, aiming to break down barriers to the construction of a unified national market [12] Gaming Industry Update - In October, a total of 166 game licenses were approved, including 159 domestic games and 7 imported games. This high volume of approvals indicates a continued recovery in the gaming industry [13][14] - Notable games such as "Arknights" by Eagle Horn Network have been approved, which is expected to strengthen its position in the market. The game has seen significant success since its launch, with high download rates and positive reviews [14][15] - The overall trend in game license approvals suggests a normalization in the regulatory environment, which is expected to benefit leading companies with diverse product offerings and strong R&D capabilities [15]

Core Insights - The report emphasizes the importance of building a modern industrial system and strengthening the foundation of the real economy, reflecting the policy makers' high attention to modern industrial systems and new productive forces [1] Group 1: Achievements and Future Outlook - During the "14th Five-Year Plan" period, the contribution of new productive forces to the economy has significantly increased, with strategic emerging industries surpassing the real estate sector in contribution since 2023. The "15th Five-Year Plan" period is expected to see new policy support for industries such as new energy, new materials, aerospace, and future industries like quantum technology [1] - Since 2021, the manufacturing sector has maintained a reasonable share in the national economy. In the "15th Five-Year Plan" period, it is anticipated that policy focus on manufacturing will intensify, with traditional industries like chemicals, machinery, and shipbuilding undergoing quality upgrades, while advanced manufacturing clusters in aerospace and biomanufacturing may encounter new development opportunities [1] - The contribution of technological advancements to China's economic growth has been steadily increasing in recent years. The "15th Five-Year Plan" period will further highlight the importance and urgency of achieving high-level technological self-reliance, with expectations for increased investment in basic research and support for original innovation and key core technology breakthroughs [1]

Group 1 - The core message emphasizes the importance of high-quality development as a guiding principle for China's economic and social progress over the next five years, as outlined in the 14th Five-Year Plan [1] - The focus is on transforming the high-quality development blueprint into actionable steps, including setting clear targets, addressing issues, and fostering collaboration [1] - Key strategies include promoting innovation, coordination, green development, openness, and shared benefits, while strengthening the real economy [1] Group 2 - The financial sector is highlighted as essential for supporting the real economy, with significant growth in loans to technology-driven SMEs and green financing during the 14th Five-Year Plan, averaging over 20% annual growth [2] - Financial institutions provided a total of 170 trillion yuan in new funds to the real economy, demonstrating their role in stabilizing supply chains and supporting strategic national initiatives [2] - Looking ahead, the financial sector aims to provide targeted support for the construction of a modern industrial system, ensuring sustainable high-quality development [2] Group 3 - Strengthening institutional mechanisms is crucial for aligning financial services with industrial needs, including the development of specialized financial service frameworks and risk assessment mechanisms [3] - Financial and industrial policies must work in tandem to ensure resources are effectively allocated, with differentiated credit policies tailored to specific industries and growth stages [3] - Clear guidance on technology and industry development paths is necessary to help financial institutions identify quality projects and reduce service costs [3] Group 4 - Resources should be directed towards emerging productive forces and weak links in industrial development, focusing on areas like artificial intelligence and aerospace [4] - Financial support for technology research and development, as well as risk compensation for small and micro enterprises in manufacturing, is essential for fostering growth [4] - The goal is to create a robust modern industrial system by ensuring that financial resources flow into advanced manufacturing and green sectors [4][5]

Core Viewpoint - The Sichuan Province is implementing a large-scale vocational skills training program aimed at enhancing the skill sets of 1.5 million individuals over three years, focusing on advanced manufacturing and other key industries [1][2][3] Group 1: Training Objectives and Focus Areas - The training program will target ten key sectors including advanced manufacturing, digital economy, low-altitude economy, transportation, agriculture, life services, elderly care, construction, cultural tourism, and emergency services [1][2] - Specific emphasis will be placed on advanced manufacturing, particularly in smart equipment manufacturing, aerospace, new energy vehicles, electronic information, biomedicine, and next-generation communication technologies [2] - The low-altitude economy will focus on the development of skills related to low-altitude aircraft research and manufacturing, airspace management, and flight operations, particularly in key industrial clusters in Chengdu, Zigong, and Mianyang [2] Group 2: Target Demographics and Training Scale - The program aims to train over 50,000 individuals annually in advanced manufacturing and over 5,000 in the low-altitude economy [2] - Special attention will be given to recent college graduates and other youth groups, with a goal of enhancing their employment and entrepreneurial capabilities through targeted training [3] - The initiative will also support unemployed individuals by providing job recommendations and skills training based on their skill levels and employment needs [3] Group 3: Implementation and Evaluation - The training indicators for advanced manufacturing will be integrated into the evaluation systems of key enterprises and quality small and medium-sized enterprises [2] - Encouragement will be given to leading and chain enterprises to establish cross-enterprise training centers to provide training services for affiliated companies and the community [2] - The program will also focus on training for rural laborers, returning migrant workers, and individuals at risk of falling back into poverty, with an annual target of training 90,000 individuals in these categories [3]

Group 1 - The "14th Five-Year" plan has been released, which is expected to enhance market risk appetite in the short term due to increased policy clarity [1] - The long-term vision of the "14th Five-Year" plan outlines a modern industrial system blueprint, providing a clear growth path for A-shares, potentially solidifying the foundation for a bull market through technological breakthroughs and industrial upgrades [1] Group 2 - Key industries to focus on include AI, semiconductors, robotics, batteries, innovative pharmaceuticals, non-ferrous metals, machinery, military industry, social services, and large finance [1]

政策催化叠加产业链景气持续验证，科技主线有望回归。 相关研究报告 《策略点评报告》20250822 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 策略研究 | 证券研究报告 — 总量周报 2025 年 10 月 27 日 策略周报 科技主线有望回归 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 证券分析师：徐亚 (8621)20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 证券分析师：高天然 tianran.gao@bocichina.com 证券投资咨询业务证书编号：S1300522100001 金价短期波动不改中长期叙 ...

Group 1 - The 14th Five-Year Plan has seen significant achievements in China's modernization efforts, with a focus on high-quality development and addressing major challenges [2][4][5] - The Long March 5 rocket has successfully launched, symbolizing China's advancements in space technology and its commitment to becoming a space power [2][3] - China Huadian has increased its installed capacity to over 250 million kilowatts, a 50.6% increase from the end of the 13th Five-Year Plan, emphasizing renewable energy development [3] Group 2 - The China Construction Bank has added over 2 trillion yuan in manufacturing loans during the 14th Five-Year Plan, with a target to exceed 5 trillion yuan in the next three years [5][6] - China Mobile is focusing on 6G technology and AI, aligning with national goals for technological self-reliance and innovation [6][7] - The National Energy Investment Group is committed to enhancing clean energy transitions and contributing to a modern industrial system [7] Group 3 - The China Agricultural Development Bank is prioritizing rural revitalization and agricultural modernization, reflecting the importance of addressing rural issues in national policy [3][8] - The Hainan Free Trade Port is set to enhance financial openness, with banks like the Bank of China leading initiatives to support this development [8][9] - The construction of the Sichuan-Tibet Railway is a key project aimed at promoting high-quality regional development and modernization [10]

Group 1 - The "15th Five-Year Plan" is seen as a significant opportunity for Taiwanese businesses to integrate into the broader national development framework, promoting mutual growth and sharing in national rejuvenation [1][5] - Taiwanese enterprises have experienced substantial growth, with sales figures increasing from $1 billion to $2 billion within five years, benefiting from the market potential released during the "14th Five-Year Plan" [2] - The trade volume between the two sides reached $231.16 billion in the first three quarters of the year, reflecting an 8.8% year-on-year increase, indicating strong resilience in cross-strait economic cooperation [2] Group 2 - Companies are aligning with the trend of technological innovation in mainland China, with plans to achieve sales exceeding $3 billion within three years [3] - Taiwanese investments are increasingly directed towards high-tech industries, modern services, and agriculture, optimizing investment structures to resonate with mainland China's high-quality economic development [3][4] - The emphasis on building a modern industrial system and strengthening the real economy is generating optimism among Taiwanese businesses, with expectations of significant growth in domestic sales [4] Group 3 - The "15th Five-Year Plan" is viewed as a mission for Taiwanese businesses to deepen cross-strait integration and contribute to a shared future [5] - Taiwanese enterprises are encouraged to engage in smart manufacturing and industrial internet collaborations, leveraging their unique advantages in sectors like semiconductors and cultural creativity [5] - The commitment to promoting peaceful development of cross-strait relations and national unification is seen as a guiding principle for future economic cooperation [5]