受访券商首席表示，在党的二十届四中全会结束之后，按照惯例在会后一周左右公布中央关于"十五 五"规划的建议稿，2026年3月份的两会按惯例将审议并对外发布"十五五"规划《纲要》。 广发证券首席经济学家郭磊：关于科技创新，需要注意的两个细节是"抓住新一轮科技革命和产业变革 的历史机遇"和"要加强原始创新和关键核心技术攻关"。目前处于新一轮技术革命的关键历史阶段，加 强"原始创新"将有助于中国在全球科技创新中建立先行优势。 中信建投证券首席经济学家黄文涛：五年规划总体思路的演变，体现了政策理念的与时俱进。增速目标 逐渐柔性化，而创新、生态、安全等领域的约束则更突出。经济发展更加重视"质的有效提升和量的合 理增长"，把"坚持有效市场和有为政府相结合"写入原则。 申万宏源证券首席经济学家赵伟：会议提出要"坚持以经济建设为中心"，主要目标突出"高质量发展取 得显著成效，科技自立自强水平大幅提高"。在必须遵循的原则方面，会议新增"坚持以经济建设为中 心"，并将其置于"以推动高质量发展为主题"之前，进一步凸显对经济发展的重视。 方正证券首席宏观经济学家燕翔："十五五"时期，中国资本市场将大有作为。一方面，资本市场在服务 实体 ...

Core Insights - The recent Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining the guiding principles and main objectives for China's economic and social development over the next five years [1][3] - The "15th Five-Year Plan" is positioned as a critical period for achieving basic socialist modernization, linking the achievements of the "14th Five-Year Plan" with the long-term goals set for 2035 [3][4] - The plan emphasizes high-quality development as the primary goal, with a focus on building a modern industrial system and strengthening the foundation of the real economy [4][6] Economic Growth and Development - China's economy is projected to reach approximately 140 trillion RMB by 2025, with an expected increase of over 35 trillion RMB, contributing around 30% to global economic growth [1] - The upcoming five years are expected to create an additional market space of about 10 trillion RMB through the optimization and upgrading of traditional industries, while new and emerging industries are anticipated to generate a scale equivalent to recreating China's high-tech industry over the next decade [6] International Cooperation and Openness - The "15th Five-Year Plan" includes a dedicated section on expanding high-level openness, emphasizing the creation of a win-win cooperation landscape and promoting trade innovation and bilateral investment [6] - China's approach to openness is shifting from "catching up" to "leading," aiming to provide more stable development expectations for the world [6][7] Strategic Vision - The plan reflects a long-term vision with consistent goals, indicating that China will continue to focus on its development despite external uncertainties [7] - The international community is increasingly interested in understanding the "secrets" behind China's governance and its potential as a pillar of global growth and stability [3][4]

Core Insights - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China has approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining the guiding principles and main objectives for China's economic and social development in the upcoming five years [1][3] - The "15th Five-Year Plan" is positioned as a critical period for achieving basic socialist modernization, linking the achievements of the "14th Five-Year Plan" with the long-term goals set for 2035 [3][4] - The plan emphasizes high-quality development as the primary goal, with a focus on building a modern industrial system and strengthening the foundation of the real economy [5][7] Economic Growth and Development - China's economy is projected to reach approximately 140 trillion RMB by 2025, with an expected increase of over 35 trillion RMB, contributing around 30% to global economic growth [1] - The upcoming five years are expected to create an additional market space of about 10 trillion RMB through the optimization and upgrading of traditional industries, while emerging industries are anticipated to generate a scale equivalent to recreating China's high-tech industry over the next decade [7] International Cooperation and Openness - The "15th Five-Year Plan" includes a dedicated section on expanding high-level openness, aiming to create a new landscape of win-win cooperation, enhance trade innovation, and expand bilateral investment cooperation [7] - China's approach to openness is shifting from "catching up" to "leading," with multinational companies increasingly viewing investment in China as a necessity rather than an option [7][8] Strategic Vision - The plan reflects a long-term vision with consistent goals, emphasizing that China will continue to pursue its modernization agenda despite external uncertainties [8] - The commitment to high-quality development and international cooperation positions China as a stabilizing force in the global economy, with expectations for significant contributions to world economic growth [6][8]

Group 1 - The core focus of the 14th Central Committee's Fourth Plenary Session is to outline the "15th Five-Year Plan" for China's future development, emphasizing the importance of high-quality development as a primary goal [3][4][6] - The "15th Five-Year Plan" aims to establish a modern industrial system, with a particular emphasis on maintaining a reasonable proportion of the manufacturing sector and advancing the manufacturing industry as a backbone [8][10] - The plan anticipates a significant growth opportunity in advanced manufacturing clusters, estimating an addition of approximately 10 trillion yuan in scale over the next five years, creating numerous job opportunities across various sectors [11] Group 2 - The "15th Five-Year Plan" includes strategic initiatives focused on building a strong domestic market, accelerating rural modernization, enhancing social welfare, and promoting a comprehensive green transition in economic and social development [13] - Key areas of focus for the "15th Five-Year Plan" include economic construction, technology, new industrial chains, domestic markets, consumption, and improving people's livelihoods, which are identified as critical battlegrounds for future growth [15]

李强主持召开国务院"十五五"规划《纲要草案》编制工作领导小组会议强调 中共中央政治局常委、国务院副总理丁薛祥出席。 会上，国家发展改革委就纲要草案编制作了汇报，与会同志进行了讨论。李强说，习近平总书记在党的二十届四中全会上 的重要讲话，为做好纲要草案编制工作提供了根本遵循。《中共中央关于制定国民经济和社会发展第十五个五年规划的建 议》明确提出了"十五五"时期经济社会发展的指导思想、基本原则、主要目标、战略任务等，是指导"十五五"时期经济社 会发展的纲领性文件。我们要深入学习领会习近平总书记重要讲话精神和党中央决策部署，在纲要草案编制中全面深入地 贯彻落实。 李强指出，编制纲要草案要紧紧围绕新时代新征程党的中心任务，强化发展意识，坚持以推动高质量发展为主题，在壮大 新质生产力、建设现代化产业体系等方面取得更大突破，推动经济实现质的有效提升和量的合理增长。要强化全局思维， 准确把握"十五五"发展所处的历史方位，准确把握国内国际两个大局，保持战略定力，充分估计可能的外部冲击、做好应 对准备，牢牢把握发展主动权。要强化民生导向，坚持人民至上，聚焦各方面关切谋划政策举措，设身处地、换位思考， 奔着解决实际问题去，让群众 ...

Core Points - The meeting focused on the preparation of the draft outline for the 15th Five-Year Plan, emphasizing the importance of high-quality development and the need for strategic adjustments in response to external challenges [1][2] - The draft outline aims to enhance new productive forces and build a modern industrial system, with a strong emphasis on domestic demand and comprehensive reforms to stimulate growth [2][3] Group 1 - The outline preparation must align with the central tasks of the Party in the new era, focusing on high-quality development and breakthroughs in key areas [2] - There is a need to maintain strategic determination and fully assess potential external shocks while ensuring proactive development [2] - The plan should prioritize public welfare, addressing the concerns of the populace and businesses to create tangible benefits [2] Group 2 - The drafting process is time-sensitive and requires collaboration across various sectors, including public opinion collection to incorporate societal expectations and expert insights [3] - Coordination between special planning and national development planning is essential to create a cohesive planning system [3] - The emphasis is on fostering new industries and growth areas, leveraging the potential of the domestic market, and implementing strategic adjustments in foreign trade [2][3]

Core Viewpoint - The article emphasizes the importance of focusing on domestic issues and continuing the narrative of rapid economic development and long-term social stability in China, amidst a backdrop of strategic opportunities and risks [3][4][12]. Economic Development - The meeting highlighted that China's development is currently characterized by both strategic opportunities and challenges, with an increasing number of unpredictable factors [3][12]. - It was stated that the goal for the "14th Five-Year Plan" period is to achieve significant results in high-quality development and greatly enhance the level of technological self-reliance [3][13]. - The meeting reiterated the commitment to achieving the annual economic and social development goals, with a solid foundation for a 5% economic growth target supported by nearly 300 billion yuan in policy financial tools and 500 billion yuan allocated from local government debt limits [4][12]. Modern Industrial System - The meeting placed greater emphasis on building a modern industrial system and explicitly stated the need to maintain a reasonable proportion of manufacturing [5][12]. - It stressed the importance of integrating technological innovation into industrial practices and promoting collaboration between traditional and emerging industries [5][12]. - The meeting called for enhancing the internal dynamics and reliability of domestic circulation and breaking down barriers to the construction of a unified national market [5][12]. Technological Development - The meeting underscored the importance of achieving high-level technological self-reliance and leading the development of new productive forces [6][14]. - It proposed a coordinated development of education, technology, and talent, while also emphasizing the advancement of digital China [6][14]. Economic System Reform - The meeting highlighted the critical role of economic system reform, upgrading the focus from "comprehensive deepening of reform" to "economic system reform as a driving force" [7][15]. - It emphasized improving the macroeconomic governance system and enhancing the effectiveness of macroeconomic governance [7][15]. Social Welfare and Green Development - The meeting focused on increasing efforts to improve people's livelihoods and promoting common prosperity, with a specific emphasis on employment, income, and housing [7][15]. - It called for a comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality [8][15]. Regional Development - The meeting proposed optimizing regional economic layouts and promoting coordinated regional development, emphasizing the need for a synergistic effect of various regional strategies [8][16].

Group 1: Economic Development Goals - The 20th Central Committee's Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," outlining China's development blueprint for the next five years [1] - The session emphasizes high-quality development, focusing on innovation, culture, hub construction, and international cooperation as key areas for Nanjing's economic planning [2] - The city aims to achieve significant milestones in the software and information services industry, targeting a scale of over 1 trillion yuan by 2025 [3] Group 2: Industrial and Technological Advancements - The city’s industrial system will focus on enhancing core competitiveness and implementing functional reforms and strategic restructuring to support high-quality development [4] - Companies like Nanjing Steel and Jinling Petrochemical are committed to innovation-driven strategies, increasing R&D investments, and developing advanced manufacturing and green technologies [7][8] - The emphasis is on building a modern industrial system that integrates advanced manufacturing with sustainable practices [7] Group 3: Emergency Management and Safety - The city will enhance its emergency management capabilities, focusing on modernizing systems and improving urban safety resilience [5] - Digital empowerment will be utilized for smart regulation, emphasizing risk assessment and safety management in various sectors [5] Group 4: Open Economy and International Cooperation - The session calls for expanding high-level opening-up and promoting win-win cooperation, enhancing the international circulation of goods and services [9] - The local customs authority aims to improve regulatory services and support the development of free trade zones and comprehensive bonded zones [9][10] - Nanjing's airport customs will enhance its operational efficiency and facilitate international trade through improved regulatory measures [11]

Group 1 - The 20th Central Committee of the Communist Party of China emphasizes "economic construction as the center" as a guiding principle for the 14th Five-Year Plan period, aiming to solidify the foundation for socialist modernization and promote high-quality development [1][2][3] - The transformation of China's social contradictions necessitates a focus on economic construction to meet the growing needs of the people and to foster new productive forces [2][5] - The importance of establishing a modern industrial system and strengthening the real economy is highlighted, with a focus on intelligent, green, and integrated development [2][5] Group 2 - The 14th Five-Year Plan period is seen as a critical phase for the transition from old to new growth drivers, with economic development being the key to solving various issues [5][6] - Technological innovation is identified as the core engine for high-quality development, with an emphasis on integrating new development patterns for enterprise growth [6][7] - The need for a robust technology finance service system to enhance the efficiency of technology resource allocation is stressed, aiming to support the entire cycle of technological innovation [7][8] Group 3 - The goal of achieving a per capita GDP at the level of moderately developed countries by 2035 is set, with a focus on enhancing economic, technological, and comprehensive national strength [8][9] - Companies in Wuhan are actively engaging in sectors like the Beidou industry, aiming for significant advancements and market expansion, particularly in the context of the Belt and Road Initiative [9][10] - Collaborative efforts between academia and industry are essential for achieving key material localization goals, with ongoing projects demonstrating successful partnerships [10]

Group 1 - The 20th Central Committee of the Communist Party of China has approved the suggestions for the 15th Five-Year Plan, emphasizing high-quality development as the main theme for economic and social development in the upcoming period [2][5] - Shanghai aims to focus on building "five centers" and enhancing international competitiveness through technological innovation and reform [2][3] - The emphasis on building a modern industrial system and strengthening the foundation of the real economy is highlighted as a strategic task [3][4] Group 2 - The importance of fostering new productive forces through technological self-reliance and innovation is underscored, with Shanghai positioned as a key player in global technological competition [5][6] - The need for collaboration between education, technology, and talent development is emphasized to enhance the overall effectiveness of the innovation system [6][8] - The focus on enhancing the legal framework to support high-quality development and improve enterprise competitiveness is noted [7][10] Group 3 - The commitment to improving people's livelihoods through various initiatives, including education and housing, reflects a people-centered development approach [8][9] - The goal of building a world-class ecological island and promoting green development is articulated, with a focus on enhancing public services [9][10] - The call for a strong cultural development strategy that integrates ideological leadership and social cohesion is made [12][13]