今天上午10时，中共中央将举行新闻发布会，介绍和解读党的二十届四中全会精神，中央广播电视总台也将对新闻发布会进行直播。现场的情况如何，一起 到现场看看。 今天参会媒体共有160人，其中境外媒体达到了50家，可见中外媒体对于发布会的关注度非常高。 在"十五五"战略蓝图中，还有两个关键词十分突出，就是"创新"和"人民"。未来五年，我国将如何通过创新建设现代化产业体系、加快高水平科技自立自 强？又将如何加大保障和改善民生力度，扎实推进全体人民共同富裕？也都是大家非常关注的内容。 未来五年，我们将如何开创现代化发展新局面？作为世界第二大经济体的中国，又将对世界经济格局产生怎样的影响？都是今天中外媒体关注的焦点。 "十五五"时期是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。全会指出了"十五 五"时期经济社会发展必须遵循的六个坚持的基本原则、经济社会发展的七个主要目标，以及十二项重大战略任务部署等，可以说为未来五年发展指明了方 向与路径。那么，这里面有哪些新观点？新论断？未来将采取怎样的措施去实现这些明确的目标呢？都是大家非常关心的问题。 今天的新闻发布会预计 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 据央视新闻，在"十五五"战略蓝图中，两个关键词十分突出，就是"创新"和"人民"。未来五年，我国将 如何通过创新建设现代化产业体系、加快高水平科技自立自强？又将如何加大保障和改善民生力度，扎 实推进全体人民共同富裕？也都是大家非常关注的内容。 未来五年，我们将如何开创现代化发展新局 面？作为世界第二大经济体的中国，又将对世界经济格局产生怎样的影响？都是今天中外媒体关注的焦 点。 ...

Core Points - The Fourth Plenary Session of the 20th Central Committee was held from October 20 to 23, 2023, in Beijing, where the proposal for the 15th Five-Year Plan was approved, outlining the blueprint for China's development over the next five years [1] - The "15th Five-Year" period is crucial for achieving socialist modernization, serving as a transitional phase that connects past achievements with future goals [3] Economic and Social Development Goals - By 2035, China aims to significantly enhance its economic, technological, defense, comprehensive national strength, and international influence, with per capita GDP reaching the level of moderately developed countries, and improved quality of life for its citizens [6] - Key objectives include achieving high-quality development, significantly improving self-reliance in technology, deepening reforms, enhancing social civilization, improving living standards, advancing ecological progress, and strengthening national security [6] Strategic Focus - The strategic blueprint emphasizes "innovation" and "people," focusing on building a modern industrial system, fostering emerging and future industries, and accelerating high-level technological self-reliance [8] - The principle of "people first" is highlighted, with a commitment to improving people's livelihoods and promoting common prosperity, indicating a strong focus on domestic demand and consumption [8] - The plan calls for unity among all sectors of society to work towards the goals set in the "15th Five-Year" plan, emphasizing collective effort in achieving these objectives [8]

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, focusing on the formulation of the 15th Five-Year Plan for national economic and social development [1] - The "15th Five-Year" period is crucial for achieving socialist modernization and serves as a transitional phase [1] Group 1 - The strategic blueprint emphasizes two key concepts: "innovation" and "people" [4] - The focus on "new" includes building a modern industrial system, nurturing emerging and future industries, and accelerating high-level technological self-reliance [4] - The principle of prioritizing people's well-being is highlighted, with an emphasis on improving living standards and promoting common prosperity [4] Group 2 - The plan calls for increased investment in both material and human resources to stimulate domestic demand [4] - The commitment to "people-centered" development reflects the goal of achieving modernization that benefits all citizens [4] - The session encourages unity among all sectors of society to work towards the goals set in the "15th Five-Year" plan [4]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **A-share market** in China, highlighting the impact of **China-US trade tensions** on market sentiment and performance [1][17]. Core Insights and Arguments - **Market Sentiment Decline**: A-share investor sentiment has decreased significantly, with the weighted MSASI dropping by **15 percentage points** to **91%** and the simple MSASI falling by **16 percentage points** to **84%** compared to the previous cutoff date [2][8]. - **Turnover Decrease**: Average daily turnover for various segments, including ChiNext and A-shares, has seen substantial declines, with ChiNext down **23%** to **Rmb 456 billion** and A-shares down **25%** to **Rmb 1,831 billion** [2]. - **Net Inflows**: Southbound trading recorded net inflows of **US$1.9 billion** from October 16-22, with year-to-date net inflows reaching **US$150 billion** [3]. - **GDP Growth**: The third quarter GDP growth was slightly better than expected at **4.6-4.7%**, driven by a **1.5 percentage point** increase in industrial production [4][5]. - **Fiscal Measures**: To stabilize growth, the Chinese government activated **Rmb 500 billion** in fiscal space, which is expected to support GDP growth in the fourth quarter [5]. Additional Important Insights - **Earnings Quality Focus**: The report advises investors to adopt a balanced approach, emphasizing the importance of earnings quality while awaiting clarity on trade tensions [1][17]. - **Investment Strategy**: The recommendation is to focus on quality stocks with high earnings visibility and dividend plays, rather than increasing overall risk exposure prematurely [18]. - **Trade Talks**: Upcoming trade talks between the US and China are anticipated to influence market sentiment, with investors remaining cautious due to weakening consumption and housing [17]. - **Technological Focus**: The upcoming Central Government Suggestions for Drafting the FYP are expected to emphasize technological self-sufficiency and innovation, with gradual social welfare reforms likely to receive endorsement [16]. Conclusion - The A-share market is currently experiencing a cooling sentiment due to external trade tensions and internal economic factors. Investors are advised to remain cautious and focus on quality investments while monitoring developments in trade negotiations and fiscal policies.

Core Insights - Xiamen has demonstrated strong economic resilience, with GDP projected to increase from 638.4 billion to 858.9 billion from 2020 to 2024, and per capita GDP rising from 124,000 to 160,000 [1][2] - The city has established a modern industrial system characterized by a 0.3:36.6:63.1 structure across primary, secondary, and tertiary industries, with the digital economy exceeding 500 billion [2][3] - Xiamen has implemented over 60 innovative reform measures, enhancing its role as a strategic node in the dual circulation development pattern [3] Economic Performance - Xiamen's GDP growth reflects its ability to leverage only 1.4% of the province's land area to generate 14.9% of the provincial GDP, 26.8% of fiscal revenue, and 46.9% of foreign trade [1] - The city has achieved a high level of energy efficiency, with production value per unit of energy and water consumption ranking among the best in the country [1] Industrial Development - The four major pillar industries (electronic information, mechanical equipment, etc.) have a combined scale exceeding 21 trillion, with high-tech manufacturing accounting for 39.7% of industrial added value [2] - New industries such as biomedicine, new energy, and new materials are being cultivated, with three new industrial chains projected to reach a value of 100 billion [2] Innovation and R&D - Xiamen's R&D intensity has reached 3.46%, with a high value of 29.5 patents per 10,000 people, significantly above national and provincial averages [2] - The city has over 4,700 national high-tech enterprises and 213 specialized "little giant" companies, indicating a robust innovation ecosystem [2] Social Development - Over 70% of the city's public budget is allocated to improving living standards, with an annual growth rate of 6.3% in per capita disposable income, outpacing GDP growth [3] - Significant investments in education and healthcare have been made, including the addition of 329,000 school places and 136,000 affordable rental housing units [3]

Core Insights - The company has maintained a steadfast focus on spring manufacturing for 35 years, emphasizing the importance of specialization in achieving long-term success [1] - The transition from being a cost-effective producer to a top-tier manufacturer was driven by the increasing performance demands from high-end automotive and precision machinery sectors [1] - Continuous innovation is highlighted as essential for survival, with the belief that there are no sunset industries, only industries that require relentless innovation [1] Group 1 - The company has resisted the temptation to diversify into trendier components, remaining committed to its core product, springs, despite market pressures [1] - Significant investments have been made in advanced research and development facilities and precision equipment to enhance product quality and performance [1] - The company has faced challenges during the transition, including financial pressure and the stress of achieving precise specifications, but perseverance has led to breakthroughs [1] Group 2 - The focus on springs is seen as critical to the operation of larger systems, reinforcing the company's commitment to this niche market [1] - The journey of the company is characterized by a strong belief in the importance of maintaining a singular focus on springs, which has been a key to its resilience and success [1] - The narrative emphasizes that every step taken in the industry upgrade has been deliberate and solid, showcasing the company's dedication to its craft [1]

Core Insights - The company has maintained a strong focus on producing springs for 35 years, emphasizing the importance of specialization in achieving long-term success [1] - The transition from being a cost-effective producer to a top-tier manufacturer is crucial due to the increasing performance demands from high-end automotive and precision machinery sectors [2] Group 1 - The company has resisted the temptation to diversify into other components or industries, remaining committed to its core product, springs, despite market fluctuations and profit pressures [1] - The company has invested heavily in advanced research and development facilities and precision equipment to enhance product performance, demonstrating a commitment to innovation [2] - The pursuit of technological breakthroughs often requires perseverance, as significant investments may not yield immediate results, but success is achieved by pushing through challenges [2] Group 2 - The company believes that there is no sunset industry, only continuous innovation, and has consistently focused on the spring industry throughout its journey [2] - The company’s strategy involves a deepening of expertise rather than a deviation from its core business, ensuring that every step taken is solid and well-considered [2]

Group 1 - The 20th Central Committee's Fourth Plenary Session will review the suggestions for the 15th Five-Year Plan, emphasizing innovation to enhance total factor productivity amid aging population and external complexities [1] - China is expected to increase investments in renewable energy to maintain its leading position and achieve carbon peak before 2030 [1][3] - The government is likely to implement measures to stimulate domestic demand, including income redistribution and further opening of the service sector [1][3] Group 2 - China's investment in R&D is yielding returns, with the country projected to become the 10th most innovative economy by 2025 [2] - The government will leverage its annual pool of 5 million STEM graduates and increase investments in AI, quantum computing, integrated circuits, biotechnology, humanoid robots, and renewable energy [2] - The emphasis will be on maintaining the manufacturing sector's share of the economy while transitioning from "Made in China" to "Created in China" [2] Group 3 - The green development agenda will remain a key component of industrial transformation, with annual targets for the "dual carbon goals" expected [3] - Investment will continue in renewable energy sectors such as wind, solar, hydrogen, smart grids, and electric vehicles [3] - The government will focus on improving residents' employment and income to boost consumption and reduce precautionary savings [3][4] Group 4 - There is strong demand for service consumption in areas like education, healthcare, and tourism, with the government opening the service sector to private and foreign capital [4] - The government is addressing issues of "involution" and disorderly competition, with plans to avoid redundant investments and reduce excess capacity [5]

桑顿以中美留学生的数量对比切入主题，并回顾了自己如何在课堂上激励学生深入地思考，强调在地缘政治紧张加剧的当下，沟通与理解尤为关键，世界 未来走向很大程度取决于年轻一代领导者如何应对中美关系。他表示，沟通是产生改变的桥梁，自从离开高盛集团，他一直致力于为改善中美关系贡献力 量。他以2050年全球人口结构为例，预测届时世界人口将达100亿，新增20亿主要来自非洲和中亚等发展中地区。他认为，面对全球贫富差距、气候、疾 病、恐怖主义等问题，中美作为最有实力、最具影响力的国家，应当和谐共处，共同寻求有效的解决之道。他指出，尽管世界已经发生深刻变革，但国家 间的互动模式却仍停滞不前。他期待这种改变能从每一位学生、每一位未来的领导者开始，由新一代肩负起推动全球合作与进步的责任。 活动现场 2025年10月17日，清华经管学院顾问委员会委员、红鸟资本合作伙伴董事长、亚洲协会联席理事长约翰·L·桑顿（John L. Thornton）走进清华经管课堂， 以"人才、教育和下一代全球领袖"为主题，与近百名经管学生进行交流，活动由MBA学生主持。 桑顿走进清华经管课堂 在随后的互动环节中，同学们就创新的本质和容错、领导力哲学的影响、 ...