Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The "15th Five - Year Plan" emphasizes high - quality economic development, with potential continuation of the "14th Five - Year Plan" approach of downplaying specific GDP growth targets. Mid - to long - term, there may be an implicit economic growth target to reach the level of moderately developed countries by 2035 [3][11]. - The priority of "industry" in the "15th Five - Year Plan" has increased, with a shift in industrial development goals and a change in the order of goals, highlighting the precedence of the "industrial ecosystem" [4][14]. - Technological innovation and new - quality productivity remain the main lines of development, with a more proactive stance on technological self - reliance and focus on breaking through "bottleneck" areas [5][17]. - The strategy of expanding domestic demand has been upgraded from "investment - driven" to "emphasizing both people and things", aiming to boost residents' consumption ability and income expectations [6][20]. - Deep - level reforms have entered a new stage of systematic integration, with a focus on stimulating the vitality of various business entities and improving the macro - economic governance system [22]. 3. Summary by Directory "15th Five - Year Plan" Bulletin Emphasizes Economic High - Quality Development - The main goals of the "15th Five - Year Plan" involve multiple aspects such as high - quality development, technological self - reliance, reform, people's livelihood, and national security. Economic development goals may continue the "14th Five - Year Plan" orientation, de - emphasizing specific GDP growth targets [3][11]. - To reach a per - capita GDP of about $25,000 in 2035 from $13,400 in 2024, the nominal GDP growth rate needs to reach 6.3%. Considering a price increase of 1.3% - 1.5% per year, the average GDP growth should be 4.8% - 5.0% [3][12]. "Industry" in the "15th Five - Year Plan" Bulletin's Priority Increase - The "15th Five - Year Plan" Bulletin emphasizes building a modern industrial system, with industrial development goals shifting from "upgrading industrial bases and modernizing industrial chains" to "intelligent, green, and integrated directions". It also adds new expressions about building a modern industrial system with advanced manufacturing as the backbone [4][14]. - The order of goals in the bulletin has changed, with the industrial system taking the first place, indicating a strategic shift from "technology - driven industrial upgrading" to "system - based industrial construction leading technological breakthroughs" [4][15]. Technological Innovation and New - Quality Productivity Remain the Development Main Line - The word "technology" appears 10 times in the bulletin, highlighting the value of technological innovation and the need to lead the development of new - quality productivity [5][17]. - Compared with the "14th Five - Year Plan", the "15th Five - Year Plan" has a more proactive stance on technological self - reliance, aiming to seize the high - ground in technological development and focus on breaking through "bottleneck" areas [5][17]. Expansion of Domestic Demand from "Investment - Driven" to "Emphasizing Both People and Things" - The new statement of "combining people - oriented and thing - oriented investment" in the bulletin is a major upgrade of the domestic demand strategy, aiming to enhance residents' consumption ability and income expectations [6][20]. - Future policies may focus on improving the social security system, promoting high - quality full employment, and perfecting the income distribution system to boost consumption. Specific work includes promoting consumption through various means and making targeted and efficient investments [20]. Deep - Level Reforms Enter a New Stage of Systematic Integration - The "15th Five - Year Plan" aims to build a high - level socialist market economic system, enhance the driving force for high - quality development, and improve the macro - economic governance system [22]. - Given the complex reform environment and overlapping reform tasks with the "15th Five - Year Plan" period, future reforms will focus more on systematicness and synergy, including stimulating the vitality of business entities and improving macro - economic governance efficiency [22]. Potential Industry Trends and High - Quality Tracks - The bulletin provides clues for market exploration of industry trends and high - quality tracks, including high - end and intelligent manufacturing in the modern industrial system, artificial intelligence, low - altitude economy, semiconductors, and new materials in emerging and future industries, photovoltaic and wind power in green transformation, and cloud computing and computing power infrastructure in digital China construction [6][23].

征求对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的意见 中共中央召开党外人士座谈会 习近平主持并发表重要讲话 李强王沪宁蔡奇丁薛祥出席 习近平指出，中国式现代化是全体人民共同富裕的社会主义现代化。要把造福人民作为根本价值取向，坚持在 发展中保障和改善民生。要进一步优化区域经济布局、促进区域协调发展，巩固拓展脱贫攻坚成果、推进乡村 全面振兴。要采取更多可感可及的具体举措，着力满足人民群众在就业、教育、社保、住房、医疗、养老、托 幼等方面的需求。 习近平希望各民主党派、工商联和无党派人士发挥密切联系社会各界的优势，继续就"十五五"时期经济社会发 展相关问题进行深入思考和研究，及时向中共中央提出有针对性的意见建议，为推动经济社会高质量发展、基 本实现社会主义现代化贡献智慧和力量。 王毅、刘国中、李干杰、李书磊、李鸿忠、何立峰、张又侠、张国清、陈文清、吴政隆、谌贻琴、穆虹、姜信 治，中共中央、国务院有关部门负责人出席座谈会。 出席座谈会的党外人士还有邵鸿、何报翔、王光谦、秦博勇、朱永新、杨震和张恩迪、安立佳、张卫红等。 中共中央8月27日在中南海召开党外人士座谈会，就中共中央关于制定国民经济和社会发展第 ...

国家发展改革委党组书记、主任郑栅洁表示，中国经济靠实体经济起家，也要靠实体经济走向未来，全 会审议通过《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》，把"建设现代化产业 体系，巩固壮大实体经济根基"摆在战略任务的第一条，部署四方面重点任务，可以从"固本升级、创新 育新、扩容提质、强基增效"来把握。 新京报讯(记者姜慧梓)10月24日，中共中央举行新闻发布会，介绍和解读党的二十届四中全会精神。 ...

2025年10月24日 国泰君安期货商品研究晨报 观点与策略 | 黄金：俄乌危机缓解 | 3 | | --- | --- | | 白银：震荡反弹 | 3 | | 铜：情绪回暖，价格上涨 | 5 | | 锌：关注LME库存 | 7 | | 铅：库存持续减少，价格上涨 | 9 | | 锡：关注宏观影响 | 10 | | 铝：重心上移 | 12 | | 氧化铝：底部震荡 | 12 | | 铸造铝合金：具备向上弹性 | 12 | | 镍：短线窄幅震荡，矛盾仍在积累 | 14 | | 不锈钢：供需难寻上行驱动，成本限制下方空间 | 14 | | 碳酸锂：升贴水疲弱，上方空间有限 | 16 | | 工业硅：关注仓单注册情况 | 18 | | 多晶硅：关注现货成交价格 | 18 | | 铁矿石：震荡反复 | 20 | | 螺纹钢：表需环比向好，宽幅震荡 | 21 | | 热轧卷板：表需环比向好，宽幅震荡 | 21 | | 硅铁：成本底部抬升，宽幅震荡 | 23 | | 锰硅：成本底部抬升，宽幅震荡 | 23 | | 焦炭：预期反复，宽幅震荡 | 25 | | 焦煤：预期反复，宽幅震荡 | 25 | | 原木：震荡反复 | ...

发改委主任郑栅洁：《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》把“建设现代化产业体系，巩固壮大实体经济根基”摆在战略任务的第一条，部署四方面重点任务，可以从“固本升级、创新育新、扩容提质、强基增效”来把握。 ...

Group 1 - The core focus of the 20th Central Committee's Fourth Plenary Session is on the "14th Five-Year Plan," emphasizing the importance of technological self-reliance and innovation as a driving force for development [1][3] - The report highlights the goal of achieving high-level technological independence, with a focus on original innovation and tackling key core technologies, particularly in the aerospace and artificial intelligence sectors [3] - The number of domestic AI companies has surpassed 5,300, with significant advancements in hardware, chips, algorithms, and industry solutions, indicating a strong foundation for original innovation capabilities [3] Group 2 - The report stresses the construction of a modern industrial system, aiming to strengthen the foundation of the real economy through intelligent, green, and integrated development [6] - The automotive industry is highlighted as a key area, with China maintaining its position as the world's largest producer and seller of new energy vehicles for ten consecutive years, with annual sales projected to reach 40 million during the "14th Five-Year Plan" period [6] - By 2035, the report sets ambitious goals for economic, technological, and national defense strength, aiming for a significant increase in overall national power and international influence, with per capita GDP expected to exceed $13,000 in 2024 [10]

1. Report's Industry Investment Rating - Aluminum: The center of gravity moves upward [1] - Alumina: Oscillates at the bottom [1] - Cast aluminum alloy: Has upward elasticity [1] 2. Core Viewpoints of the Report - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, positions, spreads, and inventory in the futures and spot markets [1] - "During the 15th Five - Year Plan period, China will focus on building a modern industrial system, achieving high - level scientific and technological self - reliance and self - strength, building a strong domestic market, and accelerating the construction of a high - level socialist market economic system. The US has established a critical minerals investment fund with a target scale of $5 billion" [3] - The trend strength of aluminum is 1, alumina is 0, and aluminum alloy is 1 [3] 3. Summary by Related Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract is 21,165, with changes of 120 compared to T - 1, 190 compared to T - 5, 445 compared to T - 22, and 30 compared to T - 66. The LME Aluminum 3M closing price is 2,865 [1] - **Alumina**: The closing price of the Shanghai Alumina main contract is 2,838, with changes of 9 compared to T - 1, - 122 compared to T - 5, - 233 compared to T - 22, and 48 compared to T - 66 [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract is not provided, and the night - session closing price is 20,705 [1] Spot Market - **Aluminum**: The electrolytic aluminum enterprise profit is 4,959.89, with changes of 72.03 compared to T - 1, 161.71 compared to T - 5, 796.28 compared to T - 22, and 612.09 compared to T - 66. The domestic aluminum ingot social inventory is 60.70 million tons [1] - **Alumina**: The domestic average alumina price is 2,929, with changes of - 6 compared to T - 1, - 33 compared to T - 5, - 217 compared to T - 22, and - 192 compared to T - 66 [1] - **Aluminum Alloy**: The theoretical profit of ADC12 is 44, with changes of - 160 compared to T - 1, - 160 compared to T - 5, - 118 compared to T - 22, and 449 compared to T - 66 [1] Other Information - The US government, private equity firm Orion Resource Partners, and Abu Dhabi sovereign wealth fund ADQ have established a critical minerals investment fund with an initial commitment of $1.8 billion and a target scale of $5 billion [3]

"党的二十届四中全会对深入推进以人为本的新型城镇化作出了重要部署，为我们在新时代新征程推动 住房城乡建设工作指明了前进方向、提供了根本遵循。"省住房城乡建设厅党组书记、厅长高义表示， 将深入学习贯彻全会精神，贯彻落实中央和省委城市工作会议精神，聚焦"1+2+4+N"目标任务体系，认 真践行人民城市理念，持续优化现代化城市体系，深入实施城市更新行动，推动房地产高质量发展，统 筹推进以县城为重要载体的新型城镇化，加快构建"一主两副、一圈两带、四域多点"发展格局，走好符 合发展规律、具有河南特色的城市现代化新路子，为奋力谱写中原大地推进中国式现代化新篇章提供有 力支撑。 郑州海关主要负责同志表示，将认真学习贯彻党的二十届四中全会精神，更加注重统筹发展和安全，积 极融入中部地区崛起等区域协调发展战略，聚焦"空陆数海"丝绸之路建设，研究制定践行"两高四着 力"行动方案，支持河南全方位拓展开放通道，提升自贸试验区、综合保税区等开放平台能级，建设全 国统一大市场循环枢纽，打造国内国际市场双循环支点；巩固中匈海关关际合作成果，研究论证以构 建"空中丝绸之路"海关服务平台为抓手的一揽子海关合作框架和工作机制，深入参与共建"一带 ...

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 of the Communist Party of China outlines the direction and methods for achieving Chinese-style modernization, emphasizing the importance of unity and collective effort under the leadership of Xi Jinping [1][2] - Shanghai aims to leverage its role as a pioneer in reform and innovation to contribute significantly to the national development goals set for the 14th and 15th Five-Year Plans [1][2][4] Group 1: Achievements and Future Goals - The session highlighted significant achievements during the 14th Five-Year Plan period, noting advancements in economic strength, technological capabilities, and overall national power [2] - The upcoming 15th Five-Year Plan is positioned as a critical phase for further economic and social development, with a focus on high-quality growth and strategic initiatives [2][4] Group 2: Local Implementation Strategies - Local leaders in Shanghai express commitment to implementing the session's spirit by aligning their actions with national directives and focusing on economic and social development [2][3][8] - Specific strategies include enhancing industrial transformation, promoting innovation, and improving public services to elevate the quality of life for residents [3][8] Group 3: Economic and Industrial Development - The session calls for the establishment of a modern industrial system, emphasizing the importance of a robust real economy as a foundation for national competitiveness and security [5] - There is a strong focus on integrating advanced manufacturing, artificial intelligence, and other leading industries to drive economic growth and innovation [5][6] Group 4: Social and Cultural Contributions - Local governments are encouraged to enhance cultural and social services, aiming to create a more livable urban environment and improve community welfare [8][9] - The importance of cultural heritage and its role in fostering national identity and international cultural exchange is also emphasized [9][10]