Summary of Key Points from the Conference Call Industry and Company Overview - The conference call primarily discusses the implications of the Fourth Plenary Session of the 19th Central Committee of the Communist Party of China, focusing on the modernization of the economy and various sectors including manufacturing, culture, and rural development. Core Insights and Arguments 1. **Economic Growth and Policy Measures** The session emphasizes achieving a GDP growth target of around 5% for 2025, supported by fiscal and quasi-fiscal policies, including the introduction of 500 billion new policy financial tools and revitalizing local debt limits to boost economic growth in Q4 [5][12][16]. 2. **Focus on Advanced Manufacturing** The session highlights the importance of advanced manufacturing as a backbone of the modern industrial system, stressing the need for self-reliance in technology and innovation [2][14]. 3. **Rural Modernization and Infrastructure Investment** Plans to enhance rural living conditions and increase investment in public services and infrastructure are outlined, aiming for coordinated regional development in key areas like Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau [7][11]. 4. **Cultural Strengthening** The importance of cultural output and confidence is emphasized, with a focus on stimulating national cultural innovation, which presents opportunities for the cultural and media sectors [9][11]. 5. **Trade and Global Supply Chain Stability** China aims to maintain a multilateral trade system, implementing zero tariffs for least developed countries and enhancing trade cooperation with Africa and ASEAN, showcasing the advantages of Chinese manufacturing [6][16]. 6. **Investment in Human Capital** The principle of "investing in people" is highlighted, with increased support for social welfare programs such as childcare subsidies, aimed at reducing living costs and stimulating consumption [10][11]. 7. **Market Outlook for A-shares** The A-share market is expected to remain stable in the short term, with a focus on sectors like technology, data economy, and traditional industries such as steel and cement, reflecting a shift from risk to livelihood in real estate [13][16][21]. 8. **Structural Changes in the A-share Market** A structural divergence is noted within the A-share market, with significant differences in performance between new productivity sectors and traditional real estate, indicating varying investment opportunities [18][19]. 9. **New Structural Reforms** New structural reforms are anticipated to impact sectors such as photovoltaics, lithium batteries, and new energy vehicles, which are closely linked to the transition from old to new economic drivers [20]. Other Important Insights - **Short-term Economic Risks** Short-term risks in the A-share market are considered manageable, with a focus on specific themes and styles to capture potential opportunities [21]. - **Consumer Demand Expansion** The expansion of consumer demand is seen as crucial in the current policy environment, with certain stocks showing significant returns compared to traditional indices [19]. - **Future of Space Economy and Marine Industry** The development of the space economy and marine industry is viewed as having vast potential, driven by national priorities in aerospace and deep-sea technology [8]. This summary encapsulates the key points discussed in the conference call, providing insights into the strategic direction of China's economic policies and their implications for various sectors and the A-share market.

21世纪经济报道记者周潇枭 王峰 见习记者冉黎黎 北京报道 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20 日至23日在北京举行。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》，对未来五年的发展 作出顶层设计和战略擘画。 全会指出，"十四五"时期，我国经济实力、科技实力、综合国力跃上新台阶，中国式现代化迈出新的坚实步伐，第二个百年奋 斗目标新征程实现良好开局。"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。 面对错综复杂的国际形势和艰巨繁重的国内改革发展稳定任务，"十四五"期间，我国经济总量连续跨越110万亿元、120万亿 元、130万亿元，今年预计达到140万亿元左右，年均增速在5%以上，中国对世界经济增长的年均贡献率保持在30%左右。 "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。全会强调，"十五五"时期要推动经济实现质的有效 提升和量的合理增长，推动人的全面发展、全体人民共同富裕迈出坚实步伐，确保基本实现社会主义现代化取得决定性进展。 全会部署了"十五五"时期重 ...

全会部署了"十五五"时期重点任务，包括建设现代化产业体系、加快高水平科技自立自强、建设强大国 内市场、加快构建高水平社会主义市场经济体制、扩大高水平对外开放、加快农业农村现代化、优化区 域经济布局、激发全民族文化创新创造活力、加大保障和改善民生力度、加快经济社会发展全面绿色转 型等。 承前启后的关键五年 全会指出，实现社会主义现代化是一个阶梯式递进、不断发展进步的历史过程，需要不懈努力、接续奋 斗。"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。 中共中央党校（国家行政学院）中国式现代化研究中心主任张占斌认为，按照党的二十大提出的到2035 年基本实现社会主义现代化的目标要求，2026—2035年是中国基本实现社会主义现代化的冲刺、决胜阶 段，现在正处于中国式现代化的关键时期。 "十五五"时期，要奋力开创中国式现代化建设新局面，确保基本实现社会主义现代化取得决定性进展。 全会提出了"十五五"时期经济社会发展的主要目标：高质量发展取得显著成效，科技自立自强水平大幅 提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不 ...

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2023, in Beijing, where the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" were reviewed and approved [1] Group 1: Economic Development - The "15th Five-Year" period is crucial for laying the foundation for the basic realization of socialist modernization and has an important transitional role [2] - The focus will be on building a modern industrial system with advanced manufacturing as the backbone, emphasizing the importance of the real economy and promoting intelligent, green, and integrated development [3] Group 2: Innovation and Technology - There is a strong emphasis on accelerating high-level technological self-reliance and enhancing the overall effectiveness of the national innovation system to boost autonomous innovation capabilities [4] Group 3: Domestic Market and Consumption - The plan aims to build a strong domestic market by expanding domestic demand, promoting consumption, and ensuring a close relationship between investment in goods and investment in people [5] Group 4: Rural Development - The session highlighted the importance of modernizing agriculture and rural areas, focusing on solving "three rural issues" and promoting urban-rural integration [6] Group 5: Social Welfare - There is a commitment to improving people's livelihoods and promoting common prosperity, with a focus on enhancing social mobility and quality of life [7][8] Group 6: Environmental Sustainability - The session calls for a comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality while enhancing ecological safety [9] Group 7: National Security and Defense - The modernization of the national security system and capabilities is emphasized, alongside the goal of achieving high-quality development in national defense and military modernization [10][11] Group 8: Party Governance - Effective party governance is seen as essential for strong economic and social development, with a focus on strict party discipline and anti-corruption efforts [13]

高质量发展是中国式现代化的必然要求，关系我国社会主义现代化建设全局。壹引其纲，万目皆张。高 质量发展是对经济社会发展方方面面的总要求，是所有地区发展都必须贯彻的要求，是必须长期坚持的 要求。"十五五"时期，必须坚持高质量发展不动摇，完整准确全面贯彻新发展理念，加快构建新发展格 局，加快高水平科技自立自强，引领发展新质生产力，建设现代化产业体系，让新动能更加澎湃、新优 势更加彰显，牢牢把握发展主动权。 向新而行，以质致远，"十五五"的发展前景光明、未来可期！ 党的二十届四中全会强调，"十五五"时期经济社会发展，必须以推动高质量发展为主题，坚定不移推动 高质量发展。这为我们推动经济持续健康发展和社会全面进步、扎实推进中国式现代化指明了努力方向 和实践路径。 ...

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasized the importance of the "15th Five-Year Plan" as a critical period for achieving socialist modernization and laid out various strategies for economic and social development [2][3]. Group 1: Economic Development Strategies - The session highlighted the need to build a modern industrial system centered on advanced manufacturing, reinforcing the foundation of the real economy and promoting intelligent, green, and integrated development [4]. - It called for enhancing the overall effectiveness of the national innovation system, focusing on self-reliance in technology and fostering new productive forces through original innovation and key core technology breakthroughs [5][6]. - The importance of expanding domestic demand and creating a strong domestic market was stressed, with a focus on improving consumption and investment interactions to stimulate economic growth [7]. Group 2: Rural and Agricultural Development - The session underscored the necessity of modernizing agriculture and rural areas, aiming to ensure that rural areas meet modern living standards and enhance agricultural productivity and quality [8]. Group 3: Social Welfare and Quality of Life - There was a strong emphasis on improving people's livelihoods and promoting common prosperity, with initiatives aimed at enhancing social mobility, employment quality, and public services [9]. Group 4: Environmental Sustainability - The session advocated for a comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality while promoting ecological safety and green growth [10]. Group 5: National Security and Defense - The need to modernize the national security system and capabilities was highlighted, ensuring a stable and orderly society while advancing national defense and military modernization [11][13]. Group 6: Party Governance - The session reiterated that effective party governance is crucial for robust economic and social development, emphasizing the importance of strict party discipline and anti-corruption measures [14].

Core Viewpoint - The article discusses the key points and timelines related to the "14th Five-Year Plan" (十四五规划) and the upcoming "15th Five-Year Plan" (十五五规划), emphasizing the importance of high-quality development, technological self-reliance, and various strategic initiatives for economic and social progress in China [1][2][3]. Summary by Sections Planning Timeline - The timeline for the "15th Five-Year Plan" includes several key meetings and publications, starting with the Politburo meeting in July, followed by the Fourth Plenary Session in October, and concluding with the National People's Congress in March 2026, which will review and publish the plan's outline [1][8]. Development Goals - The main goals for the "15th Five-Year Plan" include achieving significant results in high-quality development, enhancing technological self-reliance, deepening reforms, improving social civilization, and ensuring national security [2][10][11]. Modern Industrial System - The plan emphasizes maintaining a reasonable proportion of manufacturing, establishing an advanced manufacturing backbone, and fostering new and future industries while optimizing traditional sectors [3][12]. Technological Innovation - The focus is on seizing opportunities from the new technological revolution, enhancing original innovation, and addressing key core technology challenges to establish a leading position in global technological innovation [4][14]. Expanding Domestic Demand - The strategy aims to lead new supply with new demand and create new demand through supply, promoting a healthy interaction between consumption and investment [6][15]. Deepening Reforms and Expanding Opening-Up - The plan outlines over 300 reform measures to be implemented by 2029, focusing on economic system reforms and maintaining a multilateral trade system amid external challenges [5][16][17]. Regional Strategy - The emphasis is on leveraging key regional growth drivers and enhancing marine economic development, indicating a strategic focus on specific areas to boost overall economic growth [6][19]. Agriculture and Livelihood - The plan aims to modernize rural living conditions and promote high-quality real estate development, indicating a shift in policy focus towards improving living standards and housing quality [6][20]. Green Development and National Security - The plan includes accelerating the establishment of a new energy system and enhancing national security capabilities in critical areas such as food and energy security [7][22][23]. Work Deployment for the Current Year - The emphasis is on achieving economic and social development goals for the year, stabilizing employment, businesses, and market expectations, and ensuring effective implementation of existing policies [7][25].

Group 1 - The core viewpoint emphasizes the importance of building a modern industrial system and strengthening the foundation of the real economy [1] - The focus is on maintaining the emphasis on the real economy, with a commitment to intelligent, green, and integrated development [1] - The initiative aims to accelerate the construction of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, transportation powerhouse, and cyber powerhouse [1] Group 2 - There is a call to optimize and upgrade traditional industries while fostering and expanding emerging and future industries [1] - The goal includes promoting high-quality and efficient development of the service industry [1] - The construction of a modern infrastructure system is highlighted as a key component of the overall strategy [1]

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China will be held from October 20 to 23, 2025, in Beijing [1] - The session emphasizes the construction of a modern industrial system and the consolidation of the foundation of the real economy [1] Industry Focus - The focus will be on placing economic development efforts on the real economy, with an emphasis on intelligent, green, and integrated directions [1] - There is a goal to accelerate the establishment of a manufacturing powerhouse, quality powerhouse, aerospace powerhouse, transportation powerhouse, and cyber powerhouse [1] - Maintaining a reasonable proportion of manufacturing and constructing a modern industrial system centered on advanced manufacturing is a priority [1] Sector Development - The session calls for optimizing and upgrading traditional industries while nurturing and expanding emerging and future industries [1] - Promoting high-quality and efficient development of the service industry is also highlighted [1] - The construction of a modern infrastructure system is deemed essential [1]

中国共产党第二十届中央委员会第四次全体会议公报 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 中国共产党第二十届中央委员会第四次全体会议，于2025年10月20日至23日在北京举行。 出席这次全会的有，中央委员168人，候补中央委员147人。中央纪律检查委员会常务委员会委员和有关方面负责同志列席会议。党的二十 大代表中部分基层同志和专家学者也列席了会议。 全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告，审议通过了《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》。习近平就《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二十大和二十届历次全会精神，坚持稳中求 进工作总基调，完整准确全面贯彻新发展理念，统筹推进"五位一体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统 筹发展和安全，进一步全面深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好民生保障和生 态环境保护，维护国家安全和社会 ...