Macro Commentary - The core objective of China's "14th Five-Year Plan" (2026-2030) emphasizes high-quality development, shifting focus from GDP growth to technological self-reliance and economic transformation [2][4] - Key strategic industries highlighted include artificial intelligence, semiconductors, advanced robotics, green energy, aerospace, and industrial software [2] - The plan aims to rebalance the economy towards consumption-driven growth, with increased investment in social services such as healthcare and elder care, benefiting sectors like consumer staples and healthcare [2][4] Market Performance - The Hang Seng Index closed at 25,968, up 0.72% year-to-date performance is 29.45% [2] - The Shanghai Composite Index closed at 3,922, with a year-to-date increase of 17.03% [2] - U.S. markets showed positive performance, with the Dow Jones up 0.27% and the S&P 500 up 0.49% [2][4] Company Analysis - **Giant Bio (2367 HK)**: The approval of its first injectable aesthetic product marks the beginning of a new growth phase for the company. The product is aimed at facial dermal filling to correct dynamic wrinkles [5][6] - The company has a strong channel advantage due to its established network and brand recognition in the aesthetic market, which is expected to drive growth [5] - **Thermo Fisher (TMO US)**: Reported a strong 3Q25 performance with a revenue increase of 5.0% year-on-year and an adjusted EPS growth of 9.7%. The company raised its full-year guidance based on robust performance [6][7] - The demand from pharma and biotech clients is showing positive signs, with revenue growth driven by bioproduction and analytical instruments [7][8] - The company is expected to benefit from the trend of pharmaceutical companies establishing manufacturing facilities in the U.S., which will reflect in its performance by 2027-2028 [9]

中国中共中央今天（24日）上午举行新闻发布会，介绍和解读党的二十届四中全会精神。中央财办分管日常工作的副主任、中央农办主任韩 文秀介绍 关于"十五五"时期经济社会发展的指导方针 。 《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》强调，要全面贯彻习近平新时代中国特色社会主义思想，围绕全面建成 社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代化全面推进中华民族伟大复兴，统筹推进"五位一体"总体布局，协调推进"四 个全面"战略布局，完整准确全面贯彻新发展理念，加快构建新发展格局。 《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》提出"五个以""两个推动""一个确保"的要求，即： 坚持以经济建设为中 心 ，以推动高质量发展为主题，以改革创新为根本动力，以满足人民日益增长的美好生活需要为根本目的，以全面从严治党为根本保障，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。 《建议》指出，"十五五"时期经济社会发展必须遵循六项重大原则，即： 坚持党的全面领导、坚持人民至上、坚持高质量发展、坚持全面深 化改 ...

Economic Environment - The "15th Five-Year" period faces complex changes in the development environment, with both strategic opportunities and risks present[1] - External challenges include increased tariffs from the US and restrictions on high-tech imports, necessitating a focus on technological self-reliance[1][2] Strategic Planning - The core strategy for the "15th Five-Year" plan is to enhance independent innovation and technological self-reliance, supported by a modern industrial system centered on advanced manufacturing[2][3] - The plan emphasizes the need to expand domestic demand, boost consumption, and reduce reliance on foreign markets[4] Economic Growth Targets - The focus will shift from high-speed growth to high-quality development, with no specific GDP growth targets set for the next five years[5] - The average GDP growth rate during the "14th Five-Year" period was 5.4%, with projections for the "15th Five-Year" period to be between 4.5% and 5.0%[5] Fiscal and Monetary Policy - The fiscal policy will prioritize funding for major national strategies, focusing on modern industrial systems and increasing technology spending[6][7] - Monetary policy will aim for stability and flexibility, with an emphasis on supporting technology-driven sectors and managing economic cycles[8] Immediate Policy Actions - There is an expectation for macroeconomic policies to intensify in the fourth quarter to stabilize growth, including new fiscal measures and potential interest rate cuts[9]

Group 1: Hot News - The Communique of the Fourth Plenary Session of the 20th Central Committee was released, setting the main goals for economic and social development during the 15th Five - Year Plan period and long - term goals by 2035 [2] - Vice Premier He Lifeng will lead a delegation to Malaysia for Sino - US economic and trade consultations from October 24th to 27th [2] - The EU listed Chinese enterprises in the 19th round of sanctions against Russia, and the Chinese Ministry of Commerce urged the EU to stop and vowed to safeguard Chinese enterprises' rights [2] - As of the week ending October 23rd, rebar production increased, factory and social inventories decreased for two consecutive weeks, and apparent demand increased for two consecutive weeks. Production was 2.0707 million tons, up 59,100 tons or 2.94% from last week, and apparent demand was 2.2601 million tons, up 62,600 tons or 2.85% [3] - As of October 23rd, the total inventory of national float glass sample enterprises was 66.613 million heavy boxes, up 2.337 million heavy boxes or 3.64% week - on - week, increasing for 3 weeks after the holiday and reaching a 3 - month high, with a year - on - year increase of 16.99% [3] Group 2: Sector Performance - Key sectors to focus on: urea, lithium carbonate, eggs, crude oil, PVC [4] - Night - session price changes of commodity futures main contracts: non - metallic building materials up 2.90%, precious metals up 31.27%, oilseeds up 9.82%, soft commodities up 2.71%, non - ferrous metals up 21.27%, coal, coke, steel and minerals up 13.31%, energy up 3.01%, chemicals up 10.94%, grains up 1.15%, agricultural and sideline products up 3.63% [4] Group 3: Sector Positions - Five - day changes in commodity futures sector positions are presented for different sectors including agricultural and sideline products, grains, chemicals, etc. [5] Group 4: Performance of Major Asset Classes Equity - Shanghai Composite Index: daily increase of 0.22%, monthly increase of 1.02%, annual increase of 17.03% [6] - S&P 500: daily increase of 0.58%, monthly increase of 0.75%, annual increase of 14.57% [6] - Hang Seng Index: daily increase of 0.72%, monthly decrease of 3.31%, annual increase of 29.45% [6] Fixed - income - 10 - year Treasury bond futures: daily decrease of 0.12%, monthly increase of 0.18%, annual decrease of 0.82% [6] Commodity - CRB Commodity Index: daily unchanged, monthly decrease of 0.89%, annual increase of 0.41% [6] - WTI Crude Oil: daily increase of 5.62%, monthly decrease of 1.12%, annual decrease of 14.09% [6] Other - US Dollar Index: daily increase of 0.03%, monthly increase of 1.14%, annual decrease of 8.80% [6] - CBOE Volatility Index: daily unchanged, monthly increase of 14.25%, annual increase of 7.20% [6]

Group 1: ETF Performance - The Sci-Tech Chip ETF experienced a turnover of 3.18% with a transaction volume of 1.299 billion yuan [3] - Over the past week, the ETF's scale increased by 1.41 billion yuan, ranking first among comparable funds [3] - The ETF's shares grew by 11.1 million, also ranking first among comparable funds [3] - The latest net inflow of funds into the ETF was 465 million yuan, with a total of 2.459 billion yuan net inflow over the last 10 trading days [3] - As of October 23, the ETF's net value has risen by 130.81% over the past three years, placing it in the top 1.05% among 1,897 index equity funds [3] Group 2: Stock Performance - The top ten weighted stocks in the Sci-Tech Chip Index include companies like Haiguang Information, Langqi Technology, and SMIC, collectively accounting for 59.69% of the index [3] - Notable stock performances include: - SMIC: +1.85% with a weight of 10.22% - Haiguang Information: +1.87% with a weight of 10.15% - Langqi Technology: +5.19% with a weight of 8.01% [6] Group 3: Market Trends - Major memory suppliers like Samsung Electronics and SK Hynix are expected to raise prices of DRAM and NAND products by up to 30% in Q4, driven by increased demand for AI-related storage chips [4] - The 14th Five-Year Plan emphasizes high-quality development and technological self-reliance, aiming to enhance original innovation and tackle key core technology challenges [4] - Rising upstream resource costs and tightening supply are leading to increased production costs, resulting in a price surge across storage products for servers, mobile phones, and PCs [4]

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]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The release of the goals for the 15th Five - Year Plan has led to a relatively strong and volatile trend in index futures. The trading enthusiasm of investors has increased as shown by the rebound in the total trading volume of index futures. Different index futures have different performance in terms of price changes, trading volume, and open interest [1][2]. 3. Summary by Related Catalogs 3.1. Index Futures Data Tracking - **Price and Change**: On October 23, the current - month contracts of the four major index futures showed mixed trends. IF rose 0.34%, IH rose 0.61%, IC rose 0.3%, and IM rose 0.14%. The closing prices, price changes, basis, trading volume, and open interest of different contracts of each index futures are presented in detail [1]. - **Trading Volume and Open Interest**: On the trading day, the total trading volume of index futures rebounded. IF's total trading volume increased by 31,340 lots, IH's by 13,227 lots, IC's by 35,906 lots, and IM's by 78,086 lots. In terms of open interest, IF's total open interest increased by 15,352 lots, IH's by 5,556 lots, IC's by 17,898 lots, and IM's by 33,845 lots [1][2]. 3.2. Index Futures Basis - The basis data of IF, IH, IC, and IM from September 29, 2025, to October 23, 2025, are presented in graphical form [4]. 3.3. Top 20 Member Positions in Index Futures - The increase or decrease in long and short positions of the top 20 members in different contracts of IF, IH, IC, and IM are provided. Some data for certain contracts are not disclosed [5]. 3.4. Trend Intensity - The trend intensity of IF and IH is 1, and that of IC and IM is also 1. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [6]. 3.5. Important Drivers - The communiqué of the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was officially released, putting forward the main goals for economic and social development during the 15th Five - Year Plan period. The Shanghai Composite Index rose 0.22% to 3,922.41 points, the Shenzhen Component Index rose 0.22%, and the ChiNext Index rose 0.09%. The A - share market had a turnover of 1.66 trillion yuan, slightly lower than the previous day's 1.69 trillion yuan [6].

Core Viewpoint - The article outlines the strategic directions and key initiatives for the next five years as articulated in the 20th Central Committee's Fourth Plenary Session, emphasizing high-quality development, technological self-reliance, and the construction of a modern economic system. Group 1: High-Quality Development - Significant achievements in high-quality development have been noted, with improvements in social civilization and living standards [3] - The focus is on consolidating and expanding the foundation of the real economy, promoting intelligent, green, and integrated development [5] Group 2: Technological Self-Reliance - There is a strong emphasis on accelerating high-level technological self-reliance to lead new productive forces, enhancing the national innovation system, and fostering original innovation [7] - The integration of technology innovation with industrial innovation is prioritized to boost overall productivity [7] Group 3: Domestic Market and Economic Structure - The strategy aims to expand domestic demand, enhance consumption, and promote effective investment, ensuring a robust domestic circulation [9] - The construction of a high-level socialist market economy is essential for sustaining high-quality development [11] Group 4: Agricultural Modernization - Addressing agricultural and rural issues is a top priority, with efforts to promote urban-rural integration and enhance agricultural productivity [15][17] Group 5: Regional Development - The strategy includes optimizing regional economic layouts to promote coordinated regional development and enhance the effectiveness of urbanization [19] Group 6: Cultural Development - There is a commitment to invigorating cultural innovation and promoting socialist culture, enhancing the influence of Chinese civilization [21] Group 7: Social Welfare and Common Prosperity - The focus is on improving living standards and ensuring common prosperity through effective social policies and public services [23] Group 8: Green Transformation - A comprehensive green transformation is planned, emphasizing carbon neutrality and ecological safety, while promoting sustainable development practices [25] Group 9: National Security - Strengthening the national security system and enhancing public safety governance are critical components of the strategy [27][29] Group 10: Military Modernization - The modernization of the military is highlighted, focusing on enhancing combat capabilities and integrating advanced technologies [32]

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Report's Core View - The report focuses on zinc, suggesting to pay attention to LME zinc inventory, and the zinc trend strength is neutral with a value of 0 [1][3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Price and Volume**: The closing price of SHFE zinc main contract was 22,345 yuan/ton, up 1.57%; the closing price of LME zinc 3M electronic disk was 3,019.5 dollars/ton, up 0.87%. The trading volume of SHFE zinc main contract was 164,360 lots, an increase of 62,086 lots; the trading volume of LME zinc was 12,135 lots, an increase of 182 lots. The open interest of SHFE zinc main contract was 124,740 lots, a decrease of 7,952 lots; the open interest of LME zinc was 221,889 lots, an increase of 300 lots [1] - **Premium and Discount**: The premium of Shanghai 0 zinc was -55 yuan/ton, unchanged; the premium of LME CASH - 3M was 338.74 dollars/ton, an increase of 43.74 dollars/ton. The premium of Guangdong 0 zinc was -90 yuan/ton, unchanged; the import bill of lading premium was 135 dollars/ton, unchanged. The premium of Tianjin 0 zinc was -55 yuan/ton, unchanged; the spot import profit and loss of zinc ingots was -5,664.34 yuan/ton, a decrease of 247.52 yuan/ton [1] - **Inventory**: SHFE zinc futures inventory was 65,529 tons, an increase of 320 tons; LME zinc inventory was 34,700 tons, a decrease of 600 tons. The LME zinc cancelled warrants were 9,850 tons, a decrease of 1,025 tons; the LME off - warrant (T + 3) was 11,581 tons, a decrease of 25 tons [1] - **Related Product Prices**: The tax - included price of 1.0mm hot - dipped galvanized coil was 4,183 yuan/ton, unchanged. The price of Shanghai Zamak - 5 zinc alloy was 23,275 yuan/ton, an increase of 200 yuan/ton; the price of Shanghai Zamak - 3 zinc alloy was 22,725 yuan/ton, an increase of 200 yuan/ton. The price of zinc oxide ≥99.7% was 21,200 yuan/ton, an increase of 200 yuan/ton [1] News - China and the US will hold economic and trade consultations in Malaysia from October 24th to 27th, with Chinese Vice - Premier He Lifeng leading the Chinese delegation [2] - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China put forward the main goals for economic and social development during the 15th Five - Year Plan period and the goal of achieving significant leaps in economic, technological, national defense, comprehensive national strength and international influence by 2035 [2][3] Trend Strength - The zinc trend strength is 0, indicating a neutral outlook [3]

Group 1 - The core focus of the "14th Five-Year Plan" is on "innovation" and "people" [1] - The plan emphasizes building a modern industrial system through innovation and enhancing self-reliance in high-level technology [1] - There is a strong commitment to improving people's livelihoods and promoting common prosperity for all [1] Group 2 - The future development of China as the world's second-largest economy is expected to significantly impact the global economic landscape [1] - The media is closely monitoring how China will create a new chapter in modernization over the next five years [1]