Group 1 - The core viewpoint emphasizes the significant achievements in China's development during the "14th Five-Year Plan" period and the importance of transitioning to a modernized industrial system in the "15th Five-Year Plan" period [1] - The plan aims to cultivate and expand emerging and future industries while enhancing the foundation of the real economy [1] - It highlights the need for original innovation and breakthroughs in key core technologies to drive economic growth [1] Group 2 - The "15th Five-Year Plan" outlines the necessity of deepening the integration of technological and industrial innovation [1] - It stresses the importance of promoting high-quality development and expanding effective investment to stimulate domestic consumption [1] - The plan also focuses on enhancing the vitality of various business entities and improving the market-oriented allocation of resources [1] Group 3 - The objectives include advancing agricultural modernization and improving the quality and efficiency of agricultural production [1] - It aims to promote coordinated regional development and optimize the spatial development pattern of the country [1] - The plan emphasizes the importance of cultural development and enhancing the influence of Chinese civilization [1]

文/ 中国人民大学深圳研究院专职研究员 邢洋 当前国际经济形势严峻复杂，保护主义和单边主义问题比较突 出。建设全国统一大市场，成为促进新发展格局形成的关键战略选择。建 设全国统一大市场需要从以下几个方面着手：塑造健康金融环境，助力全 国统一大市场建设不断完善；提升金融软硬件供给能力，牢筑成为统一大 市场稳定源、推进器；稳步推进金融内涵式发展，深入推进全国统一大市 场建设。 当前国际经济形势严峻复杂，保护主义和单边主义问题更加突出。全球冲突源和风险点增加，国际利益格局与国际政治秩序面临深度调整和转型。建设全 国统一大市场成为促进新发展格局形成的关键战略选择。《中共中央、国务院关于加快建设全国统一大市场的意见》（以下简称《意见》）是全面贯彻以 习近平新时代中国特色社会主义思想为核心，着眼全局，从战略层面做出的重大决策。 金融服务业扮演着参与者和推动者双重角色，在构建全国统一大市场进程中承担着关键支撑作用，兼具市场实践主体与制度创新引擎双重职能。如何科学 运用现代金融工具，着力推进金融体系深化改革与创新支持体系建设，是突破市场整合体制机制障碍的核心路径。其中，加强金融基础设施的系统化布局 与跨领域协同监管，对实现资 ...

Core Viewpoint - The economic performance of Henan province in the first three quarters of this year shows a "five stability" trend, with a GDP growth of 5.6%, ranking second in the central region, indicating the province's solid commitment to its economic responsibilities [1][3]. Economic Performance - Henan's GDP growth reached 5.6%, placing it second in the central region [1] - The province's industrial added value, fixed asset investment, and retail sales of consumer goods all ranked second in the central region [1] - The agricultural output is projected to exceed 1.3 trillion jin, with a first industry added value growth of 3.1% [3] Industrial Growth - 33 out of 41 major industrial categories in Henan experienced positive growth, with an overall growth rate of 80.5% [3] - Key industries such as automotive and parts grew by 20%, equipment by 14.3%, food by 10%, electronic information by 9.2%, and new materials by 8.9% [3] Investment and Consumption - Investment in projects over 100 million yuan increased by 8.4%, contributing 5.4 percentage points to total investment growth [4] - Private investment grew by 7.5%, surpassing the national average of 10.6% [4] - Retail sales of consumer goods increased by 9.9%, with 21 out of 23 categories showing growth [4] Foreign Trade - The total import and export value reached 643.18 billion yuan, a year-on-year increase of 18.7%, marking a historical high for the province [5] - The number of foreign trade enterprises increased by 11.4% to 13,300 [5] Development Dynamics - The province has implemented measures to integrate into the national market, with significant progress in market-oriented reforms [6] - New business registrations increased by 14%, with 429,000 new enterprises established [6] Technological and Green Development - The transaction value of technology contracts exceeded 200 billion yuan, with high-tech manufacturing growing by 13.9% [6] - Renewable energy generation capacity reached 54.8%, and air quality improved significantly [6] Social Welfare - Urban employment increased by 998,000, with per capita disposable income reaching 23,700 yuan, a growth of 5.3% [7] - Public services have been enhanced, with new educational facilities and significant progress in key social projects [7]

Core Insights - The report highlights the acceleration of demand and continuous improvement in profitability for the companies analyzed, particularly in the semiconductor and copper industries, with significant year-on-year growth in revenue and net profit [12][13][14]. Company Summaries Unigroup Guowei (002049.SZ) - The company reported a revenue of 4.904 billion yuan for Q1-Q3 2025, representing a 15.1% year-on-year increase, and a net profit of 1.263 billion yuan, up 25.0% year-on-year [12]. - In Q3 2025 alone, revenue reached 1.857 billion yuan, a 33.6% increase year-on-year, with net profit soaring by 109.6% to 571 million yuan [12]. - The growth is attributed to the recovery in special business demand, stable development in traditional consumer markets, and accelerated expansion in eSIM and automotive safety chips [14]. Luoyang Copper (603993) - The company achieved a revenue of 145.49 billion yuan for Q1-Q3 2025, a decrease of 6.0% year-on-year, but net profit surged by 72.6% to 14.28 billion yuan, driven by rising copper prices and increased production and sales [13][14]. - Q3 2025 revenue was 50.71 billion yuan, down 2.4% year-on-year but up 4.0% quarter-on-quarter, with net profit increasing by 96.4% year-on-year to 5.61 billion yuan [14]. - The company plans to invest in the KFM Phase II project, expected to commence production in 2027, and has acquired Lumina Gold Company to diversify its mineral portfolio [14]. Other Companies - The report also covers various companies such as Nanjing Bank, which reported a revenue of 419 billion yuan for 9M25, up 8.8% year-on-year, and a net profit of 180 billion yuan, up 8.1% year-on-year, indicating a stable performance [20]. - New Australia Co. is highlighted for benefiting from the rising prices of Australian wool, with expectations of significant performance elasticity due to favorable supply and demand dynamics [19]. Industry Insights - The semiconductor industry is experiencing a new cycle of prosperity, driven by increased demand for special integrated circuits and advancements in high-end AI visual perception and automotive electronics [14]. - The copper industry is seeing a rebound in prices and production, with companies like Luoyang Copper capitalizing on this trend to enhance profitability and expand operations [14]. - The report emphasizes the importance of technological modernization and structural optimization in traditional industries as key components of future growth strategies [11].

国内大循环的内生动力和可靠性，基于一个强大的国内市场。"十五五"，扩大内需被列为一个"战 略基点"。这意味着要坚持惠民生和促消费、投资于物和投资于人紧密结合，促进消费和投资、供给和 需求良性互动等——构建这个强大市场的过程，不仅要做"加法"，更重要的是顺应变革趋势，做"变 法"、做"减法"。 解放日报评论员 做强国内大循环、畅通国内国际双循环，是"十五五"的重要任务。习近平总书记在就"十五五"规划 建议所作的说明中指出，外部环境越是严峻复杂，越要加快构建新发展格局，牢牢把握发展主动权。当 前和今后一个时期，要坚持做强国内大循环，加快形成强大国内经济循环体系，以国内循环的稳定性对 冲国际循环的不确定性。 比如消费，尤其在上海这样的城市，服务消费比重越来越高，消费场景日趋多元，以"文旅商体 展"为代表的融合趋势也日趋显著……新的需求持续涌现，新的趋势和规律也在持续涌现，其中就蕴藏 着新的增长点。有些东西当下不一定看得明白，有些东西也可能带来新的挑战。如果一刀切地踩刹车、 设路障，不仅容易错失眼前机遇，更不利于激发长期活力、树立长期信心。不断更新管理思路和手势， 展现开放包容态度，才是明智之举。 加快建设全国统一大 ...

会议以视频会议形式召开，各省辖市、济源示范区、航空港区设分会场。有关省领导出席。 刘宁强调，要全力以赴稳态势，强化政策落地、监测调度、企业帮扶、农业生产，稳住经济基本 盘。要千方百计挖潜力，坚持惠民生和促消费、投资于物和投资于人紧密结合，提振信心促消费，大抓 项目扩投资，开拓市场稳外贸。要多措并举增动能，纵深推进融入服务全国统一大市场建设，促进科技 创新和产业创新深度融合，加快建设现代化产业体系。要办好实事惠民生，加强稳岗促就业工作，巩固 拓展脱贫攻坚成果，加强对困难群众帮扶救助，强化重要民生商品保供稳价、能源电力安全保供，深化 污染防治攻坚，确保重点民生实事全面完成。要防化风险保稳定，坚决维护政治安全，防控经济运行中 各类风险，压紧压实安全生产责任，强化食品药品安全全链条监管，加强社会治安整体防控，统筹好发 展和安全。要持之以恒推进全面从严治党，营造良好政治生态，激励干部担当作为。 10月28日，奋战四季度坚决实现全年目标任务动员部署会在郑州召开，省委书记刘宁出席并讲话， 强调要深入学习贯彻党的二十届四中全会精神和习近平总书记在河南考察时重要讲话精神，推动全省上 下坚定信心、攻坚克难，开展并打好冬春季攻保战 ...

Group 1 - The core viewpoint emphasizes the importance of a strong domestic market as a strategic support for Chinese-style modernization, focusing on the integration of investment in material and human capital to promote consumption and investment [1] - The proposal highlights the need for a balanced approach to infrastructure investment while increasing investments in education, healthcare, and skills training, ensuring the sustainability of human capital investments [1] - A series of practical measures are outlined to boost consumption and expand effective investment, reflecting the requirement for a close connection between improving people's livelihoods and promoting consumption [1] Group 2 - The proposal addresses the need to eliminate obstacles to the construction of a unified national market, including establishing unified market rules and standards, which will effectively break down market barriers and unleash the benefits of China's large-scale market [2] - Emphasizing the strategic basis of expanding domestic demand, the proposal aims to accelerate the formation of a robust domestic economic cycle, injecting strong momentum into high-quality economic development [2]

Core Viewpoint - The article emphasizes the importance of balancing the roles of the market and government in achieving decisive progress in socialist modernization, advocating for a combination of an effective market and a proactive government [1][3]. Group 1: Market Effectiveness - Current issues in China's market development include imbalances, underdeveloped resource markets, and lack of integration among trading platforms, which hinder the construction of a unified national market [2]. - The next five years will focus on deepening economic reforms, improving market mechanisms, and establishing high-standard market infrastructure to enhance market effectiveness [2]. Group 2: Government Role - A more effective market requires a more proactive government, which should regulate market failures while ensuring the market's decisive role [3]. - The government must build a legal and credit-based economy, correct market failures, and enhance public services to create a fair competitive environment for all business entities [3]. - It is crucial for the government to avoid unnecessary interference in microeconomic activities while optimizing macroeconomic governance to better respond to challenges [3]. Group 3: Long-term Development - The combination of market and government roles is essential for high-quality development and the modernization process in China [3]. - A well-structured socialist market economy will leverage the advantages of both the market and government, driving continuous progress in the nation's development [3].

Core Viewpoint - The article discusses the key points from the Central Committee's suggestions for the 15th Five-Year Plan, emphasizing the analysis of risks and challenges, economic growth targets, structural optimization, and the importance of national security in the context of China's modernization efforts [2][3][4]. Economic Analysis - The suggestions highlight the complex external economic environment, noting an increase in geopolitical tensions and the need for China to actively manage its international space [3][4]. - Internally, the focus has shifted from reform and innovation to addressing issues such as insufficient effective demand, challenges in domestic circulation, and the need for structural transformation [3][4][36]. Key Goals - The main goals include maintaining economic growth within a reasonable range, increasing the resident consumption rate, and enhancing the integration of technological and industrial innovation [4][36]. - A new emphasis on national security has been introduced, aiming to strengthen the national security framework [4][36]. Industrial Modernization - The plan prioritizes the optimization and upgrading of traditional industries, with a focus on enhancing global competitiveness in sectors like mining, metallurgy, and chemicals [5][37]. - It outlines strategic emerging industries such as new energy, new materials, aerospace, and low-altitude economy, along with future industries like quantum technology and biomanufacturing [5][37]. Domestic Demand Expansion - Specific measures are proposed to boost domestic demand through both consumption and investment, including increasing public service spending and enhancing the supply of quality consumer goods [5][37]. - The investment strategy emphasizes raising the proportion of government investment in livelihood projects and stimulating private investment [5][37]. Technological Modernization - The suggestions define technological modernization as a crucial support for China's modernization, advocating for extraordinary measures to achieve breakthroughs in key technology areas [6][38]. - The plan includes a comprehensive implementation of "Artificial Intelligence +" initiatives to empower various industries [6][38]. Reform and Market Integration - The construction of a unified national market is highlighted as a key reform area, focusing on eliminating barriers to market integration and enhancing regulatory frameworks [7][39]. - Financial and fiscal reforms are seen as essential for improving macroeconomic governance, with an emphasis on policy coordination and enhancing local fiscal autonomy [7][39]. Social Development - The plan addresses high-quality development in employment, income, real estate, and population, with a focus on structural employment issues and improving social security systems [8][40]. - It emphasizes the importance of green development, proposing measures to build a new energy system and achieve carbon peak goals [8][40]. Conclusion - The article encapsulates the strategic direction for China's economic and social development over the next five years, focusing on modernization, security, and sustainable growth [2][3][4].

Q&A 十五规划建议稿的核心目标是什么？ 十五规划建议稿的核心目标是高质量发展。具体来说，未来五年的七大发展目 标中，高质量发展排名第一。落实到经济政策层面，首先是产业结构的转型升 级，包括新质生产力的发展和存量技术领域的突破。在新质生产力方面，重点 关注八大战略性新兴产业和九大未来产业，如新能源、新材料、航空航天低空 经济、量子科技、生物制造、氢能、核聚变、脑机接口和 6G 等。此外，还要 科技当自强 五年再出发-《"十五五"规划建议》解读 20251028 摘要 十五规划建议稿强调科技自立自强，聚焦新能源、航空航天等战略新兴 产业和量子科技、脑机接口等未来产业，旨在解决"卡脖子"问题，提 升国家核心竞争力。该战略导向预示着相关领域将迎来政策和资金的双 重支持，利好相关股票。 规划提出要发挥举国体制优势攻关核心技术，并模仿美国模式，通过政 府入股推动创新。同时，建立高技术人才移民制度，吸引国际人才。这 些举措旨在加速技术突破，提升创新能力，对相关科技企业的长期发展 具有积极影响。 为解决产业升级中的无序竞争和重复投资问题，规划提出推进全国统一 大市场，并强调共同富裕，通过高质量就业、完善收入分配及加大民生 ...