本报讯 连日来，市学习贯彻党的二十届四中全会精神宣讲团前往各区各系统举行宣讲报告会，并与各 界代表深入座谈。聆听报告后，广大党员干部纷纷表示，要牢牢把握首都城市战略定位，坚持首善标 准，履行首都职责，将学习成果转化为推动工作的实绩实效，一步一个脚印把发展蓝图变为美好现实， 为推动新时代首都发展、率先基本实现社会主义现代化作出更大贡献。 在党校系统报告会上，宣讲团成员、市委党校（北京行政学院）分管日常工作的副校长（副院长）沈洁 作宣讲。她表示，党校要构建"大科研"格局，加强首都高端智库建设，紧扣全会提出的战略部署开展前 瞻性、对策性研究，积极发挥宣传思想引领作用，不断提升为党育才、为党献策水平。 在北京大学，宣讲团成员、二十届中央委员会候补委员、北大校长龚旗煌围绕准确把握"十五五"时期在 基本实现社会主义现代化进程中的重要地位，深刻领会"十五五"时期经济社会发展的指导方针和主要目 标，全面理解"十五五"时期经济社会发展的战略任务和重大举措，坚持和加强党的全面领导等方面作了 全面系统的阐释和宣讲。 "这次全会主题重大、内容丰富、内涵深刻，全会阐明的指导思想、重大原则、目标要求、战略任务和 重大举措，充分体现了习近 ...

面从严治党更严、更实，为实现党中央确定的"十五五"目标任务积极贡献资本市场力量。 吴清要求，证监会系统要把学习宣传贯彻全会精神这项重大政治任务抓紧抓实，扎实开展多层次、全覆 盖学习培训，大兴调查研究，认真做好规划编制，精心做好宣传解读，以钉钉子精神抓好各项任务落 实，切实把全会精神的学习成效转化为推动资本市场防风险、强监管、促高质量发展的实绩实效。 ● 本报记者 昝秀丽 中国证监会11月14日消息，证监会近日举办学习贯彻党的二十届四中全会精神宣讲报告会，中央宣讲团 成员，证监会党委书记、主席吴清作宣讲报告。吴清表示，证监会系统要抓紧研究谋划"十五五"时期资 本市场战略任务和重大举措，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公 司质量更高、价值更优，监管执法更加有效、更具震慑力，开放迈向更深层次、更高水平。 吴清围绕习近平总书记在党的二十届四中全会上的重要讲话精神和《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》，从准确把握党的二十届四中全会的重大意义，深刻认识"十四五"时期 我国经济社会发展取得的新的重大成就，深刻领会"十五五"时期经济社会发展的指导思想、重要原则、 主要目 ...

Core Points - The Civil Aviation Administration of China (CAAC) emphasizes the importance of studying and implementing the spirit of the Fourth Plenary Session of the 20th Central Committee as a major political task for the current and future periods [2][3] - The session's resolutions, particularly the "Suggestions" for the 15th Five-Year Plan, are seen as a significant mobilization for advancing Chinese-style modernization and will have a profound impact on the development of the Party and the country [2][3] Summary by Sections Meeting Highlights - The meeting was attended by key officials including CAAC Secretary and Director Song Zhiyong, who stressed the need for political awareness and unity among party organizations and members [2][5] - The session was conducted via a teleconference format, involving various levels of leadership within the CAAC [5] Key Messages from the Fourth Plenary Session - Song Zhiyong highlighted the importance of Xi Jinping's speech during the session, which provided a comprehensive overview of the drafting process, main considerations, and key issues of the "Suggestions" [3] - The speech addresses significant theoretical and practical questions regarding economic and social development during the 15th Five-Year Plan period, emphasizing high-quality development and modernization [3] Strategic Focus for the 15th Five-Year Plan - The "Suggestions" outline major achievements during the 14th Five-Year Plan and the strategic tasks for the upcoming period, with clear goals and practical measures [3][4] - The CAAC aims to enhance its leadership role in the development planning and implementation of civil aviation, focusing on high-quality development and addressing new demands in aviation services [4] - Key areas of focus include safety management, service quality, infrastructure development, innovation in science and education, green transformation, and improved governance capabilities [4]

Group 1 - The core viewpoint is that the current market uptrend is driven by a persistent and potentially increasing policy easing environment [3][5][17] - The stock market has shown a significant divergence from economic performance this year, indicating that policies have effectively targeted current economic issues [4][10] - The contribution of a few leading companies to the overall market performance is notable, with five companies in the CSI 300 index contributing 22% to its gains [7][26] Group 2 - The upcoming five years are crucial for establishing a modern industrial system, with a focus on technological innovation [8][32] - The proportion of technology in the economy is expected to surpass that of consumption for the first time, marking a significant shift in economic structure [9][34] - The stock market's recovery is anticipated to boost consumer confidence and spending, which is currently low compared to developed countries [13][15] Group 3 - The current market is believed to be in the second phase of a bull market, characterized by gradual improvement in fundamentals [6][25] - Historical patterns suggest that the current bull market, which began in September 2024, has not yet reached its full potential [18][20] - The technology sector is expected to continue its upward trajectory, driven by the ongoing AI revolution and its applications [29][31] Group 4 - The concept of "old economy assets" is highlighted, suggesting that sectors like real estate and liquor, which have underperformed, may see a resurgence [35][39] - The long-term outlook for the equity market remains optimistic, with expectations of higher returns as the economy transitions to higher value-added industries [40][48] - The importance of aligning investment strategies with long-term economic trends is emphasized, particularly in the context of China's evolving industrial landscape [46][47]

真正的突破，总在不经意间发生。 近日，国务院办公厅印发《关于进一步促进民间投资发展的若干措施》，这份包含着13项具体举措的文 件，不仅是对短期经济压力的回应，更是对中国经济中长期发展动力的深度重构。 "十五五"即将开局，促进民间投资的理念，正在经历从"政策松绑"到"系统赋能"的深刻转变，当民间投 资从"允许参与"走向"保障到位"，从"单点突破"走向"系统赋能"，中国经济的活力必将得到更深层次的 释放。 在"十五五"规划承前启后的关键节点，我们可以从三个维度来分析，这份涵盖13项具体举措的文件的里 程碑式意义。 第一个维度，从"允许进入"到"保障到位"，标志着民间投资政策的质变飞跃。 分析研读《若干措施》，可以清晰地看到，政策理念正在发生深刻转变——从过去的"允许参与"升级为 现在的"保障到位"，这种转变体现在三个层面： 在准入层面，实现了从"原则开放"到"量化保障"的突破。 文件明确要求，在铁路、核电等传统国有资 本主导领域，不仅要"专项论证民间资本参与的可行性"，更要"明确持股比例"，且"可在10%以上"。这 一量化规定，彻底打开了民资可预期的参与空间。 在引导层面，实现了从"跟随投资"到"引领创新"的转型 ...

吴清强调，习近平总书记在全会上的重要讲话高屋建瓴、定向领航，明确了推动未来5年乃至更长一段时期经济社会发展 的一系列方向性、根本性重大问题，进一步深化了我们党对经济社会发展的规律性认识，为推动高质量发展、推进中国式现代 化提供了科学指南和重要遵循。"十五五"时期具有承前启后的重要地位，是夯实基础、全面发力的关键时期。证监会系统要深 刻领悟"两个确立"的决定性意义，增强"四个意识"、坚定"四个自信"、做到"两个维护"，全面理解和把握全会关于加快建设金 融强国的新部署新要求，认真落实金融系统学习贯彻全会精神会议提出的工作要求，抓紧研究谋划"十五五"时期资本市场战略 任务和重大举措，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力，上市公司质量更高、价值更优，监管执法 更加有效、更具震慑力，开放迈向更深层次、更高水平，证监会系统全面从严治党更严、更实，为实现党中央确定的"十五 五"目标任务积极贡献资本市场力量。 吴清要求，证监会系统要把学习宣传贯彻全会精神这项重大政治任务抓紧抓实，扎实开展多层次、全覆盖学习培训，大兴 调查研究，认真做好规划编制，精心做好宣传解读，以钉钉子精神抓好各项任务落实，切实把全会精神 ...

Group 1 - The core point of the article is that Honghui Fruits and Vegetables (SH 603336) held its fourth board meeting of the sixth session on November 14, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the revenue composition of Honghui Fruits and Vegetables is as follows: 95.01% from the fruit and vegetable service industry, 16.39% from supply chain management services, 4.74% from the agricultural and sideline food processing industry, and 0.41% from other businesses, with inter-segment eliminations accounting for -16.54% [1] - As of the time of reporting, the market capitalization of Honghui Fruits and Vegetables is 6.2 billion yuan [1]

Group 1 - The manufacturing industry is the foundation of the national economy, and China has become the world's largest manufacturing country, but it still faces challenges in independent innovation and reliance on foreign technology [1][2] - The "14th Five-Year Plan" emphasizes high-quality development of the manufacturing sector, focusing on transformation towards high-end, intelligent, and green manufacturing [2][3] - Acceptance bills are a crucial financing tool for manufacturing enterprises, with over 30% of the total bill issuance in 2024 coming from the manufacturing sector [2][3] Group 2 - In 2024, the total amount of acceptance bills issued reached 38 trillion yuan, with the manufacturing sector accounting for 11.7 trillion yuan, indicating a continuous upward trend [3] - Small and medium-sized enterprises (SMEs) are significantly benefiting from the acceptance bill market, with 93.2% of bill issuers being SMEs [3][4] - Acceptance bills provide a flexible financing option for SMEs, which often struggle to access traditional financing methods [4][5] Group 3 - The twelve major manufacturing industries in China include electronics, machinery, automotive, and chemical manufacturing, all of which are adapting to new business models and enhancing their digital capabilities [7][8] - Acceptance bills can effectively match the cash flow cycles of these industries, reducing capital occupation and expanding commercial credit [7][8] Group 4 - The promotion of receivables bill financing is essential for alleviating liquidity pressures faced by manufacturing enterprises, especially SMEs [8][9] - The integration of technology, such as big data and AI, into the bill financing process can enhance service efficiency and reduce transaction costs for manufacturing enterprises [15][16] Group 5 - The development of green bills is aligned with China's carbon neutrality goals, providing financial support for green projects within the manufacturing sector [10][11] - Financial institutions are encouraged to support the acceptance, discounting, and re-discounting of green bills to facilitate the transition towards sustainable manufacturing practices [11][12] Group 6 - The current macroeconomic environment presents challenges for credit access among SMEs, necessitating a focus on enhancing the efficiency of bill financing processes [13][14] - The central bank's re-discount policy can be leveraged to support manufacturing enterprises, particularly those with strong credit profiles [14][16]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Policy effects are gradually emerging, with obvious economic structural changes, including improved price data, high production - end prosperity, accelerated transformation of new and old drivers, effective "trade - in" policies, and optimized manufacturing investment structure [4][5]. - There is insufficient demand for entity financing, and residents' consumption willingness and ability still need to be improved, with weak real - economy financing demand, the real estate sector dragging down the economy, and economic data awaiting trend - based improvement [4][6]. - The economy is expected to continue a mild recovery in 2025, with high - end manufacturing and green transformation investment growing, the external environment improving marginally, and short - term policies likely in an observation period [4][24]. - Investment suggestions include re - balancing the equity market style, a likely volatile bond market, and increased differentiation in the commodity market [4]. Summary by Directory 1. 10 - month Economic Overview - The macro - economy cooled in October, with economic repair structure differentiation intensifying. Policy effects led to economic structural changes, while entity financing demand was insufficient, and economic data awaited improvement [5][6]. 2. Interpretation of 10 - month Economic Sub - data - Manufacturing PMI declined seasonally, with both supply and demand slowing. High - tech and equipment manufacturing, and consumer goods industries supported the manufacturing sector, while high - energy - consuming industries declined. The service industry expanded, and the construction industry declined [7][8]. - Fixed - asset investment decreased year - on - year, but manufacturing investment continued to grow. The real estate sector dragged down investment, while high - end and green - related manufacturing investment increased [9]. - The consumption end maintained a mild recovery, with the double - festival effect and "Double Eleven" boosting consumption. However, high base numbers and weak resident leverage may limit growth [10]. - Exports turned negative year - on - year in October, mainly due to high base numbers and weak external demand. Exports are expected to be under short - term pressure but remain resilient [10][11][12]. - Real estate sales continued to bottom out, with both sales area and investment declining. The industry is expected to improve with further policy support [13]. - The production end remained resilient, with high - tech and equipment manufacturing driving growth [14]. - PPI turned positive month - on - month for the first time this year, with supply - side policies taking effect. PPI is expected to maintain a mild upward trend [17][19]. - Social financing growth slowed in October, with both positive and negative aspects. M1 growth may have reached its peak this year, and there was a shift in deposits [20]. 3. Future Economic Outlook - Overseas, short - term liquidity may improve, but data shortages increase policy uncertainty. The probability of the Fed cutting interest rates in December has decreased [22]. - Domestically, short - term policy intensification is less necessary, and long - term policies focus on high - quality development [23]. - The economy is expected to continue a mild recovery in 2025, with high - end manufacturing and green transformation driving growth, the external environment improving, and short - term policies in an observation period [24]. 4. Investment Suggestions - Equity market: Short - term, it may fluctuate. Focus on North American power transformation, high - dividend stocks, "anti - involution" sectors, new consumption, and "15th Five - Year Plan" key areas [25][26][28]. - Bond market: It may remain volatile in the short term. A dumbbell - shaped strategy is recommended [29]. - Commodity market: Differentiation is intensifying. Precious metals are bullish in the long term but may be volatile in the short term, and crude oil may remain weakly volatile [30].

原标题：中国证监会举办学习贯彻党的二十届四中全会精神宣讲报告会 责编：万健祎 校对： 许欣 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 吴清围绕习近平总书记在党的二十届四中全会上的重要讲话精神和《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》，从准确把握党的二十届四中全会的重大意义，深刻认识"十四五"时期我国经济社会 发展取得的新的重大成就，深刻领会"十五五"时期经济社会发展的指导思想、重要原则、主要目标、战略任务 和重大举措，以及坚持和加强党的全面领导，凝聚起推进中国式现代化的磅礴力量等方面，结合资本市场工作 实际，作了深入宣讲和系统阐释。 吴清强调，习近平总书记在全会上的重要讲话高屋建瓴、定向领航，明确了推动未来5年乃至更长一段时期经 济社会发展的一系列方向性、根本性重大问题，进一步深化了我们党对经济社会发展的规律性认识，为推动高 质量发展、推进中国式现代化提供了科学指南和重要遵循。"十五五"时期具有承前启后的重要地位，是夯实基 础、全面 ...