Core Viewpoint - The importance of building a modern industrial system and consolidating the foundation of the real economy is emphasized as a strategic task for China's development, highlighting the critical role of the real economy in the country's progress towards modernization [1][2]. Group 1: Economic Growth and Real Economy - Since the beginning of the 14th Five-Year Plan, China's industrial added value has increased from 31.3 trillion yuan to 40.5 trillion yuan, demonstrating the resilience of the real economy in withstanding significant challenges such as the pandemic [1]. - The real economy is identified as the foundation for national development and a crucial support for strategic advantages, underscoring the need to focus on it during the 15th Five-Year Plan period [1]. Group 2: Modern Industrial System - The construction of a modern industrial system is described as a systematic project that includes initiatives such as promoting intelligent, green, and integrated directions, and upgrading key industries to enhance competitiveness and foster a good innovation ecosystem [2]. - Advanced manufacturing is positioned as the backbone of the modern industrial system, with a focus on developing new pillar industries and implementing industrial innovation projects to create new economic growth points [2]. Group 3: Implementation and Policy Support - The successful realization of the modern industrial system requires concrete actions and effective implementation of the central government's directives, with an emphasis on policy guidance, resource allocation, and ensuring the necessary factors for supporting the real economy [2]. - There is a call for strong measures to create a social atmosphere that values industry and encourages innovation, thereby enhancing the sense of gain from deepening industrial efforts [2].

（原标题：产业放在首位、金融强国升维，这些"十五五"增量信息值得关注） 10月28日，新华社受权发布二十届四中全会审议通过的《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》和习近平主席《关于<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>的说明》。 另一方面，"金融强国"的建设可以实现"定价权"与"财富效应"的双重突破，既要掌握核心资产的定价自 主权，防止定价权旁落；也要让股市成为居民财产性收入的重要来源，可以进一步切实增强民众的消费 底气。 新兴产业要成为支柱，未来产业重在"前瞻布局"。前者是新旧动能转换的重点，在新能源、新材料、航 空航天、低空经济等方面形成产业集群；后者重在抢得先机、占据主动，重点布局量子科技、生物制 造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等。 华创证券研究所副所长、首席宏观分析师张瑜表示，从产业来看，得益于"十四五"时期对现代化产业体 系、实体经济以及制造业的重视，未来五年中国权益资产投资将具备非常丰富的可选择投资赛道与品种 及增长空间。 张瑜认为，通过建设现代化产业体系以巩固壮大实体经济根基主要具备三大优势：第一，承接以房地产 为代表的旧经 ...

Group 1 - The core viewpoint of the article emphasizes the significant achievements in high-quality development during the "14th Five-Year Plan" and outlines the guiding principles and main objectives for the upcoming "15th Five-Year Plan" period [1][2] - The "15th Five-Year Plan" aims to continue de-emphasizing specific economic growth targets while focusing on enhancing the quality of economic development, allowing for greater flexibility in macroeconomic policy [2][3] - The plan sets goals for significantly improving the resident consumption rate and advancing self-reliance in technology, indicating a shift towards policies that enhance income levels and consumption capabilities [3][5] Group 2 - The plan prioritizes the construction of a modern industrial system and the strengthening of the real economy, establishing a clear path for high-quality industrial development [5][6] - It outlines three major development directions: intelligent, green, and integrated, promoting both traditional and emerging industries through dual-track strategies [6][7] - The focus is on fostering new pillar industries and implementing innovation projects to enhance the quality and competitiveness of key industries [5][6] Group 3 - The "15th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and innovation as a foundation for new quality productivity [8][9] - It highlights the importance of integrating technological and industrial innovation to enhance the overall effectiveness of the national innovation system [9][10] - Key areas for development include artificial intelligence, quantum information, and advanced manufacturing, with a focus on strengthening original innovation and addressing core technological challenges [10] Group 4 - The plan identifies a strong domestic market as a strategic foundation for modernization, emphasizing the need for a virtuous cycle between consumption and investment [11][12] - It proposes a series of measures to boost consumption, including actions to adapt to new consumption patterns and improve the management of emerging business models [12][13] - The plan aims to eliminate barriers to building a unified national market, addressing issues of disorderly competition and local protectionism [13] Group 5 - The plan calls for enhancing fiscal sustainability through active fiscal policies and improved budget management, ensuring support for major strategic tasks and basic livelihood needs [13][14] - It emphasizes the need for a long-term mechanism for government debt management to mitigate risks associated with local government debt [14][15] - The plan also aims to optimize the allocation of resources in the market, enhancing the efficiency of various factor markets [15] Group 6 - The "15th Five-Year Plan" proposes accelerating the construction of a financial powerhouse, with a focus on improving the central bank's system and monetary policy framework [16][17] - It emphasizes the need for a comprehensive macro-prudential management system to prevent systemic risks in the financial sector [17][18] - The plan aims to enhance the financial institution system, ensuring that various financial entities focus on their core businesses and improve governance [18][19] Group 7 - The plan seeks to improve the inclusiveness and adaptability of the capital market, enhancing its functions to coordinate investment and financing [19][20] - It emphasizes the importance of developing direct financing methods, such as equity and bond markets, to support the financing needs of small and medium-sized enterprises [21] - The plan outlines a roadmap for the gradual expansion of futures, derivatives, and asset securitization markets to provide more investment options and reduce financial product risks [21]

Economic Growth Certainty - The "15th Five-Year Plan" aims for China's economy to reach approximately 140 trillion RMB by the end of 2025, continuing the momentum from the "14th Five-Year Plan" [2] - The focus remains on high-quality development, emphasizing the importance of the real economy and promoting new growth points such as quantum technology and biomanufacturing [2] - The plan encourages a shift towards an economy driven by domestic demand, consumption, and endogenous growth, with detailed measures across various sectors to ensure sustained economic growth [2] Quality Development Certainty - The plan emphasizes the need for a balance between qualitative improvements and reasonable quantitative growth, with a focus on ensuring that growth translates into tangible benefits for the public [3] - Key goals include significantly enhancing technological self-reliance and advancing the construction of a unified national market, alongside achieving high-quality employment and synchronized growth in residents' income and the economy [3][4] Open Economy Certainty - In response to rising unilateralism and protectionism, the plan advocates for creating a win-win cooperation framework and sharing opportunities with countries worldwide [6] - China's vast market will continue to open up, fostering cross-border trade cooperation and providing significant opportunities for other nations [6] - The plan emphasizes maintaining a multilateral trade system and expanding bilateral investment cooperation, aiming to inject stability into the global economic landscape [6] Reform Deepening Certainty - The plan outlines the goal of achieving breakthroughs in comprehensive reforms during the "15th Five-Year Plan" period, with over 300 important reform measures targeted for completion by 2029 [7][8] - Key reform initiatives include unifying market rules, eliminating local protectionism, and enhancing the market-oriented allocation of resources, reflecting a commitment to overcoming systemic barriers and fostering internal growth [8]

Core Viewpoint - The article discusses the "15th Five-Year Plan" proposed by the Central Committee of the Communist Party of China, emphasizing high-quality economic development, technological self-reliance, and the establishment of a robust domestic market as key objectives for the next five years [1]. Economic Development - The plan prioritizes "significant achievements in high-quality development" while de-emphasizing specific economic growth targets, allowing for greater flexibility in macroeconomic policy [2]. - It aims to increase the resident consumption rate and enhance the level of technological self-reliance through policy coordination and institutional optimization [3]. Capital Market Functionality - The plan calls for improving the inclusiveness and adaptability of the capital market, focusing on balancing investment and financing functions to better serve the real economy [4]. - It emphasizes the need for a modern capital market system that aligns with high-quality development and supports innovation and green development [5]. Financial Strength - The plan outlines the goal of accelerating the construction of a financial powerhouse, enhancing the central bank's system, and optimizing monetary policy transmission mechanisms [6]. - It stresses the importance of a comprehensive macro-prudential management system to prevent systemic risks [7]. Industrial Foundation - The plan places a strong emphasis on building a modern industrial system and consolidating the foundation of the real economy, with a focus on maintaining a reasonable proportion of manufacturing [9]. - It outlines strategies for upgrading key industries and fostering emerging industries through intelligent, green, and integrated development [10]. Technological Self-Reliance - The plan advocates for accelerating high-level technological self-reliance to support new quality productivity, emphasizing the integration of technological and industrial innovation [12]. - It highlights the importance of focusing on key areas such as artificial intelligence and quantum information to drive forward-looking technological advancements [15]. Domestic Market Development - The plan identifies a strong domestic market as a strategic foundation for modernization, promoting the interaction between consumption and investment [16]. - It includes measures to enhance consumption and investment, such as implementing special actions to boost consumption and establishing management methods for new consumption scenarios [17]. Fiscal Sustainability - The plan emphasizes the role of proactive fiscal policy in enhancing fiscal sustainability, advocating for improved fiscal management and budgetary coordination [18]. - It suggests establishing a long-term mechanism for government debt management that aligns with high-quality development [19][20].

Group 1: Economic Policy and Strategy - The "15th Five-Year Plan" emphasizes upgrading traditional industries such as mining, metallurgy, and textiles to enhance global competitiveness[2] - The plan prioritizes "demand-side" policies to address insufficient effective demand and obstacles in domestic circulation[2] - A strong domestic market is identified as a strategic foundation for modernization, with a focus on boosting consumption through employment and income initiatives[2] Group 2: Public Investment and Social Welfare - Public service spending is expected to increase, with social security and employment support accounting for 16.8% of public fiscal expenditure in the first three quarters of 2025[3] - The plan advocates for a higher proportion of government investment in people's livelihoods, aligning with demographic changes and resource development[3] - The government aims to enhance the effectiveness of investments by coordinating various types of government funding to stimulate private investment[3] Group 3: Fiscal Policy and Economic Stability - The plan proposes a more proactive macroeconomic policy and emphasizes the role of active fiscal policy to stabilize growth, employment, and expectations[5] - There is an expectation for the central government to strengthen its financial authority and increase local fiscal autonomy, optimizing the distribution of fiscal powers[5] - Risks such as overseas recession and geopolitical uncertainties are highlighted as potential challenges to economic stability[5]

Group 1 - The "14th Five-Year Plan" period stabilized the economy under complex conditions, while the "15th Five-Year Plan" aims to leverage existing advantages for high-quality development [2][3] - The strategic task of the "15th Five-Year Plan" emphasizes building a modern industrial system and strengthening the foundation of the real economy, responding to profound changes in the international environment [2] - There is a focus on seizing opportunities in new technological revolutions and industrial transformations, particularly in fields like information technology, artificial intelligence, quantum technology, and biomedicine [2] Group 2 - The core of great power strategic competition lies in the contest of comprehensive strength, with an emphasis on maintaining strategic determination and enhancing economic and technological capabilities [3] - The establishment of a unified national market is crucial for promoting domestic circulation and transforming the domestic market from large to strong [3] - Strategies to expand domestic demand include increasing public service spending, raising disposable income proportions, and enhancing consumer spending within total demand [3] Group 3 - Enterprises are encouraged to align their development directions with the "15th Five-Year Plan" and identify key tasks for future growth [4] - Companies should explore international markets and leverage policy benefits such as financial subsidies, tax incentives, and project funding [4] - Cultural enterprises are presented with opportunities to enhance cultural exchange and storytelling, contributing to the construction of a culturally strong nation [4]

10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在京召开。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》（以下简称《建议》），圆满完成各项议程。 相信很多人都关注到了这一点，党的二十届四中全会部署12项战略任务，明确把"建设现代化产业体 系，巩固壮大实体经济根基"摆在第一条。这足以说明实体经济的分量，以及对我国"立身之本"的重 视。 市场方面，大国经济都是内需为主导，市场是当今世界最稀缺的资源。因此，构建强大国内市场不仅是 发展的必然选择，更是推进中国式现代化的关键战略依托，这也体现了我们发展的战略定力。在具体路 径上，《建议》提出坚持扩大内需这个战略基点。一是拓展增量，二是提升效益，三是畅通循环。 在提升效益方面，国家发展改革委方面表示，我国固定资产投资年度规模已达到50万亿元，但惠民生、 补短板、育动能等任务还很重，必须把"钱"特别是政府资金更好地用在发展紧要处，花在群众生活上。 对此，《建议》提出优化政府投资结构，提高民生类政府投资比重，统筹用好各类政府投资，加强政府 投资全过程管理等举措，将更好地发挥政府投资的撬动作用，不断增进投资的综合效益。 推动经济行稳 ...

现代化产业体系以先进制造业为骨干，这也意味着发展新质生产力要摆在更为突出的位置。"着力打造 新兴支柱产业""实施产业创新工程""前瞻布局未来产业"……《建议》作出系统部署，既着眼于布局新 的经济增长点，也重在加强不同产业、上下游之间协同融合发展，加快科技创新与产业创新深度融合， 进一步提升产业体系整体效能，为高质量发展注入更充沛的动能。 "建设现代化产业体系，巩固壮大实体经济根基"，不是等来的，而是干出来的，关键要做好贯彻落实。 各地各部门在谋划"十五五"时期相关规划时，要把党中央的部署落实落细，强化政策引导、资源调配、 要素保障，形成支持实体经济的强大合力。同时，还要拿出有力措施，营造崇尚实业、鼓励创新的社会 氛围和市场环境，切实提升深耕实业的获得感。 我们是靠实体经济起家的，也要靠实体经济走向未来。务实推进各项举措，坚持不懈奋斗创新，让实体 经济的"参天大树"更加枝繁叶茂，中国经济必将劈波致远。 《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》28日公布。其中，"建设现代化产 业体系，巩固壮大实体经济根基"被摆在战略任务的第一条，彰显实体经济对我国发展至关重要的作 用，要在接续推进中国式现代化 ...

"建设现代化产业体系，巩固壮大实体经济根基"是一个系统工程。《建议》提出"坚持智能化、绿色 化、融合化方向""推动重点产业提质升级"等一系列举措，不仅旨在保持制造业一定规模，更是要通过 全方位的升级来提升产业竞争力、培育良好产业创新生态、巩固壮大优势，为国民经济持续健康发展提 供坚实支撑。 现代化产业体系以先进制造业为骨干，这也意味着发展新质生产力要摆在更为突出的位置。"着力打造 新兴支柱产业""实施产业创新工程""前瞻布局未来产业"……《建议》作出系统部署，既着眼于布局新 的经济增长点，也重在加强不同产业、上下游之间协同融合发展，加快科技创新与产业创新深度融合， 进一步提升产业体系整体效能，为高质量发展注入更充沛的动能。 "建设现代化产业体系，巩固壮大实体经济根基"，不是等来的，而是干出来的，关键要做好贯彻落实。 各地各部门在谋划"十五五"时期相关规划时，要把党中央的部署落实落细，强化政策引导、资源调配、 要素保障，形成支持实体经济的强大合力。同时，还要拿出有力措施，营造崇尚实业、鼓励创新的社会 氛围和市场环境，切实提升深耕实业的获得感。 我们是靠实体经济起家的，也要靠实体经济走向未来。务实推进各项举措，坚 ...