会议听取了我市"十五五"规划编制工作进展情况，国家发展改革委规划司原副司长周南、省发展改 革委副主任徐田江、中咨海外咨询有限公司总经理助理魏炜、中国城市规划设计研究院副院长郑德高、 西北大学经济管理学院教授白永秀、清华大学中国新型城镇化研究院院长尹稚，围绕"十五五"时期西安 规划目标确定、重点领域发展、重大项目谋划等提出意见建议。 叶牛平认真听取大家发言，要求认真吸纳专家意见建议。他强调，要准确理解把握"十五五"时期在 基本实现社会主义现代化进程中承前启后的重要地位，贯彻国家规划布局，结合西安发展实际，科学谋 划编制西安"十五五"规划。要坚持目标指标化，聚焦建设西部经济中心、西安区域科技创新中心、文明 古都和现代化人民城市，系统谋划设定指标，确保目标科学、指标精准。要坚持落实空间化，统筹"十 五五"规划与国土空间规划有效衔接，强化空间承载能力，确保各项布局能落地、有支撑。要坚持任务 清单化，把创新立市、产业强市、文化兴市等战略任务细化为工作和责任，重点突破、以点带面，确保 任务可实施、可考核。要坚持措施具体化，推动目标与路径、任务与责任、时间与进度相匹配，确保工 作有抓手、见成效。要坚持改革项目化，谋划实施一 ...

Core Viewpoint - The upcoming "14th Five-Year Plan" period will bring more "institutional dividends" for the development of artificial intelligence (AI) in China, as the recent amendment to the Cybersecurity Law explicitly supports AI foundational research and key technology development [1][3][5]. Group 1: Policy and Regulatory Developments - The amendment to the Cybersecurity Law, effective from January 1, 2026, marks the first time AI is explicitly included in the law, indicating a dual focus on safety and development [1][3]. - The "14th Five-Year Plan" emphasizes the comprehensive implementation of the "AI+" initiative, aiming to empower various industries [2][3]. Group 2: Strategic Shift in AI Development - AI is transitioning from a purely technical term to a strategic mission aimed at reshaping production methods and industrial systems, moving from "catching up globally" to "defining systems" [3][5]. - The competition in AI is shifting from a focus on computational power and algorithms to a comprehensive comparison of systems and ecosystems [3][5][6]. Group 3: Challenges and Opportunities for AI Enterprises - AI enterprises face significant challenges as the competitive landscape evolves, requiring them to adapt to the systemic wave of AI development [7][9]. - Companies must establish their own AI systems to leverage the era's dividends and contribute to China's self-reliant AI ecosystem [7][13]. Group 4: Case Study of iFLYTEK - iFLYTEK exemplifies the successful establishment of a domestic AI ecosystem, achieving significant milestones in the large model market despite restrictions on foreign components [8][10]. - The company has developed a closed-loop system integrating "chip-computing-model-application," enhancing its competitiveness and attracting orders from state-owned enterprises [10][11][12]. Group 5: Market Dynamics and Future Prospects - The global AI landscape is shifting towards a focus on stable and robust systems, with China positioned to leverage its market size, diverse applications, and talent pool [15][16]. - The "14th Five-Year Plan" is seen as a critical period for restructuring the AI ecosystem, with the potential for companies to build stable, controllable, and open AI systems to maintain a competitive edge [17].

Core Points - The meeting emphasized the importance of studying and implementing the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on the strategic tasks and goals for the 14th Five-Year Plan period [1][2] - The city of Zhenjiang is in a critical phase of drafting its 15th Five-Year Plan, aiming for high-quality development and improved living standards for its citizens [3] Group 1 - The 20th Central Committee's Fourth Plenary Session is seen as a significant meeting that provides a comprehensive summary of achievements during the 14th Five-Year Plan and outlines strategic planning for the next five years [2] - The meeting highlighted the need for continuous learning and understanding of the theoretical, historical, and practical significance of the session's outcomes [2][3] - The city aims to enhance its economic development by focusing on quality improvements and reasonable growth, while also ensuring the well-being of its citizens through practical measures [3] Group 2 - The city government is committed to deepening industrial strength, innovation, and integrated development as part of its economic strategy [3] - There is a strong emphasis on the importance of party governance and self-reform to strengthen the party's capabilities in driving local modernization efforts [3] - The meeting called for a balance between long-term planning and immediate actions to effectively implement the session's spirit and achieve the city's development goals [3]

Group 1 - The upcoming "15th Five-Year Plan" period will bring more "institutional dividends" for the development of artificial intelligence (AI) in China, as the National People's Congress has passed amendments to the Cybersecurity Law, explicitly supporting AI foundational research and key technology development [1][2] - The amendments emphasize the need for infrastructure development, ethical norms, risk monitoring, and the promotion of AI applications, indicating a dual focus on safety and development [1][3] - The strategic intent behind these changes is to create a conducive environment for AI growth, marking a significant shift in the legal framework to include AI as a core element [1][4] Group 2 - Various government departments are actively implementing policies related to "AI+" initiatives, integrating AI technologies into urban commercial systems and transportation [2][3] - The focus is on long-term development rather than short-term actions, with AI being positioned as a transformative force in production methods and industrial systems [3][4] - The competition in AI is shifting from individual technological advancements to a comprehensive ecosystem approach, emphasizing sustainable and secure technology [3][4] Group 3 - The competitive landscape for AI is evolving, with increasing barriers to entry that require collaboration among enterprises rather than isolated efforts [4][5] - Companies must adapt to the systemic wave of AI development, focusing on building their own AI ecosystems to align with national goals [5][6] - The success of companies like iFlytek demonstrates the potential for domestic AI enterprises to thrive by establishing a complete ecosystem that integrates local resources and capabilities [7][8] Group 4 - iFlytek has emerged as a leader in the AI sector, showcasing the ability to develop competitive large language models without reliance on foreign technology [7][8] - The company has achieved significant success in bidding for major projects, indicating a strong demand for domestically developed AI solutions [8][9] - iFlytek's approach emphasizes a comprehensive AI ecosystem that includes self-developed computing power, algorithms, and applications across various sectors [9][10] Group 5 - The transformation of AI from a technical competition to a systemic one reflects a broader trend in the industry, where the focus is on building robust and integrated AI frameworks [10][11] - iFlytek's model illustrates the importance of creating a closed-loop system that encompasses hardware, software, and application layers, enhancing resilience in the AI supply chain [11][12] - The development of a domestic AI ecosystem is seen as a response to external technological challenges, promoting self-sufficiency and innovation within China [12][13] Group 6 - The "15th Five-Year Plan" represents a critical period for restructuring the AI ecosystem, with the potential for significant advancements in both policy and market support [13][14] - China's advantages in market size, diverse application scenarios, and talent resources position it favorably in the global AI landscape [14][15] - The integration of AI into various industries, particularly in manufacturing and healthcare, is expected to drive substantial growth and innovation [15][16]

Core Insights - The report highlights a significant growth in the media sector, with a 4.98% increase in revenue and a 40.23% rise in net profit year-on-year for the first three quarters of 2025, reaching a total revenue of 416.065 billion yuan [19][20] - The gaming sub-sector has seen substantial interest from public funds, with a 63.43% increase in heavy holdings, indicating a strong market sentiment towards gaming companies [20][21] - The report maintains a "stronger than the market" rating for the media sector, emphasizing the high market potential and favorable conditions for growth in the gaming and AI application industries [21][27] Industry Performance - The A-share market has shown a mixed performance, with the Shanghai Composite Index and Shenzhen Component Index experiencing slight declines, while sectors like battery and photovoltaic industries have led the market [10][11][12] - The semiconductor and communication sectors have also shown resilience, indicating a potential shift towards technology-driven investments [11][12] - The report notes that the overall market is at a critical transition point, with expectations of a sideways movement in November as the market awaits clearer catalysts [10][11][12] Investment Recommendations - The report suggests focusing on sectors with high growth potential, such as gaming, AI applications, and traditional media companies with strong fundamentals [21][26] - It also recommends a balanced investment strategy between growth and value assets, particularly in technology and dividend-paying stocks [10][11][12] - Specific companies to watch include Jiubang Network, Kaixin Network, and other leading firms in the gaming sector, which are expected to benefit from the favorable market conditions [21][22]

Group 1: Economic Overview - The overall economic operation in China remains stable during the "14th Five-Year Plan" period, with a solid and steady advancement in high-quality development, showcasing strong resilience and vitality in multiple macro indicators [1][2] - The GDP growth for the first three quarters of 2025 is reported at 5.2% year-on-year, laying a strong foundation for achieving the annual target [1] - New economic drivers, particularly in equipment manufacturing and high-tech manufacturing, have shown robust growth, with significant increases in the production of smart products and green equipment [1] Group 2: Policy Impact - Demand-stimulating policies have effectively driven retail sales growth and facilitated large-scale equipment upgrades, creating a virtuous cycle of policy stimulation leading to increased demand, production growth, and subsequent investment [2] - The A-share market has seen a notable increase in trading volume and investor confidence since the introduction of a comprehensive set of measures on September 24 of the previous year [2] Group 3: Recommendations for the "15th Five-Year Plan" - The recommendations emphasize the importance of coordinated fiscal and monetary policies, enhancing the roles of various policies to promote an economy driven by domestic demand and consumption [2][3] - The focus on smart, green, and integrated development in the real economy aims to maintain a reasonable proportion of manufacturing and build a modern industrial system centered on advanced manufacturing [3] - Regional development strategies are highlighted to enhance the quality of development in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [3]

Group 1 - The core viewpoint is that the AI narrative has influenced the slope of market trends rather than the overall trend itself, with a focus on the stability of the corporate overseas environment and AI infrastructure investment [2] - The A-share market is expected to maintain resilience supported by stable economic and policy expectations, with a focus on cyclical sectors such as steel, chemicals, and new consumption [3] - The market is preparing for a new upward trend, with structural highlights in the third-quarter reports indicating fundamental resilience [3] Group 2 - The A-share market is likely to remain in a volatile state, with long-term upward trends in technology growth facing short-term fundamental concerns [4] - There are three parts of mid-term returns yet to be realized, including cyclical improvement, asset allocation towards equities, and China's increasing global influence [5] - November is favorable for small-cap and thematic investments, with a focus on themes related to the "14th Five-Year Plan" such as AI applications and new materials [7] Group 3 - The recent market rally is seen as a preemptive move for a cyclical recovery year, with price increases concentrated in sectors like coal, non-ferrous metals, and renewable energy [11] - Short-term attention is drawn to the power equipment sector and chemicals, as the market shifts towards high-certainty products [12] - The A-share investment focus is shifting towards strategic upstream industries and technology applications under the "anti-involution" theme [13]

Group 1 - The market is experiencing increased volatility, but the success rate of timing strategies is low due to changes in the underlying structure of incremental capital, with steady absolute return funds entering the market [1] - The AI narrative is influencing various sectors, including TMT, non-ferrous metals, chemicals, and new energy, which together account for over 60% of institutional holdings [1] - The focus for portfolio adjustment should be on selecting stocks with upward trends in ROE rather than avoiding the AI narrative [1] Group 2 - A-shares are expected to maintain resilience supported by stable economic and policy expectations, with a focus on cyclical sectors such as steel, chemicals, and new consumption [2] - The market is likely to experience rapid rotation of hotspots, with sectors like electric grid equipment, lithium batteries, and chemicals showing upward movement [3] - The long-term trend for A-shares remains upward, driven by structural improvements in the economy and increased global influence [4] Group 3 - November is historically favorable for small-cap and thematic investments, with a focus on AI applications, robotics, and new materials [5] - The market is expected to enter a major upward phase from November to December, driven by policy and liquidity improvements [6] - The upcoming spring market may start earlier than usual, with a focus on growth-oriented sectors [7] Group 4 - Recent price increases in the market are seen as a preemptive move for a cyclical recovery next year, particularly in sectors like coal, non-ferrous metals, and renewable energy [8] - Short-term attention is on power equipment and chemicals, with a shift towards high-certainty stocks as the market rebalances [9] - The overall performance of A-shares is improving, with a focus on strategic industries and technology applications [10][11]

Core Viewpoint - The conference highlighted the resilience and vitality of China's economy during the "14th Five-Year Plan" period, with a focus on high-quality development and various macroeconomic indicators that support this outlook [1][2]. Macroeconomic Indicators - China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, laying a solid foundation for achieving the annual target [2]. - The growth of new economic drivers, particularly in equipment manufacturing and high-tech manufacturing, outpaced overall industrial growth [2]. - Significant increases in the production of smart products and green equipment were noted, alongside a marked growth in the value added by the digital product manufacturing sector [2]. Policy Impact - Demand-stimulating policies have shown effectiveness, with the "Two New" policies driving retail sales growth and facilitating large-scale equipment upgrades, creating a positive cycle of policy stimulus leading to increased demand, production growth, and subsequent investment [2]. - The external trade sector demonstrated strong resilience, achieving record high import and export volumes despite a complex external environment, with diversified markets providing robust support [2]. Capital Market Performance - The A-share market has seen a significant increase in trading volume and investor confidence since the introduction of a comprehensive set of measures on September 24 of the previous year [2]. Recommendations for the "15th Five-Year Plan" - The proposed recommendations emphasize economic construction as the central theme, promoting high-quality development while adhering to the principle of prioritizing people's needs and showcasing a spirit of reform and innovation [2]. Macroeconomic Policy Suggestions - There is a call for enhanced coordination between fiscal and monetary policies, leveraging various policy tools to foster an economy driven by domestic demand and consumption [3]. - The need for proactive macroeconomic policies that are consistent and capable of counter-cyclical adjustments is emphasized [3]. Focus on Real Economy - The emphasis is on maintaining a reasonable proportion of manufacturing while building a modern industrial system centered around advanced manufacturing [3]. - Accelerating self-reliance in technology and enhancing independent innovation capabilities are seen as crucial for seizing technological development opportunities [3]. Regional Development Strategy - The strategy aims to leverage the synergistic effects of various regional development strategies to enhance the high-quality development momentum in key areas such as Beijing-Tianjin-Hebei, the Yangtze River Delta, and the Guangdong-Hong Kong-Macau Greater Bay Area [3]. Domestic Demand Expansion - The approach combines improving livelihoods and promoting consumption with investments in both physical and human capital, aiming to create a virtuous cycle between supply and demand [3]. Green Transition Initiatives - The focus on carbon peak and carbon neutrality aims to synergize efforts in reducing carbon emissions, pollution, and promoting green growth while ensuring ecological safety [3].

Group 1: Marine Exploration and Resources - The "14th Five-Year Plan" emphasizes the need to enhance marine development, utilization, and protection, aiming for high-quality growth in the marine economy and the establishment of a strong marine nation [1][20] - The "Haima" cold spring area in the South China Sea is identified as a significant site for methane hydrate, which is recognized as a future alternative energy source, with global reserves estimated to be twice that of oil, coal, and natural gas combined [7][11] - The "Haima" deep-sea remote-controlled submersible, with over 90% domestic production, can dive to depths of 4,500 meters, playing a crucial role in the collection of combustible ice and associated gases [9][11] Group 2: Technological Advancements in Marine Research - A new major scientific infrastructure project, the "Cold Spring Ecosystem Research Facility," is under construction in Nansha, Guangzhou, with a total investment of 2.66 billion yuan, aiming to be completed by 2030 [20] - This facility will include a seabed laboratory the size of three Chinese space stations, designed for long-term human habitation at depths of 2,000 meters, significantly advancing deep-sea research capabilities [20][19] Group 3: Cruise Industry Development - The second domestically produced large cruise ship, "Aida Huacheng," is nearing 85% completion, with a construction efficiency improvement of approximately 20% due to innovative technologies and experience accumulation [22][24] - The ship will feature 2,838 cabins, with over 1,100 utilizing prefabricated cabin technology, reducing the overall interior installation time by 8 months compared to the first ship [32][28] - The Chinese cruise market is projected to become the world's most significant by 2030, with an expected annual visitor count of 10 million and an industry economic scale surpassing 400 billion yuan by 2035 [42]