Group 1 - The meeting emphasized the importance of aligning thoughts and actions with the major decisions of the Central Committee and the provincial deployment requirements, aiming for a successful conclusion of the "14th Five-Year Plan" and a good start for the "15th Five-Year Plan" [2][3] - The Provincial Political Consultative Conference (PPCC) aims to deepen learning and enhance leadership, recognizing the critical role of the PPCC in the development during the "15th Five-Year Plan" period [3] - The meeting discussed the need for proactive suggestions and opinions to support the implementation of the province's "15th Five-Year Plan," focusing on national strategies such as the new pattern of western development and high-quality construction of the "Belt and Road" [3] Group 2 - The meeting approved personnel matters and included a learning seminar, indicating ongoing efforts to enhance the capabilities and knowledge of the members [4]

Group 1 - The core viewpoint emphasizes the importance of the 20th Central Committee's Fourth Plenary Session and its implications for China's diplomatic strategies and economic development during the 14th Five-Year Plan period [1][2] - The reports highlight the need for a deeper understanding of the guiding principles and major goals for economic and social development in the upcoming period, as well as the strategic tasks and significant measures to be implemented [1][2] - The emphasis is placed on strengthening the leadership of the Communist Party and fostering unity around Xi Jinping's core leadership to achieve the goals of socialism modernization [2] Group 2 - The reports indicate that the implementation of the 14th Five-Year Plan is crucial for promoting sustainable and healthy economic and social development in China, and for advancing Chinese-style modernization in a phased manner [2] - There is a call for the diplomatic and foreign affairs sectors to enhance their political stance and actively engage in the development of a new diplomatic theory and practice that aligns with China's global influence [1] - The interaction between leaders and grassroots representatives underscores the commitment to contribute to the construction of a community with a shared future for mankind [1]

Core Insights - As of the end of October, China's foreign exchange reserves reached $33,433 billion, an increase of $47 billion from the previous month, marking three consecutive months of growth [1][4] - The increase in reserves is attributed to expectations regarding monetary policies of major economies and macroeconomic data, despite a stronger dollar and depreciation of non-dollar currencies [4] - The People's Bank of China continues to slightly increase gold reserves, which reached 7,409 million ounces, reflecting a strategy to optimize international reserve structure [1][4] Summary by Category Foreign Exchange Reserves - China's foreign exchange reserves stood at $33,433 billion at the end of October, up 0.14% month-on-month [1] - The reserves have shown a recovery trend for three consecutive months after a brief decline in July [4] Gold Reserves - Gold reserves reached 7,409 million ounces, marking the 12th consecutive month of increase [1] - The People's Bank of China is actively increasing gold holdings to optimize the structure of international reserves [1][4] Economic Factors - The growth in foreign exchange reserves is supported by the overall rise in global financial asset prices, which mitigated the negative impact of currency depreciation [1][4] - China's strong economic fundamentals, including resilience and potential, are key factors in maintaining stable foreign exchange reserves [4]

Core Viewpoint - The report emphasizes the significance of the 20th Central Committee's Fourth Plenary Session and the importance of the "14th Five-Year Plan" in advancing China's modernization and economic development [1] Group 1: Major Significance - The report highlights the profound importance of the 20th Central Committee's Fourth Plenary Session in shaping China's future [1] - It stresses the need to understand the guiding principles and main objectives for economic and social development during the "14th Five-Year Plan" period [1] Group 2: Strategic Tasks and Measures - The report outlines the strategic tasks and major initiatives for economic and social development during the "14th Five-Year Plan" [1] - It calls for a strong adherence to and enhancement of the Party's comprehensive leadership [1] Group 3: Implementation and Unity - The report underscores the necessity of effectively implementing the "14th Five-Year Plan" to ensure sustainable and healthy economic and social development [1] - It encourages unity around the leadership of Xi Jinping to achieve the goal of socialist modernization [1]

Group 1 - The foundation of a long-term bull market requires not only liquidity improvement but also robust fundamental enhancements, with historical data showing that the longer the time cycle, the stronger the correlation between market performance and fundamentals [3][7][11] - The current bull market has significant room for growth, with the Shanghai Composite Index showing a performance close to previous structural bull markets, yet still having considerable upside compared to comprehensive bull markets from 2005-2007 and 2013-2015 [5][6] - The policy environment provides critical turning points for expected improvements, with historical instances indicating that key policy announcements often coincide with the onset of bull markets [15][18] Group 2 - In 2026, price changes are expected to be a major driver of profitability, with projections indicating that A-share earnings growth will gradually recover to around 10%, particularly in the non-financial sector [40][53] - The "15th Five-Year Plan" provides a significant policy foundation for economic and industrial development, with expectations for positive market performance in the opening year of the plan [112][114] - The structural highlights in profitability are anticipated to emerge from sectors such as AI, semiconductors, and advanced manufacturing, which are expected to continue their upward trajectory [56][61] Group 3 - Resident funds are the most crucial source of capital for the A-share market, with a notable trend of "deposit migration" observed, indicating a sustained flow of funds into the equity market [63][67] - High-risk preference funds have been the primary incremental source of capital in the current bull market, similar to trends seen in 2015, while medium-risk preference funds are expected to become significant contributors in the next phase [70][91] - The importance of ETF investments is expected to increase, with passive equity funds showing better performance and gaining traction among investors [96][100]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1339 關於2025年投資者開放日相關報告的公告 中國人民保險集團股份有限公司（「本公司」）於2025年11月7日（星期五）舉行2025年投資者 開放日。本次投資者開放日以「非車險高質量發展的實踐和展望」為主題，本公司相關報 告的具體內容請見本公告附件。 承董事會命 中國人民保險集團股份有限公司 伍秀薇 公司秘書 中國北京，二零二五年十一月七日 於本公告日，本公司執行董事為丁向群女士、趙鵬先生及肖建友先生，非執行董事為徐 向先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為邵善波先生、徐麗娜 女士、王鵬程先生及高平陽先生。 中国人保 601319.SH 中国人民保险集团 1339.HK 中国财险 2328.HK 2025年 投资者开放日 Investor Day 2025 打造核心竞争力 助力非车险高质量发展 CONTENTS 行业现状 市场潜力 人保优势 关注转型升级，避免非车险"内卷式"竞争 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 對 因 本 公 告 全 部 或 任 何 部 份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 (在中華人民共和國註冊成立之股份有限公司) (股份代號: 2328) 關於2025年投資者開放日相關報告的公告 中國人民財產保險股份有限公司（「本公司」）於 2025 年 11 月 7 日（星期五）與本公 司控股股東中國人民保險集團股份有限公司聯合舉行 2025 年投資者開放日。本次投資 者開放日以「非車險高質量發展的實踐和展望」為主題，本公司相關報告的具體内容請 見本公告附件。 承董事會命 中國人民財產保險股份有限公司 畢欣 董事會秘書 中國北京，2025 年 11 月 7 日 於 本 公 告 日 ， 本 公 司 董 事 長 為 丁 向 群 女 士 （ 非 執 行 董 事 ） ， 副 董 事 長 為 于 澤 先 生 （ 執 行董事），降彩石先生、張道明先生及胡 ...

Core Insights - The "14th Five-Year Plan" emphasizes accelerating high-level technological self-reliance and building a modern industrial system centered on advanced manufacturing, providing strong momentum for China's high-tech industry [1] - Historical data indicates that the technology sector, as a policy focus, has outperformed most other sectors in the 1-3 years following policy announcements [1] Fund Products - Semiconductor-related ETFs include: - 512480: Semiconductor ETF - 588200: Sci-Tech Chip ETF - 159516: Semiconductor Equipment ETF - 562950: Consumer Electronics ETF [2] - Machinery and Equipment ETFs include: - 159667: Industrial Mother Machine ETF - 588850: Sci-Tech Machinery ETF - 516320: High-End Equipment ETF [3] - Robotics and Automotive ETFs include: - 159559: Robotics 50 ETF - 159565: Automotive Parts ETF [5] - AI and Cloud Computing ETFs include: - 159363: GEM Artificial Intelligence ETF - 588790: Sci-Tech AI ETF - 516510: Cloud Computing ETF - 159819: Artificial Intelligence ETF - 513180: Hang Seng Technology Index ETF - 513330: Hang Seng Internet ETF [6] - Renewable Energy and Biotechnology ETFs include: - 515790: Photovoltaic ETF - 516160: New Energy ETF - 159566: Energy Storage Battery ETF - 513120: Hong Kong Innovative Medicine ETF - 159992: Innovative Medicine ETF [7] - Aerospace and Energy ETFs include: - 159227: Aerospace ETF - 159378: General Aviation ETF - 159206: Satellite ETF - 159697: Oil and Gas ETF - 516950: Infrastructure ETF [7]

孙业礼表示，制定和实施好"十五五"规划，对于推动我国经济社会持续健康发展，分阶段有步骤推进中 国式现代化，具有重大而深远的意义。要把学习贯彻党的二十届四中全会精神同学习领会习近平新时代 中国特色社会主义思想贯通起来，更加紧密地团结在以习近平同志为核心的党中央周围，为基本实现社 会主义现代化而共同奋斗，不断开创以中国式现代化全面推进强国建设、民族复兴伟业新局面。 报告会上，孙业礼紧紧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全会《建议》，从 深刻认识党的二十届四中全会的重大意义，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，对全会精神作了全面宣讲和系统阐 释。 新华社贵阳11月7日电（记者汪军）学习贯彻党的二十届四中全会精神中央宣讲团报告会11月7日在贵州 省贵阳市举行。中央宣讲团成员，文化和旅游部党组书记、部长孙业礼作宣讲报告。 ...

Core Viewpoint - The report emphasizes the significance of the 20th Central Committee's Fourth Plenary Session and its implications for China's modernization and economic development [1] Group 1: Major Significance of the 20th Central Committee's Fourth Plenary Session - The session is crucial for understanding the strategic tasks and major initiatives for economic and social development during the "14th Five-Year Plan" period [1] - It highlights the importance of adhering to and strengthening the Party's comprehensive leadership [1] Group 2: Implementation of the "14th Five-Year Plan" - The formulation and execution of the "14th Five-Year Plan" are vital for promoting sustainable and healthy economic and social development in China [1] - The plan aims to advance Chinese-style modernization in a phased and systematic manner [1] Group 3: Integration with Xi Jinping's Thought - There is a call to integrate the learning and implementation of the 20th Central Committee's Fourth Plenary Session with Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era [1] - The focus is on uniting closely around the Party Central Committee led by Xi Jinping to achieve the goal of basic socialist modernization [1]