新华社北京11月6日电 中央宣讲团成员、中共中央政治局委员、全国人大常委会副委员长李鸿忠11月6 日在全国人大机关宣讲党的二十届四中全会精神。 李鸿忠围绕学习领会习近平总书记重要讲话精神和全会审议通过的《建议》，从深刻认识全会重大意 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，对四中全会精神进行系统宣讲和深入阐释。 李鸿忠强调，全会取得的重大成果、作出的重大部署，充分体现了以习近平同志为核心的党中央团结带 领全党全国各族人民续写经济快速发展和社会长期稳定两大奇迹新篇章、奋力开创中国式现代化建设新 局面的历史主动，必将对党和国家事业发展产生重大而深远的影响。要深刻领悟"两个确立"的决定性意 义，坚决做到"两个维护"，始终在思想上政治上行动上同以习近平同志为核心的党中央保持高度一致。 对《建议》提出的人大工作任务举措逐项认真研究，结合实际抓好落实，推动人大工作高质量发展。 全国人大机关党组成员，各专门委员会、工作委员会有关负责同志和机关党员干部参 ...

Investment Rating - The report maintains a "Buy" rating for several key stocks in the financial manufacturing industry, including Green City China, China Resources Land, New China Life Insurance, and Qilu Bank, among others [49][50]. Core Insights - The report highlights the ongoing economic recovery and the potential for profit improvement, although it notes that challenges remain, particularly in the real estate sector where sales volume is expected to be under pressure in Q4 [10][13]. - The non-bank financial sector is experiencing high growth, with recommendations to focus on high-performing stocks [18]. - The banking sector shows signs of recovery with attractive valuations, suggesting a continued positive outlook for bank stocks [20]. - The renewable energy sector is identified as having established a bottom, with a focus on new technologies and market dynamics [23]. - The machinery sector is advised to pay attention to AI computing power, which presents investment opportunities in power supply [31]. - The military industry is expected to see an upward trend in prosperity, with a focus on military trade, internal installations, and the transition from military to civilian applications [33]. - The light industry is encouraged to explore opportunities in overseas manufacturing and new consumer products, while also monitoring domestic demand improvements [35]. - The environmental sector is advised to focus on second growth curve changes and market hotspots [43]. Summary by Sections Macro Overview - Industrial profits rose by 21.6% year-on-year in September, driven by the export chain, although October's PMI indicates potential profit improvement challenges [11][12]. Real Estate - Q4 sales volume is expected to face year-on-year pressure, with new home sales likely to decline significantly [13][14]. Non-Bank Financials - The sector's performance remains strong, with a recommendation to focus on high-performing stocks [18][19]. Banking - The banking sector is seeing a recovery in net interest income, with a positive outlook for bank stocks [20][21]. Renewable Energy - The renewable energy sector is highlighted for its ongoing demand and technological advancements [23][24]. Machinery - Investment opportunities are noted in the AI computing power sector, particularly in power supply [31][32]. Military Industry - The military sector is expected to improve, focusing on military trade and technology advancements [33][34]. Light Industry - Opportunities in overseas manufacturing and new consumer products are emphasized, along with monitoring domestic demand [35][36]. Environmental Sector - The environmental sector is advised to focus on growth opportunities and market trends [43][44].

Core Viewpoint - The article emphasizes China's shift from a defensive to an offensive strategy in its economic and industrial goals, particularly highlighted in the recent 15th Five-Year Plan, which aims for aggressive growth and reaching the pinnacle of industrial strength [1] Summary by Relevant Sections - **Strategic Shift**: The 15th Five-Year Plan marks a significant change in tone and strategy compared to the previous plans, moving from a defensive posture to an offensive one, indicating a strong intent to dominate globally [1] - **Historical Context**: Over the past decade, during the 13th and 14th Five-Year Plans, China focused on building the world's strongest supply chain and establishing itself as a leading industrial power, akin to reaching the base camp of Mount Everest [1] - **Future Goals**: The next five to ten years are framed as a critical period for China to achieve its ultimate goal of reaching the "summit," with the 15th Five-Year Plan setting ambitious targets for this final ascent [1] - **Terminology Change**: The language used in the 15th Five-Year Plan reflects a proactive approach, with terms like "comprehensive efforts," "active response," and "confidence in victory," contrasting with the more defensive language of the previous plan [1]

凌激表示，中共二十届四中全会审议通过的"十五五"规划建议为今后一个时期的中国经济社会发展注入 了更多确定性；规划建议中关于中国将继续推进高质量发展、扩大高水平对外开放的重要主张，将为外 资企业深耕中国市场增强确定性，并带来良好预期。 凌激指出，当前单边主义、保护主义抬头，公平公正、法治的市场是全球稀缺资源。中国将坚定不移推 进高水平对外开放，主动对接国际高标准经贸规则，继续扩大服务业领域市场准入，推进重点外资项目 建设，保障外资企业平等参与政府采购，落实再投资税收抵免政策，强化知识产权保护，持续营造市场 化、法治化、国际化一流营商环境。希望外资企业共享"十五五"时期中国发展新机遇，与中国式现代化 携手同行。 与会外资企业表示，通过"十五五"规划看到中国未来发展的光明前景和广阔的投资机遇，愿扩大在华长 期投资和开展研发创新，提升本地化水平，以先进技术、高质量产品服务，积极参与中国高质量发展。 记者从商务部获悉，11月5日，在第八届中国国际进口博览会期间，商务部副部长兼国际贸易谈判副代 表凌激在上海主持召开外资企业圆桌会，阿法拉伐、安赛乐米塔尔、默克、英特尔、空气化工、日产汽 车、乐高、英中贸协等30余家外资企业 ...

沈丹阳表示，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。目标就是方向，规划重在落实。习近平总书记和党中央的领 航掌舵，是我们实现"十五五"目标的最大信心、最大底气。在以习近平同志为核心的党中央坚强领导 下，全国人民团结一心、奋力拼搏，一定能够把"十五五"宏伟蓝图变为美好现实。 报告会上，沈丹阳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》，从全会的重大意义和深远影响，"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，"十五五"时期经济社会发展的指导方针、主要目标、战略任务、重大举措和根本保证等方面，对党 的二十届四中全会精神作了系统宣讲和深入阐释。 报告会结束后，沈丹阳还来到长春市南关区民康街道九圣祠社区和中国第一汽车集团有限公司开展 宣讲，与基层干部群众和企业职工互动交流。 新华社长春11月6日电（记者薛钦峰、孙鹏程）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6日在吉林省长春市举行。中央宣讲团成员，国务院研究室党组书记、主任沈丹阳作宣讲报告。 ...

Group 1 - The core viewpoint of the articles emphasizes the investment opportunities in the defense and military industry due to the transition from research and development to mass production of advanced combat equipment starting in 2026, as outlined in the "14th Five-Year Plan" [1][3] - The "14th Five-Year Plan" aims to enhance the growth certainty of the defense sector over the next five years, with a focus on military modernization and the integration of mechanization, information technology, and intelligence [1][3] - There is an increasing interest from Middle Eastern and Southeast Asian countries in procuring Chinese military equipment, indicating a potential expansion in military trade [1] Group 2 - The 20th Central Committee's Fourth Plenary Session outlines a new "three-step" strategy for national defense and military modernization, emphasizing the importance of mechanization, information technology, and intelligence in transforming combat modes [2] - Key areas of focus for the modernization of ground, naval, and aerial equipment include modular and unmanned armored vehicles, carrier strike groups, and next-generation aerial combat platforms [2] - The development of a strong aerospace industry is highlighted as a critical component of modern industrial systems, with an emphasis on overcoming key technological bottlenecks and promoting the scaling of satellite applications and space information industries [2] Group 3 - The "14th Five-Year Plan" provides clear objectives for the future development of the defense and military industry, emphasizing the transition from mechanization to information technology and intelligence, which will drive upgrades across various military equipment [3] - The focus on becoming a space power elevates the importance of satellite industries, indicating that satellite constellation construction is expected to accelerate significantly during the "14th Five-Year Plan" period [3]

Group 1 - The core idea of the article is the release of the "15th Five-Year Plan" which outlines the guiding principles for China's economic and social development for the next five years, emphasizing the modernization of the industrial system and the strengthening of the real economy [2][19]. - The "15th Five-Year Plan" prioritizes the construction of a modern industrial system as a crucial foundation for China's modernization, highlighting the need to enhance core competitiveness in the face of changing external environments [3][19]. - The plan identifies "4+6" strategic emerging and future industries, including four emerging industries (new energy, new materials, low-altitude economy, and aerospace) and six future industries (quantum technology, biomanufacturing, brain-computer interfaces, hydrogen energy and nuclear fusion, embodied intelligence, and sixth-generation mobile communication) as new growth points for the economy [8][9]. Group 2 - The plan emphasizes the importance of digital economy as a key driver for modern industrial systems, facilitating technological upgrades and structural optimization in the real economy [4]. - The "15th Five-Year Plan" outlines specific tasks to cultivate new productive forces, focusing on optimizing traditional industries and nurturing emerging and future industries, thereby establishing a clear direction for industrial development [5]. - The plan includes measures to support future industries, such as innovative regulatory approaches, venture capital development, and risk-sharing mechanisms to ensure effective funding and support for these high-risk sectors [9][12]. Group 3 - The plan places significant emphasis on improving people's livelihoods, with a focus on high-quality employment, real estate development, and population policies to address demographic challenges [12][13]. - It aims to enhance service consumption by expanding access and encouraging innovation in service sectors, thereby improving the quality of life for citizens [13]. - The plan stresses the need to eliminate barriers to building a unified national market, which is essential for fostering fair competition and enhancing market expectations [14][18].

沈丹阳表示，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。目标就是方向，规划重在落实。习近平总书记和党中央的领航掌 舵，是我们实现"十五五"目标的最大信心、最大底气。在以习近平同志为核心的党中央坚强领导下，全 国人民团结一心、奋力拼搏，一定能够把"十五五"宏伟蓝图变为美好现实。 报告会结束后，沈丹阳还来到长春市南关区民康街道九圣祠社区和中国第一汽车集团有限公司开展宣 讲，与基层干部群众和企业职工互动交流。 报告会上，沈丹阳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 全会的重大意义和深远影响，"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，"十五五"时 期经济社会发展的指导方针、主要目标、战略任务、重大举措和根本保证等方面，对党的二十届四中全 会精神作了系统宣讲和深入阐释。 新华社长春11月6日电（记者薛钦峰、孙鹏程）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6日在吉林省长春市举行。中央宣讲团成员，国务院研究室党组书记、主任沈丹阳作宣讲报告。 ...

Core Viewpoint - The A-share and Hong Kong markets experienced a strong rally, driven by technology growth and cyclical resource sectors, leading to a comprehensive rise in major indices [1][2]. Market Overview - A-share market showed a strong upward trend with major indices all in the green; the Shanghai Composite Index rose nearly 1% to reclaim the 4000-point mark, while the Shenzhen Component and ChiNext Index increased by 1.73% and 1.84% respectively [2]. - The STAR 50 Index outperformed with a significant rise of 3.34%, indicating a robust "volume and price rise" scenario with trading activity notably increasing, as total trading volume exceeded 2 trillion yuan, a significant increase from the previous trading day [2]. - The Hong Kong market also saw strong gains, with the Hang Seng Index closing up 2.12% and the Hang Seng Technology Index surging 2.74%, approaching the psychological level of 6000 points [2]. Sector Performance - The A-share market displayed a dual mainline structure of "technology + cyclical" sectors, with the computing hardware industry chain performing strongly, particularly in storage chips and CPO-related concepts, with multiple stocks hitting the daily limit and reaching historical highs [3]. - The phosphate chemical sector experienced a collective surge, reflecting high market interest in this chemical sub-sector, with several stocks also hitting the daily limit [3]. - In the Hong Kong market, the semiconductor sector showed strong performance, with leading stocks seeing significant gains [4]. Investment Strategy Recommendations - Investment in the fourth quarter should align closely with policy guidance and industry trends, focusing on three main lines: technology growth sectors, cyclical and resource products, and policy-driven opportunities [6][7]. - In the technology growth sector, emphasis should be placed on breakthroughs in technology and capital expenditure expansion, particularly in the AI industry chain, where computing hardware and storage chips are expected to see strong performance due to overseas technological iterations and domestic computing power construction [6]. - For cyclical and resource products, attention should be given to the price elasticity under global easing expectations, particularly in precious metals like gold and copper, which are expected to benefit from a weaker dollar [6].

Core Viewpoint - The China International Import Expo serves as a significant platform for connecting businesses and purchasers, promoting Sino-U.S. economic and trade cooperation [2] Group 1 - The president of the U.S.-China Business Council, Tan Sen, emphasized the importance of the Expo in facilitating business connections [2] - The "14th Five-Year Plan" is expected to create new opportunities for cooperation between Chinese and U.S. enterprises [2]