Core Viewpoint - The National Bureau of Statistics emphasizes the need to implement the decisions of the Central Committee and the State Council to boost domestic demand and strengthen the domestic circulation in the face of complex external environments and economic pressures [1] Group 1 - The industrial enterprises' profit data for January to September 2025 indicates ongoing economic challenges [1] - There is a focus on promoting both domestic and international dual circulation to enhance market vitality and development expectations [1] - The goal is to ensure stable and healthy development of the industrial economy [1]

从回升面看，1—9月份，有26个行业利润增速较1—8月份加快或降幅收窄、由降转增，回升面超过六 成。 10月27日，国家统计局工业司首席统计师于卫宁解读2025年1—9月份工业企业利润数据。 1—9月份，各地区各部门认真落实更加积极有为宏观政策，培育壮大新经济增长点，高技术制造业、装 备制造业等新质生产力较快增长，叠加低基数效应影响，规模以上工业企业利润增速继续回升。 工业企业利润加快恢复。1—9月份，规模以上工业企业利润同比增长3.2%，为去年8月份以来各月累计 最高增速；较1—8月份加快2.3个百分点，呈现加快恢复态势。从三大门类看，1—9月份，制造业增长 9.9%，较1—8月份加快2.5个百分点；电力、热力、燃气及水生产和供应业增长10.3%，加快0.9个百分 点；采矿业下降29.3%，降幅收窄1.3个百分点。9月份，规模以上工业企业利润同比增长21.6%，较8月 份加快1.2个百分点。 高技术制造业带动作用明显。1—9月份，规模以上高技术制造业利润同比增长8.7%，较1—8月份加快 2.7个百分点，拉动全部规模以上工业企业利润增长1.6个百分点。其中，9月份高技术制造业利润两位数 增长，增速达26.8 ...

Core Insights - The National Bureau of Statistics emphasizes the need to implement the decisions of the Central Committee and the State Council to address the complex external environment and economic pressures [1] Group 1 - The focus is on expanding domestic demand and strengthening the domestic circulation to promote a stable and healthy development of the industrial economy [1] - There is an emphasis on stimulating market vitality and boosting development expectations in the face of ongoing economic challenges [1]

Core Viewpoint - High-quality development is emphasized as the primary task for building a modern socialist country, with significant achievements in this area being a major goal for the upcoming "14th Five-Year Plan" period [1] Group 1: High-Quality Development Goals - The "14th Five-Year Plan" aims to achieve substantial progress towards the goal of socialist modernization by 2035, including reaching a per capita GDP level of middle-income countries and making noticeable advancements in common prosperity for all [1] - The current and future economic phases require maintaining appropriate growth while addressing structural adjustments, energy transitions, and development transformations to meet the growing needs of the people [1] Group 2: Quality and Quantity in Economic Growth - High-quality development is defined as an organic unity of quality and quantity, where structural optimization and efficiency improvements are essential to avoid a return to extensive growth models [2] - The emphasis is on achieving "effective qualitative improvement" through the establishment of a modern industrial system, strengthening the real economy, and enhancing the national innovation system [2] Group 3: Promoting Reasonable Growth - The strategy focuses on expanding domestic demand, integrating consumer welfare with investment, and fostering a virtuous cycle between supply and demand to enhance the internal dynamics of the domestic economy [3] - Macro-control measures and counter-cyclical adjustments are necessary to achieve reasonable growth, with a commitment to meeting annual economic and social development goals through coordinated fiscal, monetary, and industrial policies [3]

Summary of the Fourth Plenary Session of the 20th Central Committee of the Chinese Communist Party Industry or Company Involved - The summary pertains to the Chinese economy and the strategic direction set by the Chinese Communist Party (CCP) during the Fourth Plenary Session. Core Points and Arguments 1. **Commitment to Socialist Modernization** The communiqué emphasizes China's dedication to achieving socialist modernization by 2035, highlighting a "critical transitional" stage towards this goal, with a focus on risk management and self-reliance [3][4][7] 2. **Strategic Areas of Focus** Key strategic areas identified include: - **Modern Industrial System**: Prioritization of the real economy, advanced manufacturing, green transition, and digitalization [4][7] - **Technology and Innovation**: Urgency to accelerate technological advancements due to external uncertainties, particularly trade tensions with the United States [5][7] - **Market Integration**: Establishing a unified domestic market to enhance domestic demand and address local protectionism [6][7] 3. **Economic Rebalancing** The need for economic rebalancing is highlighted, with a focus on creating a unified domestic market to improve resource allocation and productivity [6][7] 4. **People-Centered Urbanization** Emphasis on optimizing regional economic structures and enhancing social safety nets, including high-quality employment and education [10][11][7] 5. **International Cooperation** Commitment to enhancing international cooperation and promoting two-way investment, indicating a proactive stance in the face of increasing trade tensions [12][7] 6. **Comparison with Previous Plenary Sessions** The Fourth Plenary Session's focus on high-quality development and self-reliance contrasts with the previous Fifth Plenary Session, which dealt with the 14th Five-Year Plan [3][13][7] Other Important but Possibly Overlooked Content 1. **Challenges in Implementation** The communiqué acknowledges challenges in implementing capacity reduction and the complexities of the relationship between central and local governments, necessitating an overhaul of incentive designs [9][7] 2. **Environmental and Green Development** There is a strong emphasis on sustainable development strategies, including pollution prevention and achieving carbon peaking [13][7] 3. **Annual Growth Target** The communiqué indicates that macroeconomic policies should remain forceful to achieve annual economic and social development goals [13][7]

Group 1 - High-quality development is the primary task for building a modern socialist country, emphasizing the need for significant achievements in this area as a main goal [1] - The upcoming "14th Five-Year Plan" is a critical period for achieving substantial progress towards the 2035 modernization goals, including reaching a per capita GDP level of middle-income countries and enhancing common prosperity [1] - The current economic phase requires maintaining appropriate growth while addressing structural adjustments, transformation of growth drivers, and other complex challenges to meet the increasing needs of the population [1] Group 2 - High-quality development is characterized by the organic unity of quality and quantity, where structural optimization and efficiency improvement are essential to avoid a return to extensive growth models [2] - The focus on "effective quality improvement" includes building a modern industrial system, strengthening the real economy, and enhancing technological self-reliance and innovation capabilities [2] - The emphasis on "reasonable quantity growth" involves expanding domestic demand, improving macroeconomic regulation, and ensuring a stable economic foundation through coordinated policies [3] Group 3 - The integration of "effective market" and "active government" is necessary for high-quality development, requiring the establishment of a high-level socialist market economy system [3] - The need for a robust macroeconomic governance system is highlighted to ensure sustainable high-quality development [3]

Group 1 - The core focus during the "Fifteen Five" period is to strengthen the foundation for socialist modernization and to fully exert efforts in economic and social development [1][5] - Emphasis on developing the real economy, with a focus on intelligent, green, and integrated directions, aiming to build a strong manufacturing nation and a modern industrial system [5][10] - The strategy includes optimizing traditional industries, nurturing emerging industries, and promoting high-quality development in the service sector [5][7] Group 2 - The plan aims to seize opportunities from the new round of technological revolution and industrial transformation, enhancing the national innovation system and self-innovation capabilities [7][10] - There is a strong emphasis on original innovation and tackling key core technologies, integrating technological and industrial innovation [7][10] Group 3 - The strategy includes expanding domestic demand as a strategic basis, promoting consumption and investment, and ensuring a positive interaction between supply and demand [11][14] - Efforts will be made to boost consumption and effective investment while removing barriers to the construction of a unified national market [11][14] Group 4 - The plan calls for expanding high-level opening-up and maintaining a multilateral trade system to enhance international circulation [13][16] - It emphasizes the importance of self-initiated opening-up and promoting trade innovation and high-quality cooperation in the Belt and Road Initiative [17][16] Group 5 - The focus is on modernizing agriculture and rural areas, ensuring the integration of urban and rural development, and enhancing agricultural production capacity [18][22] - The strategy aims to consolidate and expand the achievements of poverty alleviation and improve living conditions in rural areas [22][24] Group 6 - The plan includes promoting cultural innovation and development, enhancing the influence of Chinese culture, and fostering a strong cultural identity [25][28] - It emphasizes the importance of Marxism in the ideological field and the promotion of socialist core values [28][31] Group 7 - The strategy aims to improve people's livelihoods and promote common prosperity, addressing urgent issues faced by the populace [27][31] - It includes enhancing employment quality, improving income distribution, and ensuring access to quality education and social security [31][32] Group 8 - The plan focuses on achieving a comprehensive green transformation and building a beautiful China, emphasizing ecological safety and sustainable development [32][35] - It aims to promote carbon neutrality and establish a new energy system while enhancing green development momentum [35][32] Group 9 - The strategy includes modernizing the national security system and capabilities, ensuring social order and vitality [34][38] - It emphasizes the importance of a comprehensive national security strategy and improving public safety governance [38][41] Group 10 - The plan aims for high-quality advancement of national defense and military modernization, adhering to the leadership of the Communist Party [39][41] - It includes enhancing combat capabilities and modernizing military governance [41][42]

【导读】六大券商首席解读党的二十届四中全会公报 中国基金报 券商报道组 党的二十届四中全会 10 月 20 日至 23 日在北京举行，会议审议通过了《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》。 10 月 23 日，党的二十届四中全会公报发 布。五年规划对国民经济和社会发展具有重要意义，对此，中国基金报记者采访了多位券商 首席对公报和规划建议内容进行解读。 受访券商首席分别为 广发证券首席经济学家郭磊、中信建投证券首席经济学家黄文涛、申万 宏源证券首席经济学家赵伟、方正证券首席宏观经济学家燕翔、浙商证券首席经济学家李 超，以及中金公司研究部首席国内策略分析师李求索 。 受访券商首席表示，全会公报明确提出 " 十五五 " 时期经济社会发展的主要目标。其中 " 高 质量发展取得显著成效 " 位列第一，是最主要的目标。预计 " 十五五 " 经济增速目标设置将 较为灵活，更突出 " 提质增效 " 。 受访券商首席认为，在必须遵循的原则方面，会议新增 " 坚持以经济建设为中心 " ，并将其 置于 " 以推动高质量发展为主题 " 之前，进一步凸显对经济发展的重视。在科技创新方面， 加强 " 原始创新 " ...

消费引擎释放内需新活力 本报（chinatimes.net.cn）记者张智 北京报道 不久前的2025年中秋国庆假期，我国全社会跨区域人员流动量创下历史新高，其中，8.88亿人次国内出 游，较2024年国庆节假日7天增加1.23亿人次；国内游总花费8090.06亿元，较2024年国庆节假日7天增加 1081.89亿元。 热气腾腾的假日消费图景，是"十四五"期间中国内需潜力释放、发展韧性增强的生动缩影，也为"十五 五"时期扩内需工作打下了坚实的基础。 刚刚闭幕的党的四中全会审议通过了《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》（下称《建议》），其中要求，要建设强大国内市场，加快构建新发展格局，坚持扩大内需这个战 略基点，坚持惠民生和促消费、投资于物和投资于人紧密结合，以新需求引领新供给，以新供给创造新 需求，促进消费和投资、供给和需求良性互动，增强国内大循环内生动力和可靠性。要大力提振消费， 扩大有效投资，坚决破除阻碍全国统一大市场建设卡点堵点。 "我国扩大内需既有空间，又有潜力。《建议》提出，要坚持惠民生和促消费、投资于物和投资于人紧 密结合，深入实施提振消费专项行动，扩大服务消费，推动商品 ...

Group 1 - The core viewpoint emphasizes the importance of both GDP and GNI, focusing on the economic development of China and the well-being of its people [1][3] - The 14th Five-Year Plan aims for qualitative improvement and reasonable quantitative growth, promoting comprehensive human development and common prosperity [1][3] - The strategy includes enhancing domestic demand and establishing a modern industrial system through technological self-reliance and innovation [2][3] Group 2 - The article highlights the necessity of talent development to support innovation and economic growth, recognizing that people are both the producers and consumers in the economy [3] - It discusses the goal of increasing the middle-income group from 400 million to over 800 million in the next decade, while also addressing regional and urban-rural disparities [3] - The focus is on improving the social safety net and increasing the proportion of disposable income in national income to boost consumer spending [3][5] Group 3 - The article stresses the need for a balanced approach in production, circulation, distribution, and consumption to strengthen the domestic economic cycle [4][5] - It advocates for a unified national market to facilitate the free flow of goods and resources, enhancing the interaction between consumption and investment [5] - The ultimate goal is to create a resilient and competitive large-scale economy that meets the growing needs of the people [5]