Group 1 - The core viewpoint emphasizes the strategic decision made by the Central Committee, led by Xi Jinping, to accelerate the construction of a new development pattern, which is crucial for maintaining China's development initiative [1] - The "dual circulation" development pattern was conceived in response to the changes in the global environment due to the pandemic, highlighting the need for new development strategies [1] - The "14th Five-Year Plan" period has seen significant contributions from domestic demand, with an average contribution rate of 86.4% to economic growth from 2021 to 2024 [2] Group 2 - China's goods trade volume is projected to grow from 32.2 trillion yuan in 2020 to 43.8 trillion yuan in 2024, reflecting an annual growth rate of 8.0% [2] - The focus on strengthening domestic circulation is seen as essential for countering uncertainties in international circulation, with a strategic emphasis on building a robust domestic economic system [2] - The Central Committee's commitment to expanding domestic demand is aimed at enhancing the internal dynamics and reliability of the domestic circulation [3] Group 3 - The importance of a strong domestic market is highlighted as a strategic foundation for China's modernization, supported by a well-developed industrial and infrastructure system [3] - The plan includes promoting urbanization, rural revitalization, and improving living standards to stimulate investment and consumption [3] - The Central Committee's deployment for expanding high-level opening-up reflects China's confidence in open cooperation and mutual benefits, with a 4% year-on-year increase in goods trade in the first three quarters of the year [4] Group 4 - Despite challenges from unilateralism and protectionism, the commitment to high-level opening-up and the Belt and Road Initiative aims to enhance the efficiency of domestic and international market interactions [4] - Historical resilience against external risks has been a key factor in China's ability to navigate challenges, emphasizing the importance of focusing on domestic development [4]

新华社北京10月27日电 人民日报10月28日评论员文章：加快构建新发展格局，牢牢把握发展主动 ——论学习贯彻党的二十届四中全会精神 加快构建新发展格局是以习近平同志为核心的党中央统筹发展和安全作出的重大战略决策，是把握 我国发展主动权的战略性布局。党的二十届四中全会深入分析"十五五"时期我国发展环境面临的深刻复 杂变化，对做强国内大循环、畅通国内国际双循环作出系统谋划和战略部署。 2020年初，世纪疫情冲击下全球产业链供应链发生局部断裂，直接影响到我国国内经济循环。习近 平总书记在地方考察时意识到"大进大出的环境条件已经变化，必须根据新的形势提出引领发展的新思 路"，由此酝酿了"双循环"的新发展格局。关键时刻的关键抉择，深化了我们党对由经济大国向经济强 国转变的规律性认识，明确了我国经济现代化的路径选择，引领中国经济航船劈波斩浪、行稳致远。 全会提出坚持扩大内需这个战略基点，体现了实施扩大内需战略的连贯性。坚持惠民生和促消费、 投资于物和投资于人紧密结合，促进消费和投资、供给和需求良性互动，旨在增强国内大循环内生动力 和可靠性。纵深推进全国统一大市场建设，打通各种卡点堵点，破除地方保护和市场分割，综合整 治 ...

Core Viewpoint - The article emphasizes the strategic decision made by the Chinese government to accelerate the construction of a new development pattern, focusing on strengthening domestic circulation while optimizing the domestic and international dual circulation system [1][2]. Group 1: Economic Growth and Domestic Circulation - The average contribution rate of domestic demand to economic growth from 2021 to 2024 is projected to reach 86.4% [2]. - The total import and export volume of goods is expected to increase from 32.2 trillion yuan in 2020 to 43.8 trillion yuan in 2024, with an annual growth rate of 8.0% [2]. - The article highlights the importance of a strong domestic market as a strategic foundation for China's modernization, leveraging the vast market potential of over 1.4 billion people [3]. Group 2: Investment and Consumption - The article discusses the need to promote a virtuous cycle of investment and consumption, emphasizing the integration of improving people's livelihoods and stimulating consumption [3]. - It advocates for the construction of a unified national market to eliminate barriers and enhance market efficiency, thereby releasing the benefits of China's large-scale market [3]. Group 3: International Cooperation and Openness - The article outlines the commitment to expand high-level opening-up, despite challenges from unilateralism and protectionism, with a focus on maintaining a multilateral trade system [4]. - It notes that in the first three quarters of the year, China's goods trade imports and exports grew by 4% year-on-year, with exports increasing by 7.1% [4].

Group 1: Industry Trends and Innovations - The 20th Central Committee's Fourth Plenary Session has sparked a wave of enthusiasm among Xi'an's business community, emphasizing the integration of "high-level socialist market economy" and "new quality productivity" into the economic development plan [1][4] - Xi'an Hengsheng Group is transforming its traditional building materials business into a digital leader, with its "Commercial Concrete Home" platform attracting over 1,000 quality enterprises and serving more than 700 construction projects [1] - The company plans to establish a "Technology Innovation and Enterprise Innovation Integration Development Center" to enhance collaboration between academia and industry, promoting efficient technology transfer and application [1] Group 2: Specific Company Initiatives - Xi'an Aisheng Technology Group, recognized as a "chain leader" in the drone industry, is committed to leveraging technological innovation for high-quality development and aims to capitalize on the emerging low-altitude economy [2] - The company intends to focus on application scenarios to seize opportunities in strategic emerging industries, thereby enhancing its service to the public [2] - Xi'an Jiuzhou Biomedical Technology Group aligns its development philosophy with the emphasis on innovation from the plenary session, focusing on stem cell and immune cell drug research and development [3] - The company is utilizing platforms like the Shaanxi Stem Cell Application Engineering Research Center to advance its cell drug pipeline and bridge the gap between clinical needs and industrialization [3] Group 3: Sustainable Development Goals - Xi'an Taifeng Shenghe Holding Group is focusing on high-end fine chemicals and downstream new materials, aiming to create a sustainable industrial pillar through technological research and financial services [4] - The company expresses confidence in contributing to China's modernization through the development of the private economy, aligning with the goals set forth in the plenary session [4] - The collective innovation efforts of these companies are seen as a driving force for Xi'an's contribution to the "14th Five-Year Plan" and China's modernization [4]

Core Points - The National Development and Reform Commission (NDRC) held an expanded meeting on October 24 to convey and implement the spirit of the 20th Central Committee's Fourth Plenary Session and General Secretary Xi Jinping's important speech [1][2] - The meeting emphasized the need for the NDRC to take proactive actions to effectively implement major strategic tasks during the 14th Five-Year Plan period, focusing on building a modern industrial system and promoting high-level technological self-reliance [1][2] Group 1 - The NDRC is tasked with implementing key work related to the construction of a strong domestic market and high-level socialist market economy [1] - The meeting called for immediate action to study and implement the spirit of the plenary session and to draft the "14th Five-Year Plan" outline [2] - The NDRC aims to ensure that various plans at all levels align and work towards common goals [2]

1. Report's Industry Investment Rating - Aluminum: The center of gravity moves upward [1] - Alumina: Oscillates at the bottom [1] - Cast aluminum alloy: Has upward elasticity [1] 2. Core Viewpoints of the Report - The report updates the fundamental data of aluminum, alumina, and cast aluminum alloy, including prices, trading volumes, positions, spreads, and inventory in the futures and spot markets [1] - "During the 15th Five - Year Plan period, China will focus on building a modern industrial system, achieving high - level scientific and technological self - reliance and self - strength, building a strong domestic market, and accelerating the construction of a high - level socialist market economic system. The US has established a critical minerals investment fund with a target scale of $5 billion" [3] - The trend strength of aluminum is 1, alumina is 0, and aluminum alloy is 1 [3] 3. Summary by Related Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract is 21,165, with changes of 120 compared to T - 1, 190 compared to T - 5, 445 compared to T - 22, and 30 compared to T - 66. The LME Aluminum 3M closing price is 2,865 [1] - **Alumina**: The closing price of the Shanghai Alumina main contract is 2,838, with changes of 9 compared to T - 1, - 122 compared to T - 5, - 233 compared to T - 22, and 48 compared to T - 66 [1] - **Aluminum Alloy**: The closing price of the aluminum alloy main contract is not provided, and the night - session closing price is 20,705 [1] Spot Market - **Aluminum**: The electrolytic aluminum enterprise profit is 4,959.89, with changes of 72.03 compared to T - 1, 161.71 compared to T - 5, 796.28 compared to T - 22, and 612.09 compared to T - 66. The domestic aluminum ingot social inventory is 60.70 million tons [1] - **Alumina**: The domestic average alumina price is 2,929, with changes of - 6 compared to T - 1, - 33 compared to T - 5, - 217 compared to T - 22, and - 192 compared to T - 66 [1] - **Aluminum Alloy**: The theoretical profit of ADC12 is 44, with changes of - 160 compared to T - 1, - 160 compared to T - 5, - 118 compared to T - 22, and 449 compared to T - 66 [1] Other Information - The US government, private equity firm Orion Resource Partners, and Abu Dhabi sovereign wealth fund ADQ have established a critical minerals investment fund with an initial commitment of $1.8 billion and a target scale of $5 billion [3]

据新华社10月23日消息，《中国共产党第二十届中央委员会第四次全体会议公报》今日发布。公报显 示，全会高度评价"十四五"时期我国发展取得的重大成就，并提出了"十五五"时期经济社会发展的主要 目标。 全会提出，建设现代化产业体系，巩固壮大实体经济根基。坚持把发展经济的着力点放在实体经济上， 坚持智能化、绿色化、融合化方向，加快建设制造强国、质量强国、航天强国、交通强国、网络强国， 保持制造业合理比重，构建以先进制造业为骨干的现代化产业体系。要优化提升传统产业，培育壮大新 兴产业和未来产业，促进服务业优质高效发展，构建现代化基础设施体系。 工业和信息化部部长李乐成日前表示，"十五五"时期，工信部将牢牢锚定实现新型工业化这个关键任 务，以推动高质量发展为主题，以发展新质生产力为重点，以推动科技创新和产业创新深度融合为关键 路径，以改革创新为根本动力，加快建设以先进制造业为骨干的现代化产业体系。 其中，在培育壮大新兴和未来产业方面，李乐成表示，要实施培育新兴产业打造新动能行动，统筹技术 创新、规模化发展和应用场景建设，加快打造一批新兴支柱产业；建立未来产业投入增长机制，加强前 沿技术研发和应用推广，开辟人形机器人、脑 ...

Core Insights - The 20th Central Committee's Fourth Plenary Session outlined a development blueprint for the 15th Five-Year Plan, emphasizing the importance of economic and social development in China [1][3] Group 1: Achievements and Confidence - The summary of achievements during the 14th Five-Year Plan period has instilled confidence in businesses, highlighting China's economic resilience and potential amid complex international conditions [3][4] - The session emphasized the need to strengthen the domestic market and accelerate the construction of a new development pattern, focusing on expanding domestic demand and enhancing the interaction between consumption and investment [3][4] Group 2: Strategic Opportunities - The strategic deployment for the 15th Five-Year Plan period presents historical opportunities for businesses, particularly in focusing on the real economy and modern industrial systems [4] - The emphasis on intelligent, green, and integrated industrial directions provides clear guidance for businesses to transform and upgrade, encouraging increased R&D investment and collaboration [4] Group 3: Business Environment and Responsibilities - The session's focus on stimulating the vitality of various business entities and expanding high-level opening-up is expected to improve the business environment, making it more stable, fair, and transparent [4] - Companies are encouraged to align their development with national strategies, promote common prosperity, and engage in green development while fulfilling social responsibilities [4]

Core Viewpoint - The establishment of a high-level socialist market economy system is a crucial guarantee for Chinese-style modernization, with significant reforms being planned and implemented to address new challenges and tasks in the current era [2]. Group 1: Economic Reforms - Over the past five years, the central government, led by Xi Jinping, has focused on key tasks and critical areas to promote a series of strategic, creative, and leading reforms [2]. - The reforms aim to deepen state-owned enterprise reform and create a favorable environment for the development of the non-public economy, emphasizing the importance of "two unwavering" principles [2]. - The construction of a nationwide unified market is advancing, with in-depth progress in factor market reforms and gradual improvement of foundational market economy systems such as property rights protection, market access, fair competition, and social credit [2]. Group 2: Systematic Approach - The economic system reform is being carried out comprehensively and systematically, addressing prominent issues faced by China's development from a systemic and mechanistic perspective [2]. - These reforms are laying a solid institutional foundation for accelerating high-quality development in the country [2].

Group 1 - The core viewpoint emphasizes the necessity of deepening reform and opening up to enhance development momentum and vitality in China, particularly during the "14th Five-Year Plan" period [1][2][3] - The 20th Central Committee's Third Plenary Session outlined over 300 reform measures, indicating a commitment to further comprehensive reform and modernization [2] - The focus on reform is directed towards addressing the urgent needs of the people, such as improving social security for flexible workers and gradually implementing free preschool education [3][10] Group 2 - The article highlights the importance of institutional construction and governance capability in the context of reform, suggesting that single-domain reforms may not be sufficient to address complex issues [5][10] - The ongoing reforms aim to tackle deep-seated systemic obstacles and structural contradictions, particularly in areas affecting development and social equity [10][11] - The commitment to high-level opening up is seen as a strategic move to promote deep reforms and high-quality development, with a focus on creating a market-oriented and law-based business environment [12][13][14] Group 3 - The article discusses the significance of China's role in global trade, noting that it has become a major trading partner for over 150 countries and regions, with a global leading position in goods trade [7][12] - The emphasis on expanding high-level openness is expected to leverage China's vast market advantages, enhancing its competitive edge and development opportunities [14][15] - The establishment of the Hainan Free Trade Port is highlighted as a key initiative to create a high-level open economy, facilitating the free flow of people, goods, and capital [15][16]