Macro Economic Group - The report emphasizes the return to the central theme of "economic construction," with a goal for per capita GDP to reach the level of moderately developed countries by 2035. The expected economic growth target during the 14th Five-Year Plan period is around 5% [4] - It highlights the dual focus on growth and security, acknowledging the complex domestic and international situation, and the need to enhance economic, technological, and national defense capabilities [4] - The report stresses the importance of technological self-reliance and maintaining a stable manufacturing sector as strategic priorities, aiming to build a modern industrial system [4] - Expanding domestic demand and facilitating a smooth domestic circulation are identified as long-term directions, with an emphasis on boosting consumption and effective investment [4] Industry Comprehensive Group - Multiple PCB industry chain companies reported accelerated growth in Q3 2025. For instance, Shengyi Technology achieved revenue of 12.7 billion yuan, a 32% year-on-year increase, and a net profit of 1.38 billion yuan, up 52% [6] - Ding Tai High-Tech, a producer of PCB production tools, reported Q3 revenue of 1.46 billion yuan, a 29% increase, with net profit rising 80% to 260 million yuan [6] - Dongwei Technology, which manufactures PCB plating equipment, saw Q3 revenue of 760 million yuan, a 31% increase, and a net profit of 80 million yuan, up 38% [6] - The report indicates that the demand for high-layer and HDI boards driven by AI is leading to increased capacity utilization, suggesting a positive outlook for the PCB industry [6] Advanced Manufacturing Group - DFD's main business includes high-performance inorganic fluorides and electronic chemicals. In Q3, it reported revenue of 2.4 billion yuan, a 5.18% increase, and a net profit of 26.72 million yuan, marking a return to profitability [9] - The price of lithium hexafluorophosphate reached 85,000 to 90,000 yuan per ton, with expectations for increased volume and price in Q4 due to rising demand in energy storage and electric vehicles [9] - The company plans to expand its battery production capacity significantly, aiming for 20 GWh by the end of the year and further increases to 120 GWh in subsequent years [9] Consumer Group - Juzhi Biotechnology made a significant breakthrough in the medical beauty sector by obtaining approval for its recombinant type I α1 collagen freeze-dried fibers, targeting the facial dermis and entering the promising collagen injection market [11][12] - The gaming industry received favorable policy support, with the National Press and Publication Administration issuing 166 new game licenses, indicating a stable supply-side environment for the industry [11] - The report suggests that companies with new licenses and enhanced product pipelines are well-positioned to capitalize on market opportunities as the industry gradually recovers [11]

"党的二十届四中全会对深入推进以人为本的新型城镇化作出了重要部署，为我们在新时代新征程推动 住房城乡建设工作指明了前进方向、提供了根本遵循。"省住房城乡建设厅党组书记、厅长高义表示， 将深入学习贯彻全会精神，贯彻落实中央和省委城市工作会议精神，聚焦"1+2+4+N"目标任务体系，认 真践行人民城市理念，持续优化现代化城市体系，深入实施城市更新行动，推动房地产高质量发展，统 筹推进以县城为重要载体的新型城镇化，加快构建"一主两副、一圈两带、四域多点"发展格局，走好符 合发展规律、具有河南特色的城市现代化新路子，为奋力谱写中原大地推进中国式现代化新篇章提供有 力支撑。 郑州海关主要负责同志表示，将认真学习贯彻党的二十届四中全会精神，更加注重统筹发展和安全，积 极融入中部地区崛起等区域协调发展战略，聚焦"空陆数海"丝绸之路建设，研究制定践行"两高四着 力"行动方案，支持河南全方位拓展开放通道，提升自贸试验区、综合保税区等开放平台能级，建设全 国统一大市场循环枢纽，打造国内国际市场双循环支点；巩固中匈海关关际合作成果，研究论证以构 建"空中丝绸之路"海关服务平台为抓手的一揽子海关合作框架和工作机制，深入参与共建"一带 ...

Core Viewpoint - The article highlights the significant progress and development of Shangqiu City over the past five years, emphasizing its cultural heritage, strategic location, and commitment to high-quality economic growth as it transitions from the "14th Five-Year Plan" to the "15th Five-Year Plan" [4][11]. Group 1: Cultural Heritage - Shangqiu is recognized as the origin of Yin Shang culture, with a rich historical background dating back nearly 4,000 years, showcasing its importance in Chinese commercial civilization [5]. - The city has implemented a three-year action plan for cultural development, focusing on the resources of "one source, one city, one ancient road, one river, one mountain, and a group of sages" to enhance its cultural tourism brand [5]. Group 2: Strategic Development - Shangqiu actively participates in the construction of a unified national market, signing 21 strategic cooperation agreements with nine cities across four provinces [6]. - The city has initiated 168 cross-provincial cooperation items and signed a framework agreement for cross-provincial real estate registration, aiming to eliminate inter-provincial administrative barriers [6]. Group 3: Economic Growth - As a provincial hub economy pilot area, Shangqiu focuses on developing modern logistics, with over 20 major logistics projects underway, contributing to a logistics industry value added of over 40 billion [9][10]. - The city has established a distinctive industrial pattern with "one county, one characteristic industry," leading to significant investments, including 51 projects with a total investment of 101.75 billion in 2024 [10]. Group 4: Social Development - Shangqiu emphasizes improving people's livelihoods by addressing employment, education, and healthcare, ensuring that development benefits are equitably distributed among the population [10]. - The city has achieved a high satisfaction rate of over 98% in public service, reflecting its commitment to enhancing the quality of governance and public welfare [8].

刚刚胜利闭幕的党的二十届四中全会，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》，对未来五年发展作出顶层设计和战略擘画。习近平总书记在全会上的重要讲话和全会 通过的《建议》，在全省党员干部群众中引发热烈反响。大家一致表示，要深入学习好贯彻好全会精 神，以担当实干、奋楫争先的昂扬姿态，一步一个脚印把宏伟蓝图变为美好现实，奋力谱写中原大地推 进中国式现代化新篇章。 "党的二十届四中全会对深入推进以人为本的新型城镇化作出了重要部署，为我们在新时代新征程推动 住房城乡建设工作指明了前进方向、提供了根本遵循。"省住房城乡建设厅党组书记、厅长高义表示， 将深入学习贯彻全会精神，贯彻落实中央和省委城市工作会议精神，聚焦"1+2+4+N"目标任务体系，认 真践行人民城市理念，持续优化现代化城市体系，深入实施城市更新行动，推动房地产高质量发展，统 筹推进以县城为重要载体的新型城镇化，加快构建"一主两副、一圈两带、四域多点"发展格局，走好符 合发展规律、具有河南特色的城市现代化新路子，为奋力谱写中原大地推进中国式现代化新篇章提供有 力支撑。 郑州海关主要负责同志表示，将认真学习贯彻党的二十届四中全会精神 ...

值得关注的是，本次会议再度涉及短期经济判断，明确提出"坚决实现全年经济社会发展目标"。会议强 调"宏观政策要持续发力、适时加力"，结合当前近3000 亿元政策性金融工具已投放、财政从地方政府 债务结存限额中安排5000 亿元下达地方的现实基础，全年实现5%的经济增长目标具备相当坚实的支 撑。 二、全会将"建设现代化产业体系"置于更突出的位置，并首次明确提出"保持制造业合理比重"。 本次全会将"建设现代化产业体系"置于更突出的位置，并首次明确提出"保持制造业合理比重"。全会进 一步强调"坚持智能化、绿色化、融合化方向"，或意味着要将科技创新成果更深入地融入产业实践，推 动传统产业与新兴产业协同并进。相较于"十四五"规划中"保持制造业比重基本稳定"的表述，本次全会 更加强调"合理比重"，体现出对产业结构优化与第三产业发展的统筹考量。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 事件：中国共产党第二十届中央委员会第四次全体会议，于2025 年10 月20日至23日在北京举行。 一、全会强调"集中力量办好自己的事"，续写经济快速发展和社会长期稳定两大奇迹新篇章 经济形势研判方面，本次会议 ...

Group 1 - The core viewpoint of the article emphasizes the strategic importance of the "15th Five-Year Plan" period, which is seen as a crucial time for consolidating foundations and advancing towards long-term goals set for 2035 [2][3][4] - The article highlights the need for high-quality development, technological self-reliance, comprehensive deepening of reforms, and improvements in social civilization and people's living standards as key objectives for the "15th Five-Year Plan" [5][6] Group 2 - The article outlines that the main goals for the "15th Five-Year Plan" include achieving a per capita GDP level comparable to that of moderately developed countries by 2035, with an average annual GDP growth rate of at least 4.4% over the next decade [5][6] - Specific goals are broken down into thirteen categories, with a notable shift in focus from technology innovation to building a modern industrial system, indicating a transition towards practical applications of technological advancements [7][8] - The emphasis on expanding domestic demand and constructing a high-level socialist market economy is highlighted, with a stronger focus on consumer spending and social welfare investments [8][9] Group 3 - The article discusses the importance of establishing a unified national market, which is expected to facilitate the development of new productive forces and promote sustainable economic growth [8][9] - It notes a significant shift in the priority of expanding high-level openness, reflecting the need for China to engage more actively in global economic cooperation amidst rising protectionism [9][10] - The commitment to achieving carbon peak by 2030 and carbon neutrality by 2060 remains a critical goal, with expectations that the "15th Five-Year Plan" will see significant progress towards these targets [10]

Core Points - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China was held from October 20 to 23, 2025, in Beijing, where the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" were approved [1] - The "15th Five-Year" period is seen as a critical time for achieving socialist modernization and aims to continue the rapid economic development and long-term social stability of China [1] Economic Development Goals - The main goals for the "15th Five-Year" period include significant achievements in high-quality development, substantial improvements in technological self-reliance, breakthroughs in comprehensive deepening of reforms, enhanced social civilization, improved quality of life, major progress in building a beautiful China, and strengthened national security [1][2] - By 2035, the aim is for China's economic strength, technological capability, national defense, comprehensive national power, and international influence to significantly increase, with per capita GDP reaching the level of moderately developed countries [1] Focus on High-Quality Development - High-quality development is prioritized, indicating a continuation of current policies aimed at economic structural transformation and the development of new productive forces [2] - The construction of a modern industrial system is emphasized as a key driver for high-quality economic development, focusing on the real economy and promoting intelligent, green, and integrated development [2][3] Domestic Market Development - The session highlighted the importance of building a strong domestic market and accelerating the establishment of a new development pattern, emphasizing the expansion of domestic demand as a strategic foundation [3][4] - The approach includes promoting consumption, effective investment, and ensuring a positive interaction between supply and demand to enhance the internal dynamics of the domestic economy [4] Macroeconomic Governance - The session called for accelerating the construction of a high-level socialist market economy and enhancing the driving force for high-quality development [5] - It aims to stimulate the vitality of various business entities and improve the efficiency of macroeconomic governance [5][6] Fiscal and Monetary Policy - The fiscal and monetary policies during the "15th Five-Year" period will focus on providing financial resources for major national strategies and implementing counter-cyclical adjustments to stabilize the macroeconomic operation [6] - The policies will maintain strong stability and continuity, with a focus on supporting employment, businesses, and market expectations to consolidate economic recovery [6]

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the Chinese economy and its strategic planning under the "Fifteen Plan" (十五规划), focusing on maintaining economic growth and addressing challenges in various sectors, particularly technology and real estate. Core Insights and Arguments 1. **Economic Growth Target**: The GDP growth target for the "Fifteen Plan" is expected to be set above the potential growth rate, reflecting a commitment to maintaining necessary growth levels [3][4][6]. 2. **Role of Technology Innovation**: Technology innovation is emphasized as a core component of the "Fifteen Plan," with increased fiscal support directed towards enterprises and industries to enhance their innovative capabilities [4][5]. 3. **Macroeconomic Stabilization Policies**: The implementation of macroeconomic stabilization policies aims to reduce market volatility and provide greater certainty for capital markets, thereby boosting investor confidence [6][7]. 4. **Deflationary Pressures**: The Chinese economy is currently facing deflationary pressures, particularly in the manufacturing and export sectors. Solutions include enhancing pricing power through supply-side adjustments [7][8]. 5. **Challenges in Domestic Demand**: The domestic market is under pressure, especially due to real estate issues and a slowdown in urbanization. Future urbanization efforts may focus on less developed regions to promote balanced development [8][9]. 6. **Unified National Market**: The establishment of a unified national market aims to address issues of chaotic low-price competition and promote positive price adjustments, which will support supply-side reforms [9][10]. 7. **Fiscal Policy for Economic Growth**: The fiscal policy for 2025 is designed to maintain a strong stance, with a nominal deficit rate of 4% and an actual deficit rate projected to remain around 10%, focusing on social welfare and transfer payments [10][11]. 8. **Employment Market Challenges**: The employment market faces challenges, particularly for low-skilled workers and recent graduates. Measures include subsidies for job stability and skills training [12][13]. 9. **International Trade Dynamics**: China's technology sector is expected to gain competitiveness, reducing reliance on U.S. trade, which enhances China's position in global trade dynamics [14][15][16]. 10. **Diversification of Trade Partners**: There is a trend towards diversifying trade partners, with increased trade with developing countries, particularly in Africa, to mitigate the impacts of changing U.S.-China trade relations [18]. Additional Important Insights - The call highlights the importance of aligning fiscal policies with social needs and adjusting the central-local fiscal relationship to alleviate local financial pressures [11][12]. - The discussion on the semiconductor industry indicates that China is on track to become a major player in chip exports, reflecting significant advancements in technology [16][17]. - The strategic approach to U.S.-China relations emphasizes a balance between responding to U.S. actions and maintaining a stable economic environment [17][18].

Core Viewpoint - The article emphasizes the importance of focusing on domestic issues and continuing the narrative of rapid economic development and long-term social stability in China, amidst a backdrop of both strategic opportunities and risks [3][4]. Economic Development - The meeting highlighted that China's development is currently characterized by both strategic opportunities and challenges, with an increasing number of unpredictable factors [3]. - It was stated that the goal for the "14th Five-Year Plan" period is to achieve significant results in high-quality development and greatly enhance the level of technological self-reliance [3][13]. - The meeting reaffirmed the commitment to achieving the annual economic and social development goals, with a solid foundation for a 5% economic growth target supported by nearly 300 billion yuan in policy financial tools and 500 billion yuan allocated from local government debt limits [4][13]. Modern Industrial System - The meeting placed greater emphasis on building a modern industrial system and explicitly stated the need to maintain a reasonable proportion of manufacturing [5][13]. - It stressed the importance of integrating technological innovation into industrial practices and promoting collaboration between traditional and emerging industries [5][13]. - The meeting also called for enhancing the internal dynamics and reliability of domestic circulation and breaking down barriers to the construction of a unified national market [5][13]. Technological Development - The meeting underscored the importance of achieving high-level technological self-reliance and leading the development of new productive forces [6][14]. - It proposed a coordinated development of education, technology, and talent, while also emphasizing the advancement of digital China [6][14]. Economic System Reform - The meeting highlighted the critical role of economic system reform, upgrading the focus from "comprehensive deepening of reform" to "economic system reform as a driving force" [7][15]. - It emphasized the need to enhance the effectiveness of macroeconomic governance and improve the market-oriented allocation of resources [7][15]. Social Welfare and Green Development - The meeting focused on increasing efforts to improve people's livelihoods and promote common prosperity, with a specific emphasis on employment, income, and housing [7][15]. - It called for a comprehensive green transformation of economic and social development, with a focus on achieving carbon peak and carbon neutrality goals [8][15]. Regional Development - The meeting proposed optimizing regional economic layouts and promoting coordinated regional development, emphasizing the need for a high-quality regional economic layout and land space system [8][16].

#四中全会 #全文 中国共产党第二十届中央委员会第四次全体会议公报：“十五五”主要目标——高质量发展取得显著成效，科技自立自强水平大幅提高，进一步全面深化改革取得新突破，社会文明程度明显提升，人民生活品质不断提高，美丽中国建设取得新的重大进展，国家安全屏障更加巩固。在此基础上再奋斗五年，到2035年实现我国经济实力、科技实力、国防实力、综合国力和国际影响力大幅跃升，人均国内生产总值达到中等发达国家水平，人民生活更加幸福美好，基本实现社会主义现代化。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；促进重点群体稳定就业，加大欠薪整治力度；加强社会治安整体防控；增补张升民为中共中央军事委员会副主席。 ...