Core Viewpoint - The article emphasizes the need for enhanced macroeconomic governance and the implementation of proactive macro policies to stabilize growth, employment, and expectations, while promoting an economy driven by domestic demand and consumption [1]. Economic Policy - The Central Committee's suggestions for the 15th Five-Year Plan highlight the importance of aligning fiscal and monetary policies, enhancing the effectiveness of policy implementation, and optimizing performance evaluations for high-quality development [1][7]. - The focus is on creating an economic development model that is more reliant on domestic demand and consumption, with a strong emphasis on counter-cyclical and cross-cyclical adjustments [1]. Commodity Market Insights Precious Metals - Gold and silver prices have seen significant fluctuations, with geopolitical tensions easing and central banks increasing gold reserves as a safe-haven asset [2][19]. - The market anticipates two interest rate cuts by the Federal Reserve by the end of the year, which has influenced the pricing dynamics of precious metals [2][19]. Oil Market - The oil market is affected by sanctions imposed by the U.S. on major Russian oil companies, leading to a downward trend in oil prices despite geopolitical tensions [3][14]. - The overall outlook for oil prices remains bearish due to limited impact on Russian oil transportation and ongoing uncertainties in the geopolitical landscape [3][14]. Glass and Soda Ash - Glass futures have shown slight rebounds, with inventory levels increasing, indicating a cautious market environment [3][18]. - Soda ash production is also experiencing inventory build-up, and the market is closely monitoring consumption trends in the upcoming autumn season [3][18]. Financial Market Developments Stock Indices - The U.S. stock indices continue to rise, with a notable increase in financing balances, suggesting a favorable liquidity environment for equity investments [11]. - The market is expected to shift towards a more balanced investment style, with a focus on value recovery in the fourth quarter [11]. Government Bonds - The yield on 10-year government bonds has decreased, supported by the central bank's commitment to maintaining a supportive monetary policy stance [12]. - The ongoing U.S. government shutdown and lower-than-expected inflation data are contributing to expectations of further interest rate cuts [12]. Industry News - The People's Bank of China is set to implement a moderately loose monetary policy to support the capital market and enhance policy effectiveness [8]. - The focus on technological self-reliance and economic growth synchronization is a key theme in the 15th Five-Year Plan [7].

Market Performance - On October 28, 2025, the Shanghai Composite Index fell by 0.22% to 3988.22 points, while the Shenzhen Component Index decreased by 0.44% to 13430.10 points, and the ChiNext Index dropped by 0.15% to 3229.58 points[2][15][7] - The total market turnover was 21653.07 billion yuan, a decrease of 1912.80 billion yuan from the previous trading day[2][15] Stock Trends - Out of 2362 stocks that rose, 2908 stocks fell, indicating a bearish market sentiment[2][15] - The best-performing sectors included Defense and Military (+1.23%), Computer (+0.49%), and Comprehensive (+0.46%), while the worst performers were Non-ferrous Metals (-2.75%), Steel (-1.34%), and Construction (-0.97%)[2][20] Fund Flow - On October 28, 2025, the net outflow of main funds was 483.69 billion yuan, with large orders contributing to a significant portion of the outflow[3][25] - Small orders saw a continuous net inflow of 503.16 billion yuan, indicating retail investor interest despite the overall market decline[3][25] ETF Activity - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw their trading volumes decrease by 5.29 billion yuan and 1.56 billion yuan, respectively[3][29] - The total trading volume for ETFs on October 28 was lower compared to the previous day, reflecting reduced investor activity[3][29] Global Market Context - On the same day, major Asia-Pacific indices generally declined, with the Hang Seng Index down 0.33% and the Nikkei 225 down 0.58%[4][32] - In contrast, European indices showed positive performance on October 27, with the DAX up 0.28% and the FTSE 100 up 0.09%[5][33]

Core Viewpoint - The article discusses the recommendations from the Central Committee of the Communist Party of China regarding the formulation of the 15th Five-Year Plan, emphasizing the need for enhanced macroeconomic governance and a shift towards an economy driven by domestic demand and consumption [1] Economic Governance - The recommendations highlight the importance of strengthening the strategic guiding role of national development planning [1] - There is a call for better coordination between fiscal and monetary policies to support economic growth [1] - The article emphasizes the need to leverage various policies, including those related to industry, prices, employment, consumption, investment, trade, regional development, environmental protection, and regulation [1] Economic Development Model - The focus is on promoting an economic development model that is more reliant on domestic demand and consumption, aiming for endogenous growth [1] - The recommendations advocate for stronger counter-cyclical and cross-cyclical adjustments to implement more proactive macroeconomic policies [1] Policy Implementation - There is a push for enhancing the consistency of macroeconomic policy orientation and improving the evaluation of policy implementation effectiveness [1] - The article suggests the establishment of a sound expectation management mechanism and optimizing the comprehensive performance assessment for high-quality development [1]

Core Viewpoint - The article discusses the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" by the Central Committee of the Communist Party of China, emphasizing the need to enhance macroeconomic governance effectiveness and promote an economy driven by domestic demand and consumption [1] Group 1: Economic Governance - The document highlights the importance of strengthening the strategic guiding role of national development planning [1] - It calls for better coordination between fiscal and monetary policies to enhance overall economic governance [1] - The need to leverage various policies, including industry, price, employment, consumption, investment, trade, regional, environmental, and regulatory policies, is emphasized to foster a more domestically driven economic model [1] Group 2: Macroeconomic Policies - The article advocates for stronger counter-cyclical and cross-cyclical adjustments to implement more proactive macroeconomic policies [1] - It stresses the importance of maintaining stable growth, employment, and expectations through consistent macro policy orientation [1] - The need for enhanced evaluation of policy implementation effectiveness and the establishment of a sound expectation management mechanism is also mentioned [1] Group 3: High-Quality Development - The document underscores the importance of optimizing the comprehensive performance assessment for high-quality development [1]

做到"适时加力"，要求政策工具储备更加充足、工具选择更加精准，确保关键时刻能有充足"弹药"投放 到最需要的领域。此次会议作出的一系列重要部署中，各项结构性货币政策工具的加力支持，瞄准了科 技创新、提振消费、小微企业、稳定外贸等。这4个领域，对应着实现高水平科技自立自强、激活国内 大市场和内需潜力、惠企纾困稳定就业基本盘、应对外部环境急剧变化的不确定性等现实中的难点堵 点，需要政策工具精准滴灌。 越来越多"发力""加力"政策推出之后，协同配合的问题也会更加突出。只有从全局高度审视不同领域的 宏观政策，增强宏观政策取向一致性，把非经济性政策纳入宏观政策取向一致性评估，强化政策统筹， 才能更好实现既定发展目标。 我国经济正处于转型升级的关键阶段，此时强调宏观政策持续发力适时加力，既是对复杂形势的主动回 应，也是对高质量发展要求的深刻把握。保持战略定力，用好发展机遇、潜力和优势，集中精力办好自 己的事，我们就能在激烈国际竞争中赢得战略主动，为"十四五"圆满收官奠定坚实基础。 （文章来源：经济日报） "十四五"规划收官之年，做好下半年经济工作至为关键。 中央政治局日前召开会议，分析研究当前经济形势和经济工作，强调"宏观 ...

Core Viewpoint - The issuance of ultra-long-term special government bonds aims to support the construction of major national strategies and key security capabilities, addressing the funding gap for extensive and complex projects [1][2]. Group 1: Funding Allocation and Project Scope - In 2024, China plans to allocate 700 billion yuan in ultra-long-term special government bonds for 1,465 "two major" projects, including urban underground pipeline upgrades exceeding 80,000 kilometers and sewage network renovations along the Yangtze River totaling 13,000 kilometers [1]. - The funding will also support comprehensive land management in arid regions covering nearly 40 million acres, as well as infrastructure projects such as railways, highways, and airports [1]. Group 2: Economic Policy and Leverage - The increase in ultra-long-term special government bonds is a key aspect of implementing a more proactive fiscal policy by 2025, aimed at boosting domestic demand amid economic recovery challenges [2]. - As of the end of 2024, the central and local government leverage ratios are 25.6% and 35.2%, respectively, indicating that the central government has more room for leverage compared to local governments [2]. Group 3: Investment Efficiency and Coordination - There is a need to dynamically optimize the allocation of ultra-long-term special government bonds, focusing on major strategic projects to enhance investment efficiency [3]. - A mechanism for regular evaluation and adjustment of the support scope for ultra-long-term special government bonds will be established to monitor effectiveness and inform future investment decisions [3]. Group 4: Integration of Hard and Soft Investments - The strategy emphasizes the importance of balancing "hard investments" with "soft construction," ensuring that project implementation is complemented by necessary reforms and innovations [4]. - For instance, improving the water pricing mechanism and market construction is essential to enhance the effectiveness of investments in water infrastructure projects [4]. Group 5: Diverse Funding Mechanisms - A multi-level funding mechanism will be developed to integrate central and local funds, as well as public and private investments, to maximize the overall effectiveness of funding [5]. - The strategy includes optimizing the support ratio for ultra-long-term special government bonds, potentially increasing support for significant public welfare projects to encourage local participation [5].