Core Points - The article discusses the "Ten Major Projects" outlined in the Central Committee's proposal for the 15th Five-Year Plan, emphasizing significant achievements in high-quality economic and social development, technological self-reliance, and enhanced national security [2] Group 1: Industrial Innovation Project - The Industrial Innovation Project aims to enhance China's international competitive advantages by focusing on strategic emerging industries such as new energy, aerospace, and quantum technology [3] - It emphasizes the need for a new type of national system to support key technological breakthroughs in areas like integrated circuits and high-end instruments, while also promoting the integration of the real economy with the digital economy [3] Group 2: Industrial Internet Innovation Development Project - The Industrial Internet is crucial for the digital transformation of manufacturing, requiring advancements in network infrastructure, key technologies, and the development of intelligent industrial models [4] - The project aims to foster cross-industry platforms and support the integration of industrial internet with key industry chains to enhance collaborative transformation [4] Group 3: Housing Quality Improvement Project - The Housing Quality Improvement Project shifts the focus from mere housing availability to enhancing living conditions, emphasizing safety, comfort, and sustainability [6] - It aims to implement a new model of real estate development that meets the public's aspirations for a better life through meticulous management of the entire housing process [6] Group 4: Healthcare Strengthening Project - The Healthcare Strengthening Project focuses on transitioning from a disease-centered approach to a health-centered one, enhancing public health services and accessibility [7] - It aims to optimize the layout of grassroots healthcare institutions and improve service delivery through various actions, including digital empowerment [7] Group 5: Major Ecological Protection and Restoration Project - The project emphasizes green development and ecological protection, aiming to enhance biodiversity and establish a robust ecological safety barrier [8] - It focuses on integrating ecological restoration with economic development, promoting the transformation of ecological benefits into economic value [8] Group 6: National Defense Development Project - The National Defense Development Project is a key pillar of national strategy, directly impacting national security and military modernization [9] - It emphasizes technological innovation and the establishment of an intelligent military system to enhance defense capabilities [9] Group 7: Military Theory Modernization Project - The Military Theory Modernization Project aims to innovate military theories by analyzing potential adversaries and establishing a logical relationship between strategy, demand, and planning [11] - It seeks to integrate theoretical research with technological advancements to create effective military strategies [11] Group 8: Marxist Theory Research and Construction Project - The project focuses on deepening the study of Marxist theory and enhancing the construction of related academic disciplines [12] - It aims to develop high-quality educational materials and promote international academic exchanges to strengthen China's academic voice in Marxism [12] Group 9: Traditional Culture Inheritance and Development Project - The project emphasizes the protection and innovative development of traditional Chinese culture, focusing on the preservation of cultural heritage and the promotion of cultural participation [13] - It aims to create a collaborative environment for the transmission and development of traditional culture across society [13] Group 10: New Era Moral Education Project - The New Era Moral Education Project aims to cultivate a comprehensive educational system that emphasizes moral, intellectual, physical, and aesthetic development [14] - It seeks to innovate educational pathways and integrate various educational aspects to foster well-rounded individuals [14]

Economic Goals - The main goal is to maintain economic growth within a reasonable range, with total factor productivity steadily improving and a significant increase in the resident consumption rate[2] - By 2035, the target is to achieve a per capita GDP of over $20,000, doubling the 2020 level, which requires an average annual GDP growth of 4.17% during the 14th and 15th Five-Year Plans[3][20] Industrial Development - Emphasis on strengthening the global competitiveness of traditional industries such as mining, metallurgy, and construction, while accelerating the development of strategic emerging industries like new energy and aerospace[2] - Key technologies in integrated circuits, high-end instruments, and advanced materials are prioritized for breakthroughs through unconventional measures[2] Domestic Demand and Income - The report highlights the need to reasonably increase public service spending as a proportion of fiscal expenditure and to enhance government investment in livelihood projects[2] - New measures include implementing a collective wage negotiation system and improving the minimum wage adjustment mechanism[2] Financial and Capital Market Reforms - The central financial office aims to promote the consolidation and restructuring of small financial institutions and complete financial legislation[3] - The focus is on enhancing the capital market's inclusivity and adaptability, encouraging the transformation of household savings into social investments[21] Fiscal Policy - The finance minister emphasizes the need to standardize tax incentives and fiscal subsidies while preventing local protectionism and "involution" competition[4] - A total of 5 trillion yuan has been allocated for local government debt, with 2 trillion yuan earmarked for specific investment projects, supporting over 2,300 projects with a total investment of approximately 7 trillion yuan[18] International Trade and Relations - The U.S. has agreed to cancel a 10% tariff on Chinese goods, while a 24% reciprocal tariff will remain suspended for one year, indicating a shift towards more cooperative trade relations[6][19] - Both countries have reached consensus on various issues, including fentanyl cooperation and expanding agricultural trade[6][19]

Core Points - The Beijing Industrial Vocational and Technical College is innovating the "Big Ideological and Political Course" project, utilizing various venues such as museums and historical sites to enhance students' understanding of Chinese culture and modernization [3][4] - The project aligns with national educational reforms and aims to create a distinctive teaching model that integrates practical experiences with ideological education [3][5] Group 1: Project Overview - The "Big Ideological and Political Course" initiative is part of a broader educational reform in Beijing, emphasizing the importance of integrating ideological education with practical experiences [3][4] - The project utilizes 211 teaching points from a digital map of practice teaching bases, allowing students to engage in various thematic routes that connect classroom learning with real-world experiences [4][5] Group 2: Student Engagement - As of June 7, 2025, a total of 7,166 students have participated in the project, engaging in activities that encourage them to explore the city and understand national development [4] - Students are actively involved in practical tasks such as creating videos and submitting reflections, which enhances their learning experience and connection to the material [4][5] Group 3: Educational Impact - The project employs a combination of on-site teaching and interactive tasks to deepen students' understanding of political theory and its application in contemporary society [5][6] - Students express a sense of pride and connection to their country's cultural and technological advancements through their participation in the project [6][7]

Investment Rating - The report maintains an "Overweight" rating for the building materials industry [1] Core Views - The global trade situation is expected to stabilize over the next year, with a focus on exports [1] - The construction materials sector has shown a positive performance, with a weekly increase of 1.29%, outperforming the Shanghai and Shenzhen 300 Index [4] - The report highlights the importance of the U.S.-China trade agreement in shaping future trade stability [4] Summary by Sections 1. Bulk Building Materials Fundamentals and High-Frequency Data - **Cement**: The national average price for high-standard cement is 351.7 RMB/ton, up by 3.5 RMB/ton from last week, but down by 65.2 RMB/ton compared to the same period in 2024. The average cement inventory ratio is 69.6%, up by 1.8 percentage points from last week [13][14][22] - **Glass**: The average price for float glass is 1202.7 RMB/ton, down by 41.0 RMB/ton from last week and down by 126.0 RMB/ton year-on-year. The inventory of float glass stands at 62 million heavy boxes, down by 470,000 boxes from last week [48][50] - **Fiberglass**: The market price for non-alkali fiberglass remains stable, with mainstream prices ranging from 3250 to 3700 RMB/ton [46] 2. Industry Dynamics Tracking - The report notes a rebound in new orders and business activity expectations in the construction sector, linked to recent policy financial support [4] - The report recommends focusing on export-oriented industries, particularly in the fiberglass sector, and companies involved in home decoration consumption [4] 3. Weekly Market Review and Sector Valuation - The report indicates that the cement market is experiencing a slight increase in prices, particularly in the southwestern region, while demand is expected to weaken as northern regions enter winter [13][14] - The report emphasizes the importance of maintaining supply discipline within the cement industry, which is expected to lead to better profitability compared to the previous year [4][13]

Group 1 - Shenzhen has been selected as the third city in China to host APEC, following Beijing and Shanghai, indicating a strategic choice for showcasing technological strength during a period of geopolitical tension [1][2] - The decision reflects a broader trend of prioritizing cities with strong innovation capabilities, as Shenzhen is recognized as a leading tech city and has topped the global innovation index alongside Hong Kong and Guangzhou [1][2] - The emphasis on technology and self-reliance in the recent government communique highlights the importance of Shenzhen in the national economic strategy during the 14th Five-Year Plan [1] Group 2 - Guangzhou's economic performance remains strong, with a GDP of 23,265.65 billion yuan in the first three quarters, showing a year-on-year growth of 4.1%, which is on par with the provincial average [2] - The city's industrial and real estate sectors are showing signs of recovery, with industrial output increasing by 1.4% and real estate investment rising by 2.4% compared to the previous year [2] - Guangzhou's foreign trade has seen significant growth, with total import and export value reaching 9,236.8 billion yuan, a year-on-year increase of 12.5%, outperforming both provincial and national averages [2] Group 3 - The automotive and technology sectors in Guangzhou are thriving, with notable increases in production for electric vehicles (20.6%) and civilian drones (35.2%), as well as substantial growth in the production of integrated circuits and display modules [3] - The integration of the Greater Bay Area is emphasized, suggesting that the success of Shenzhen will benefit all cities within the region, including Guangzhou [3][4] - The competitive landscape is shifting, with a focus on regional collaboration rather than rivalry, as the Greater Bay Area aims to strengthen its position in the global market [4][5]

Core Insights - The "15th Five-Year Plan" emphasizes technological self-reliance and innovation as a core strategy, indicating a shift towards original technological innovation and integration with the real economy [1][4] - Key investment areas for the next five years include artificial intelligence, biomedicine, quantum technology, and high-end manufacturing, which are expected to receive policy support [1][4] Policy Direction Comparison - The "14th Five-Year Plan" focused on a comprehensive approach to economic construction, while the "15th Five-Year Plan" emphasizes economic construction as the central theme [1] - The "15th Five-Year Plan" aims for significant improvements in technological self-reliance and a modern industrial system that includes aerospace and transportation [1][3] - The approach to external openness has shifted from global economic governance to multilateral trade and autonomous openness [1][3] Market Structure and Investment Opportunities - Historical analysis shows that A-share market structure changes are closely linked to policy directions, with strategic industries identified in each plan becoming focal points for investment [3] - The current market is expected to focus on new quality productivity, with significant opportunities in AI and manufacturing sectors due to China's competitive advantages [3][4] - The "15th Five-Year Plan" highlights the importance of consumption and proposes policies to boost consumer spending, indicating potential for value reassessment in the consumer sector [5] Sector-Specific Insights - Key sectors expected to thrive include AI, digital economy, and green energy technologies, with specific opportunities in domestic supply chains for advanced chips and energy storage [4][5] - The automotive sector is poised for growth, particularly in intelligent vehicles, as consumer preferences shift towards high-quality products [5] - Investment strategies should focus on core AI-related stocks while being cautious of market volatility, suggesting a balanced approach to capital allocation [6]

CITI'S TAKE The summit between US President Trump and China President Xi appears to have de-escalated the trade tensions between the two countries, with initial comments on a 10% cut to fentanyl tariffs, suspension of export controls on rare earth/chips and China's soybean purchase. The details and implementation of the agreements are important things to watch ahead. The positive headlines are a sentiment relief in our view, while the immediate economic benefits for China's exports and growth could be small ...

Core Points - China's Shenzhou-21 manned spacecraft successfully launched on October 31, 2025, marking the completion of the country's manned spaceflight missions for the year [1] - A total of 28 astronauts and 44 missions have been conducted in space, with the goal of building a "strong space nation" clearly outlined in the 14th Five-Year Plan [2][3] - The rapid development of China's Long March rocket family reflects the country's growing technological capabilities and comprehensive national strength [6][7] Group 1: Manned Spaceflight Achievements - The Shenzhou-21 mission is the sixth manned flight to the Tiangong space station and the 37th mission since the inception of China's manned space program [1] - The Long March 2F rocket, which has a near-Earth orbit carrying capacity of approximately 8.6 tons, symbolizes China's advancements in space technology [5] - The Long March rocket family has seen a significant increase in launch frequency, with the time taken to reach various milestones decreasing dramatically over the years [6] Group 2: Future Plans and Developments - The 14th Five-Year Plan has set the stage for the 15th Five-Year Plan, emphasizing the importance of space exploration and technology development [3][12] - The National Space Science Medium and Long-Term Development Plan (2024-2050) was released, indicating a structured approach to future space missions [12] - China's commercial space sector is developing a complete industrial chain, including satellite manufacturing and launch services, which has been highlighted in recent government reports [13][14] Group 3: Scientific Research and Applications - The space station is expected to facilitate research in various fields, including life sciences, microgravity physics, and space astronomy, contributing to a deeper understanding of fundamental scientific questions [25][30] - The ongoing experiments with animals in the space station aim to reveal the effects of microgravity on biological processes, which could have significant implications for human health and longevity [21][25] - The integration of advanced technologies, such as AI and mixed-reality training systems, is enhancing the capabilities of astronauts during their missions [20] Group 4: International Collaboration - China has signed nearly 200 intergovernmental agreements on space cooperation with over 50 countries and international organizations, promoting global collaboration in space exploration [30] - A Pakistani astronaut is expected to participate in a future mission, highlighting China's commitment to international partnerships in space [30] Group 5: Educational Impact - The space program has inspired a new generation, with initiatives like live-streamed space lectures reaching students across China and beyond [28][29] - The influence of astronauts sharing their experiences has motivated many young individuals to pursue careers in aerospace and related fields [28][29]

Group 1 - The core focus of the "15th Five-Year Plan" emphasizes the construction of a modern industrial system and technological self-reliance, indicating a significant shift in China's economic strategy [3][4] - The Chinese economy is currently in a state of accumulation and is poised for a breakthrough, with improvements in growth quality despite a slowdown in growth rate [3][4] - The importance of original innovation is highlighted, as China has entered "unmanned zones" in various technological fields, necessitating self-reliance in innovation [5][6] Group 2 - The plan stresses the need to strengthen domestic demand, addressing the issue of oversupply in the economy, with a focus on expanding the domestic market as a strategic foundation for modernization [9][10] - The real estate market's stability is crucial for overall economic demand, as it significantly impacts consumption and local government spending [11][12] - The government is encouraged to implement stronger measures to stabilize the real estate market, which is vital for ensuring sustained domestic demand [10][11] Group 3 - Education reform is necessary to keep pace with technological and industrial advancements, with proposals to extend compulsory education and enhance vocational training [14][15] - The need for a skilled workforce is emphasized, as industries increasingly require higher educational qualifications for workers [14][15]

Market News - China's October CPI and PPI data will be released on November 9, with a forecasted CPI year-on-year increase to 0.6% and a narrowing PPI decline from -2.8% in September to -2.2% in October [2] - China's October import and export data will be published on November 7, with exports expected to rise by 4.9% year-on-year and imports by 1.2% [3] - The U.S. will release the ADP employment report on November 5, with expectations of a modest increase in non-farm employment and a potential rise in the unemployment rate to 4.4% [4] - The Q3 earnings season continues this week with major companies like AMD and Qualcomm reporting, with AMD's growth driven by strong performance in data center and client segments [5] Sector Updates - The 2025 xEV Battery Technology Forum and Solid-State Battery Technology Industry Conference will be held in Shanghai from November 3 to 4, focusing on lithium batteries and solid-state battery mass production [9] - A notification to improve duty-free shop policies was issued to boost consumption, effective from November 1, 2025 [10] - The 8th China International Import Expo will take place from November 5 to 10, with a record exhibition area and participation from over 290 Fortune 500 companies [11] - The CEIC 2025 Consumer Electronics Innovation Conference will be held in Shenzhen from November 6 to 8, showcasing innovations in smart devices and technologies [12] - The 2025 World Internet Conference will be held in Wuzhen from November 6 to 9, focusing on building a collaborative digital future [13] Company Highlights - Seres is set to list on the Hong Kong Stock Exchange on November 5, with an IPO price of up to HKD 131.5 per share, aiming to raise approximately HKD 12.9 billion [15] - BYD reported October sales of 441,700 new energy vehicles, a year-on-year decrease from 502,700 units [16] - Great Wall Motors announced October sales of 143,100 vehicles, a 22.5% year-on-year increase [17] - Chery Group reported October sales of 281,161 vehicles, with new energy vehicle sales up 54.7% year-on-year [18] - NIO delivered 40,397 vehicles in October, marking a 92.6% year-on-year increase [19] - Li Auto delivered 31,767 vehicles in October, with plans to expand its overseas market presence [19] Lock-up Expiration - A total of 30 companies will have lock-up shares released this week, amounting to 1.028 billion shares with a total market value of approximately CNY 20.322 billion [22] - The peak lock-up expiration date is November 7, with six companies accounting for 62.69% of the total market value [22] New Stock Calendar - Three new stocks are set to be issued this week, totaling approximately 573 million shares and expected to raise CNY 3.947 billion [26] Market Outlook - CITIC Securities suggests that structural opportunities remain, with a focus on traditional manufacturing upgrades, Chinese enterprises going global, and AI developments [29] - CITIC Jiantou anticipates a new round of market consolidation in November, advising investors to pause on increasing positions [31] - Galaxy Securities emphasizes the importance of technology and industry integration, highlighting the government's focus on a modern industrial system [32]