文 | 新华社 中国共产党第二十届中央委员会第四次全体会议公报 （2025年10月23日中国共产党第二十届中央委员会第四次全体会议通过） 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。 出席这次全会的有，中央委员168人，候补中央委员147人。中央纪律检查委员会常务委员会委员和有关方面负责同志列席会议。党的二十大代表中 部分基层同志和专家学者也列席了会议。 全会由中央政治局主持。中央委员会总书记习近平作了重要讲话。 全会听取和讨论了习近平受中央政治局委托所作的工作报告， 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》。 习 近平就《建议（讨论稿）》向全会作了说明。 全会充分肯定党的二十届三中全会以来中央政治局的工作。一致认为，中央政治局认真落实党的二十大和二十届历次全会精神，坚持稳中求进工作 总基调，完整准确全面贯彻新发展理念，统筹推进"五位一体"总体布局，协调推进"四个全面"战略布局，统筹国内国际两个大局，统筹发展和安 全，进一步全面深化改革，扎实推动高质量发展，推进社会主义民主法治建设，加强宣传思想文化工作，切实抓好民生保障和生态环境保护， ...

Core Viewpoint - The article emphasizes the importance of national security in achieving the Chinese Dream of national rejuvenation and ensuring the well-being of the people, highlighting significant historical achievements and transformations in China's national security work under the leadership of the Communist Party of China [1] Group 1: National Security Achievements - During the "14th Five-Year Plan" period, national security has been comprehensively strengthened, and the construction of a peaceful China has reached a higher level [1] - The Third Plenary Session of the 20th Central Committee approved a decision to further deepen reforms and promote Chinese-style modernization, focusing on building a higher level of a peaceful China and enhancing the national security system [1] Group 2: Strategic Framework - The decision emphasizes the need to strengthen the integrated national strategic system, enhance the capability to maintain national security, and innovate social governance mechanisms and methods [1] - A new security pattern is to be effectively constructed to address risks and challenges on the path of development [1] Group 3: Collective Efforts - The article calls for unity among the people to build an indestructible new Great Wall of national security, overcoming all risks and challenges to seize opportunities for peaceful development [1]

Core Points - President Trump is set to meet with Chinese President Xi Jinping in South Korea amid escalating tariff tensions, with Trump acknowledging that a 157% tariff is not sustainable [1][3] - The U.S. is experiencing record-breaking tariff revenues, projected to exceed $215 billion for fiscal year 2025, with expectations of reaching nearly $300 billion by year-end [3][7] - The administration's strategy includes attracting international investment to strengthen the U.S. dollar and lower interest rates, which could benefit middle-class Americans [9][10] Tariff Impact - Tariffs are viewed as a means of national security and wealth generation for the U.S., with Trump asserting that they have led to significant revenue increases [2][5] - The tariffs have contributed to a reduction in the federal budget deficit, which was 4% lower in fiscal year 2025 compared to 2024, with a third of this reduction attributed to tariff revenues [13] - Despite the revenue gains, manufacturing employment has seen a decline of approximately 40,000 jobs, indicating mixed results in job creation [13] International Relations and Strategy - The administration is focusing on strengthening alliances with countries like Australia to counter China's influence, offering favorable trade conditions to isolate China [14][15] - The upcoming Supreme Court decision on the constitutionality of tariffs could have significant implications for the administration's trade strategy and national security claims [3][6] Financial Market Reactions - Financial markets have responded positively to the administration's fiscal policies, with benchmark Treasury yields reaching new intrayear lows, benefiting smaller companies and the tech sector [16][18] - Lower interest rates are seen as crucial for supporting growth in various sectors, including technology and housing, which are sensitive to borrowing costs [17][18]

近期，国家安全机关发现并查处多起违规商业广告行为，个别商家涉嫌在广告宣传中发布敏 感单位涉密信息，给国家安全造成潜在危害。 博眼球？蹭流量？当心踩到法律红线！ "一线海景房"本是高端酒店的卖点，但个别商家却把"能清晰看到军港"当作噱头进行宣 传。在某知名网络平台中，一些酒店商家为提升关注度，提高房间预订量，不仅在广告语中 暗示"可近距离观看军舰"，同时还大量上传相关敏感目标、场所图片。这种缺乏国家安全 意识的行为已经泄露了国家秘密，为不法分子提供了可乘之机，给国家相关领域安全造成了 危害。 来源："国家安全部"官微 更多财经视频，请关注视频号"新浪财经" 往期回顾 突发! 百万年薪董事长被采取刑事措施 13 连 接 财 富 载 新 浪 财 经 客 户 端 下 卖区位？秀配套？敏感单位不是背景板！ 在城市化建设加速推进的今天，个别开发商为凸显楼盘区位优势，常以"临近某重点单 位"为卖点。甚至利用无人机进行航拍，并将违规拍摄到的地产周边敏感单位及园区内部情 况嵌入广告宣传视频中，吸引购房者关注。这样的"擦边球"广告行为，无意中将国家秘密 暴露在互联网上，给境外间谍情报机关送上了一份难得的"大礼"。 国家安全机关提 ...

王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈 （原标题：涉及出口管制、安世半导体等！商务部部长王文涛最新表态） 10月21日，商务部部长王文涛应约与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就出口 管制、欧盟对华电动汽车反补贴案等中欧经贸重点议题深入交换意见。 王文涛与荷兰经济大臣卡雷曼斯通话 10月21日，商务部部长王文涛应约与荷兰经济大臣卡雷曼斯通话，双方围绕安世半导体等问题交换意 见。 王文涛表示，中方高度重视中荷经贸合作。荷方针对安世半导体采取的有关措施，严重影响全球产供链 稳定。中方敦促荷方从维护全球产供链安全稳定的大局出发，秉持契约精神和市场化、法治化原则，尽 快妥善解决问题，保护中国投资者合法权益，营造公平、透明、可预期的营商环境。 卡雷曼斯表示，荷方高度重视荷中经贸关系，愿与中方密切沟通，为安世半导体问题寻找建设性的解决 方案。 王文涛表示，关于安世半导体问题，中方坚决反对泛化"国家安全"概念，希欧方发挥重要的建设性作 用，敦促荷方坚持契约精神和市场原则，从维护全球产供链安全稳定的大局出发，尽快提出妥善解决办 法。 谢夫乔维奇表示，欧方愿与中方共同落实欧中领导人系列经贸 ...

Core Viewpoint - The article highlights the risks associated with businesses and influencers using sensitive locations and content in advertisements to attract attention, which poses potential threats to national security [1][2][3]. Group 1: Advertising Practices - Some businesses are using phrases like "can see the military port clearly" to promote high-end hotels, which inadvertently reveals sensitive information and poses risks to national security [2]. - Real estate developers are showcasing proximity to sensitive units as a selling point, even using drones to capture and share images of these areas, which can expose state secrets [3]. Group 2: Legal and Regulatory Framework - The National Security Law of the People's Republic of China mandates that all organizations and individuals have a duty to prevent and stop espionage activities, emphasizing the importance of maintaining national security [5]. - Businesses are warned that advertising is not exempt from legal scrutiny, and they must operate within the framework of confidentiality and national security laws to avoid severe consequences [5].

Group 1 - The core discussion between Wang Wentao and EU Commissioner Valdis Dombrovskis focused on export controls, the EU's anti-subsidy measures on Chinese electric vehicles, and the semiconductor issue involving ASML [1][2] - Wang emphasized China's commitment to maintaining global supply chain stability and facilitating approval processes for EU companies amidst recent export control measures [2][4] - Dombrovskis expressed the EU's willingness to collaborate with China to address trade frictions and acknowledged the security concerns behind China's export control measures [2][3] Group 2 - Wang highlighted the importance of Sino-Dutch economic cooperation and urged the Netherlands to resolve issues related to ASML in a manner that protects Chinese investors' rights and promotes a fair business environment [4] - The Netherlands expressed its commitment to finding constructive solutions regarding ASML and maintaining close communication with China [4]

Core Viewpoint - The recent video meeting between Chinese Minister Wang Wentao and EU Commissioner for Trade and Economic Security Valdis Dombrovskis focused on key issues in China-EU economic and trade relations, including export controls and the EU's anti-subsidy measures against Chinese electric vehicles [1][2]. Group 1: Economic and Trade Relations - The meeting emphasized the importance of implementing the consensus reached during the 25th China-EU leaders' meeting, aiming for healthy and stable development of economic relations [1]. - Both parties agreed to hold a "upgraded" China-EU export control dialogue mechanism meeting in Brussels as soon as possible [2]. Group 2: Export Control Issues - Wang Wentao stated that China's recent measures on rare earth export controls are a normal practice to improve the export control system, reflecting China's commitment to global peace and stability [1]. - The EU side expressed understanding of China's export control measures due to national security concerns and hoped for expedited approval of applications from EU companies during the implementation process [1]. Group 3: Semiconductor Concerns - Wang Wentao firmly opposed the broadening of the "national security" concept regarding the ASML semiconductor issue and urged the EU to play a constructive role in resolving the matter [1]. - The EU expressed willingness to assist in enhancing communication between China and the Netherlands to find a solution for the semiconductor issue [1][2].

Core Viewpoint - The Chinese side firmly opposes the broadening of the "national security" concept regarding the ASML semiconductor issue and urges the European side to play a constructive role in maintaining the stability of global supply chains [1] Group 1 - The Chinese government calls for the Netherlands to adhere to contractual spirit and market principles [1] - There is an emphasis on the need for a prompt and appropriate resolution to the semiconductor issue [1] - The statement highlights the importance of maintaining the overall stability of global production and supply chains [1]

Group 1 - A-shares indices collectively rose in early trading on October 21, 2025, with the Shanghai Composite Index increasing by 1.2% and surpassing 3900 points, while over 4500 stocks in the market experienced gains [1] - The Ministry of Finance announced two measures to support economic recovery, including allocating 500 billion yuan from local government debt limits, an increase of 100 billion yuan from the previous year, and early issuance of new local government debt limits for 2026 [1] - The macro team at Galaxy Securities remains optimistic about investment opportunities in the Chinese market, suggesting that the dividend sector may regain investor interest, with themes such as anti-involution, national security, and expanding domestic demand to watch [1] Group 2 - Zhongyuan Securities reports that recent high-level meetings have raised market policy expectations, combined with potential interest rate cuts from the Federal Reserve, providing support for the market [2] - The A-share market is expected to continue showing a consolidating trend, with structural opportunities remaining abundant due to domestic policy expectations and third-quarter earnings verification [2] - CITIC Construction Investment Securities indicates that after a period of overheating in the computing power sector, the market has entered a bull market consolidation phase, characterized by high capital rotation and index stagnation [2] Group 3 - As of October 21, 2025, the CSI A500 Index rose by 1.67%, with the leading A500 ETF increasing by 1.49%, and nearly 1 billion yuan traded during the session [3] - Over the past three months, the leading A500 ETF has accumulated a gain of 13.97%, with the top ten weighted stocks accounting for 19% of the index [3] - The leading A500 ETF tracks major sectors including electronics (14.45%), power equipment (10.90%), and banking (7.21%) [3]