高质量发展是中国式现代化的必然要求，关系我国社会主义现代化建设全局。壹引其纲，万目皆张。高 质量发展是对经济社会发展方方面面的总要求，是所有地区发展都必须贯彻的要求，是必须长期坚持的 要求。"十五五"时期，必须坚持高质量发展不动摇，完整准确全面贯彻新发展理念，加快构建新发展格 局，加快高水平科技自立自强，引领发展新质生产力，建设现代化产业体系，让新动能更加澎湃、新优 势更加彰显，牢牢把握发展主动权。 向新而行，以质致远，"十五五"的发展前景光明、未来可期！ 党的二十届四中全会强调，"十五五"时期经济社会发展，必须以推动高质量发展为主题，坚定不移推动 高质量发展。这为我们推动经济持续健康发展和社会全面进步、扎实推进中国式现代化指明了努力方向 和实践路径。 ...

新华社北京10月23日电 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。 全会强调，"十五五"时期经济社会发展，必须坚持马克思列宁主义、毛泽东思想、邓小平理论、"三个 代表"重要思想、科学发展观，全面贯彻习近平新时代中国特色社会主义思想，深入贯彻党的二十大和 二十届历次全会精神，围绕全面建成社会主义现代化强国、实现第二个百年奋斗目标，以中国式现代化 全面推进中华民族伟大复兴，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，完整准确全面贯彻新发展理念，加快构建新发展格局，坚持稳中求进工作总基调，坚持 以经济建设为中心，以推动高质量发展为主题，以改革创新为根本动力，以满足人民日益增长的美好生 活需要为根本目的，以全面从严治党为根本保障，推动经济实现质的有效提升和量的合理增长，推动人 的全面发展、全体人民共同富裕迈出坚实步伐，确保基本实现社会主义现代化取得决定性进展。 全会指出，"十五五"时期经济社会发展必须遵循以下原 ...

Report Industry Investment Rating - Not provided in the given content Core Views - The alumina futures main contract is oscillating strongly, with increasing open interest, spot discount, and weakening basis. The alumina fundamentals may be in a situation of gradually decreasing supply and stable demand. It is recommended to conduct light - position short - term long trading on dips [2]. - The Shanghai aluminum main contract is oscillating strongly, with increasing open interest, spot discount, and weakening basis. The fundamentals of Shanghai aluminum may be in a stage of slightly increasing supply and boosted demand. Options market sentiment is bullish, and it is recommended to conduct light - position oscillating long trading [2]. - The cast aluminum main contract is oscillating strongly, with decreasing open interest, spot premium, and weakening basis. The cast aluminum fundamentals may be in a stage of converging supply and stable demand, with relatively high industry inventory. It is recommended to conduct light - position oscillating long trading [2]. Summary by Relevant Catalogs Futures Market - Shanghai aluminum main contract closed at 21,165 yuan/ton, up 120 yuan; open interest increased by 29,550 lots to 286,749 lots. Alumina futures main contract closed at 2,838 yuan/ton, up 9 yuan; open interest increased by 4,192 lots to 360,127 lots [2]. - LME aluminum three - month quote was 2,805.5 dollars/ton, up 24.5 dollars; LME aluminum inventory decreased by 1,600 tons to 482,525 tons [2]. - Cast aluminum alloy main contract closed at 20,625 yuan/ton, up 110 yuan; open interest decreased by 153 lots to 12,683 lots [2]. Spot Market - Shanghai Non - ferrous A00 aluminum was 21,040 yuan/ton, up 60 yuan; Yangtze River Non - ferrous AOO aluminum was 21,020 yuan/ton, up 40 yuan [2]. - Alumina spot price in Shanghai Non - ferrous was 2,815 yuan/ton, down 5 yuan; the average price of ADC12 aluminum alloy ingots nationwide was 21,200 yuan/ton, up 100 yuan [2]. Upstream Situation - Alumina production was 799.9 million tons, up 7.42 million tons; demand was 704.31 million tons, down 21.49 million tons; supply - demand balance was 46.85 million tons, up 18.12 million tons [2]. - The average price of crushed raw aluminum in Foshan metal scrap was 16,700 yuan/ton, up 50 yuan; in Shandong metal scrap, it was 16,200 yuan/ton, up 50 yuan [2]. Industrial Situation - Primary aluminum import volume was 246,797.1 tons, up 31,034.96 tons; export volume was 28,969.92 tons, up 3,365.58 tons [2]. - Aluminum product production was 590 million tons, up 35.18 million tons; export volume of unforged aluminum and aluminum products was 52 million tons, down 1 million tons [2]. Downstream and Application - Recycled aluminum alloy ingot production was 65.65 million tons, up 2.06 million tons; aluminum alloy production was 177.6 million tons, up 14.1 million tons [2]. - Automobile production was 3.2265 million vehicles, up 0.4742 million vehicles [2]. Options Situation - The implied volatility of the at - the - money option of the Shanghai aluminum main contract was 10.39%, up 0.0047%; the call - put ratio was 1.16, down 0.0545 [2]. Industry News - The new development concept of innovation, coordination, green development, openness, and sharing is the "ballast stone" and "power source" for China's economic development. China must develop new - quality productivity and enhance the support capacity of the modern industrial system for high - quality development [2]. - The "Energy - Saving and New - Energy Vehicle Technology Roadmap 3.0" was released, aiming for a new - energy passenger vehicle penetration rate of over 85% by 2040, with BEV accounting for 80% [2]. - The US government shutdown has lasted for 22 days, and it may continue until November and break the previous record [2].

Core Viewpoint - The Fourth Plenary Session of the 20th Central Committee of the Communist Party of China emphasizes the importance of achieving socialist modernization and outlines the strategic goals and principles for the upcoming "15th Five-Year Plan" period, focusing on high-quality development, technological self-reliance, and comprehensive reforms [3][4][5]. Summary by Sections Achievements and Challenges - The session highlights significant achievements during the "14th Five-Year" period, noting that China has faced complex international situations and domestic challenges, yet has made substantial progress in economic strength, technological capabilities, and overall national power [4]. - The leadership under Xi Jinping has effectively navigated through severe challenges, including the pandemic, leading to new major accomplishments in the party and national endeavors [4]. Strategic Goals for the "15th Five-Year Plan" - The "15th Five-Year Plan" is identified as a critical period for solidifying the foundation for socialist modernization, with a focus on high-quality development and addressing both opportunities and risks in a complex environment [5][6]. - The session sets ambitious goals for 2035, including significant improvements in economic, technological, and national defense capabilities, aiming for per capita GDP to reach the level of moderately developed countries [7]. Economic Development Principles - Key principles for economic and social development during the "15th Five-Year Plan" include maintaining the party's leadership, prioritizing high-quality development, and deepening reforms [7]. - The session emphasizes the need for a modern industrial system, focusing on the real economy, innovation, and sustainable development [8]. Technological and Market Development - The session calls for accelerating technological self-reliance and innovation, enhancing the national innovation system, and fostering a strong domestic market [8][9]. - It stresses the importance of expanding high-level opening-up and promoting international cooperation to create a win-win situation [9]. Social and Cultural Development - The session highlights the need to enhance cultural innovation and development, ensuring that socialist core values are promoted and that cultural industries are advanced [10]. - It emphasizes improving people's livelihoods and promoting common prosperity through effective social policies and public services [10]. Environmental and Safety Considerations - The session underscores the importance of green transformation and ecological protection, aiming for a beautiful China through sustainable practices [11]. - It also stresses the need for a robust national security system and effective governance to maintain social stability [11][12]. Party Leadership and Governance - The session reiterates the necessity of strong party leadership and the importance of self-reform within the party to ensure effective governance and economic development [12][13]. - It calls for a unified effort from all sectors of society to achieve the goals set forth in the "15th Five-Year Plan" [13][15].

Core Viewpoint - The article highlights the significant achievements of Lantu Automotive as a model of innovation in China's new energy vehicle sector, reflecting the historical accomplishments of high-quality development under the "14th Five-Year Plan" [1][3]. Group 1: Company Development and Achievements - Lantu Automotive has rapidly developed since its inception, focusing on brand building, product launches, technological innovation, channel construction, and overseas expansion [3]. - The company has adopted cutting-edge technologies such as artificial intelligence and the Internet of Things, reducing new car production preparation time by at least 20%, lowering process design costs by over 15%, and improving product quality by over 10% [3]. - Lantu Automotive aims to transition from a fuel vehicle production capacity to a new energy vehicle capacity, establishing a 5C smart charging network for green electricity [3][4]. Group 2: Market Position and Product Range - Lantu Automotive has established a comprehensive product matrix covering sedans, SUVs, and MPVs, becoming one of the most comprehensive high-end new energy vehicle companies in the industry [7]. - The Lantu Dreamer, as the world's first high-end new energy MPV, is projected to achieve sales of 47,000 units in 2024, securing the second position in the high-end new energy MPV market [7]. - The company has the fastest patent growth in the new energy vehicle sector, with 1,519 granted patents and 4,783 pending applications as of July 31, 2025 [7][8]. Group 3: Financial Performance - Lantu Automotive's sales are expected to grow at a compound annual growth rate of 103.2% from 2022 to 2024, with a delivery volume of 15,224 vehicles in September 2025, representing a 52% year-on-year increase [8][9]. - The gross profit margin has improved from 8.3% in 2022 to 21.0% in 2024, further increasing to 21.3% in the first seven months of 2025 [8][9]. - The company achieved its first quarterly profit in Q4 2023 and has maintained profitability in the first seven months of 2025, indicating a shift towards a focus on quality and efficiency [9]. Group 4: IPO and Market Strategy - Lantu Automotive is set to go public on the Hong Kong Stock Exchange through an introduction listing, which marks a significant step in its regulatory review process [10]. - The company's unique combination of being a state-owned enterprise and a high-end new energy brand provides significant scarcity value in the current Hong Kong market [10]. - The IPO is expected to enhance Lantu's brand influence globally and support its overseas business expansion, which is crucial for increasing its valuation [10][11].

Group 1 - The article emphasizes the historical achievements and transformations in China's economic and social development over the past decade, particularly under the guidance of the new development philosophy proposed by Xi Jinping [1][4][16] - The average GDP growth rate for the first three quarters of this year is reported at 5.2%, with expectations for China's economic total to reach approximately 140 trillion yuan by 2025 [2][16] - The new development philosophy, which includes innovation, coordination, green development, openness, and sharing, is highlighted as a guiding principle for achieving higher quality and more sustainable growth [4][21] Group 2 - The article discusses the significant advancements in the new energy vehicle (NEV) sector, with China becoming the first country to produce over 10 million NEVs annually, showcasing a shift from following to leading in manufacturing [5][6] - The integration of cutting-edge technologies such as artificial intelligence and digital twins in NEV production has led to reduced production cycles and costs, as well as improved product quality [5][6] - China's NEV industry is noted for its continuous growth, with production and sales leading globally for ten consecutive years, and a strong international market presence in lithium-ion batteries [5][6] Group 3 - The article highlights the role of innovation as a driving force for economic and social development, with China's global innovation index ranking improving significantly from 34th in 2012 to 10th by 2025 [6][19] - The establishment of the largest renewable energy system globally and a significant reduction in energy consumption per unit of GDP are noted as key achievements in promoting green development [6][24] - The article emphasizes the importance of adhering to the new development philosophy to address issues of unbalanced and insufficient development, ultimately meeting the growing needs of the population [6][11] Group 4 - The article outlines the advancements in rural development and urban-rural integration, with initiatives like the "Million Project" in Zhejiang province serving as a model for coordinated development [8][10] - The implementation of the "Hundred Thousand Project" in Guangdong province aims to enhance rural economies and improve living standards, with significant increases in rural income reported [9][10] - The focus on shared development and the creation of rural operational roles is highlighted as a means to foster economic growth and improve quality of life in rural areas [8][10] Group 5 - The article discusses the opening of the global digital trade center in Yiwu, marking a transition from traditional trade to a digital trade ecosystem, which enhances China's role in global commerce [12][28] - The establishment of free trade zones and the expansion of foreign investment in China are emphasized as critical components of the country's strategy to enhance its global economic presence [13][28] - China's commitment to high-level openness is portrayed as essential for achieving high-quality development and fostering international cooperation [13][28]

Core Ideas - The new development concept is a concentrated reflection of China's development ideas, directions, and focal points in the new era, emphasizing its strategic, programmatic, and guiding role in the comprehensive construction of a modern socialist country [1][2] Group 1: Innovation - Innovation is highlighted as the primary driving force for development, essential for determining the speed, efficiency, and sustainability of economic growth [3] - China has made significant progress in technological innovation, particularly in 5G technology, which has laid a solid foundation for the digital economy [3] - There are still challenges in basic research and key core technologies compared to developed countries, necessitating increased investment in foundational research and reforms in the research evaluation system [3] Group 2: Coordination - Coordinated development is crucial for optimizing the economic development structure, addressing the imbalances between urban and rural areas, and among different regions [4] - Efforts have been made to improve rural infrastructure and diversify industrial development, yet disparities remain, indicating the need for further progress [4] - Future strategies should focus on promoting equal exchange and flow of resources between urban and rural areas to accelerate rural modernization [4] Group 3: Green Development - Green development is essential for sustainable growth, with significant achievements in environmental protection and the development of green industries [5] - China has become the largest producer and consumer of new energy vehicles, reflecting its commitment to ecological priorities [5] - The importance of ecological protection and restoration is emphasized, alongside the need for a green industrial transformation [5] Group 4: Openness - Openness is deemed necessary for national prosperity, with China actively promoting higher levels of openness in trade and investment [6][7] - The focus is on expanding the scope of open development and enhancing cooperation in global economic governance [7] - The establishment of free trade zones and other platforms is crucial for fostering international competitiveness [7] Group 5: Sharing - The sharing concept is central to socialism with Chinese characteristics, aiming for common prosperity and improved living standards [8] - Significant achievements have been made in poverty alleviation and employment stability, with ongoing efforts to enhance social security systems [8] - Future initiatives should focus on increasing the income of low-income groups and expanding the middle-income population [8] Group 6: Systematic Transformation - The transformation of the new development concept into practice requires a systematic approach, enhancing political capability, strategic vision, and professional skills [9][11] - A collaborative mechanism is necessary to integrate the five development concepts, ensuring they support and promote each other [10] - Policies should be aligned to create a cohesive framework that supports innovation, ecological protection, and social welfare [10][12] Group 7: Leadership and Governance - Leadership must shift from traditional performance metrics to a new performance view that aligns with the new development concept [13][14] - Emphasis is placed on long-term stability and sustainable development, avoiding short-termism and impulsive decision-making [14][15] - A focus on practical results and addressing real issues is essential for effective governance [15][16] Group 8: Local Adaptation - Policies must be tailored to local conditions, respecting objective laws and resource endowments to avoid blind imitation [16][17] - A comprehensive approach is needed to balance various development aspects, ensuring that local initiatives align with national goals [17][18] - The importance of breaking down regional barriers and fostering a unified national market is highlighted to prevent inefficient competition [18]

Core Viewpoint - The new development concept is a concentrated reflection of China's development ideas, directions, and focal points in the new era, emphasizing its strategic, programmatic, and guiding roles in economic work [1][2]. Group 1: Innovation - Innovation is highlighted as the primary driving force for development, essential for determining the speed, efficiency, and sustainability of economic growth [3]. - China has made significant progress in technological innovation, particularly in 5G technology, which has laid a solid foundation for the digital economy [3]. - There are still challenges in basic research and key core technologies compared to developed countries, necessitating increased investment and reform in the research evaluation system [3]. Group 2: Coordination - Coordinated development is crucial for optimizing the economic development structure, addressing the imbalances between urban and rural areas, and among different regions [4]. - Efforts have been made to improve rural infrastructure and diversify industrial development, yet disparities remain, indicating the need for further progress [4]. - Future strategies should focus on promoting equal exchange and flow of resources between urban and rural areas, enhancing regional cooperation, and achieving common development [4]. Group 3: Green Development - Green development is essential for sustainable growth, with significant achievements in environmental protection and the growth of green industries [5]. - China has become the largest producer and consumer of new energy vehicles, reflecting its commitment to ecological priorities [5]. - The importance of ecological protection and restoration is emphasized, alongside the need for a green transition in industries [5]. Group 4: Openness - Openness is deemed necessary for national prosperity, with a focus on adapting to the trends of economic globalization [6][7]. - China aims to expand its open development space, enhance trade and investment liberalization, and deepen bilateral and regional economic cooperation [6][7]. Group 5: Sharing - The concept of sharing is central to socialism with Chinese characteristics, focusing on achieving common prosperity and improving the well-being of the population [8]. - Significant progress has been made in poverty alleviation and employment stability, with ongoing efforts to enhance the social security system [8]. Group 6: Implementation of New Development Concepts - A complete and accurate implementation of the new development concept is crucial for a profound transformation in China's overall development [9]. - Systematic collaboration and a unified approach are necessary to integrate the five development concepts of innovation, coordination, green, openness, and sharing [10]. Group 7: Institutional Support - Institutional frameworks are essential for the realization of new development concepts, requiring reforms that support innovation, environmental quality, and social welfare [12]. - Establishing a robust indicator system and enhancing the role of the market in resource allocation are critical steps [12]. Group 8: Leadership and Governance - Leadership must shift towards a performance view that aligns with the new development concepts, prioritizing the well-being of the people [13]. - A long-term perspective is necessary to balance immediate results with sustainable development goals [14]. - A pragmatic approach is required to avoid formalism and ensure that economic policies are grounded in reality [15]. Group 9: Local Adaptation - Policies must be tailored to local conditions, respecting regional differences and avoiding one-size-fits-all approaches [16]. - Leaders should analyze local resources and capabilities to develop appropriate strategies that align with national goals [16]. Group 10: Systematic Thinking - A holistic approach is essential for economic and social development, ensuring that various aspects are considered in policy-making [17]. - Leaders should integrate the five development concepts into a cohesive strategy that addresses both immediate and long-term needs [17]. Group 11: National Unity - A unified national approach is necessary to eliminate local protectionism and promote collaborative development across regions [18]. - The focus should be on optimizing market competition and ensuring that local interests do not undermine national objectives [18].

Group 1 - The modernization of agriculture and rural areas is essential for the overall modernization of the country, as emphasized by General Secretary Xi Jinping [1][3] - During the "14th Five-Year Plan" period, significant historical achievements have been made in agricultural and rural development, laying a solid foundation for transitioning from an agricultural power to an agricultural strong nation [3][6] - The logistics network in China has been enhanced, supporting high-quality economic development by improving speed and connectivity [4] Group 2 - The industrial production in China has shown rapid growth in the first three quarters of the year, with notable improvements in corporate profitability [7] - The civil aviation sector has maintained steady growth, with transportation turnover, passenger volume, and cargo volume increasing by 10.3%, 5.2%, and 14% respectively year-on-year [9] Group 3 - The Long March National Cultural Park has been developed to preserve and promote the spirit of the Long March, integrating cultural resources from 15 provinces and enhancing the visibility of historical sites [10] - The international community is closely monitoring the 20th Central Committee's Fourth Plenary Session of the Communist Party of China, recognizing its potential to contribute to global stability and positive energy [2][11]

Group 1 - The article emphasizes the importance of a new development concept to build a higher-level open economic system and promote high-quality development in China [1] - Shanghai has expanded its Free Trade Zone (FTZ) to include eight key areas and five national economic and technological development zones, transitioning from "single-point experiments" to a multi-point linkage model [3] - China has established 22 Free Trade Zones, exploring institutional openness across various regions, with notable developments in Qingdao and Dalian to enhance trade efficiency [3] Group 2 - Hainan is preparing for its island-wide customs closure on December 18, aiming to create a conducive environment for the free flow of people, goods, and capital [5] - The "Belt and Road" initiative is opening new development opportunities for central and western regions, with significant trade volumes from the Alashankou and Horgos ports in Xinjiang [5] - Hunan has established cooperation mechanisms with 28 African countries, achieving a nearly 20% year-on-year increase in trade with Africa in the first three quarters of this year [5] Group 3 - Infrastructure construction is being accelerated, with the Western Land-Sea New Corridor reaching 127 countries and regions, achieving a record high in import and export volume [7] - The China-Vietnam Friendship Pass project is in the testing phase, aiming for all-day customs clearance to enhance cross-border trade [7]